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Article: Sharia trade swaps mooted.
- Article from:
- Jakarta Post
- Article date:
- May 26, 2009
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from THE JAKARTA POST -- TUESDAY, MAY 26, 2009 Islamic banks in Southeast Asia are considering to apply Sharia- compliant currency swaps in support of trade, within the scope of their financial services, a Sharia banking expert said on Monday The CEO of the Islamic-based Tazkia Group Syafii Antonio said "To develop the Sharia financial system, we have to go global. And for that we need to secure our transactions under Sharia law." According to him, [foreign exchange] swaps are necessary to secure trade transactions within the framework of Islamic banking and to guarantee continued liquidity.
"Perhaps we can first introduce the foreign exchange swap. This is also ...