StanChart offers sharia swap
NEWS
The Islamic cross-currency swap is worth $10 million for Kuala Lumpur-based Bank Muamalat Malaysia to assist them in managing their dollar investment.
The swap combines the benefits of managing currency risks and rate differential returns with sharia-compliant principles, said Shayne Nelson, Kuala Lumpur-based chief executive at Standard Chartered Malaysia.
The swap uses commodity murabahah transactions as the underlying contract. A murabahah transaction is a contract between a bank and its
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