Deutsche offers sharia FX product
The Islamic FX option is worth over e30 million ($39.4 million) for Bahrain-based Gulf Finance House (GFH), and has received approval by the secretary general and member of GFH sharia board, Fareed Hadi. The hedge was also recently approved by the sharia adviser to Deutsche, Mohammed Elgari.
The option allows Islamic institutions to hedge their foreign currency-denominated investments in a sharia-compliant manner. Effectively, the FX option is based on a promissory currency sale undertaking that
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