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The Islamic Swap market is a financial market that operates in accordance with Islamic law, also known as Shariah law. This law prohibits the charging of interest, which is why Islamic Swap transactions are structured differently than traditional swaps. Islamic Swaps are structured as a series of spot transactions, with each party exchanging a series of payments over a period of time. The payments are based on a predetermined formula, which is agreed upon by both parties. The formula is usually based on a reference rate, such as a commodity price or a currency exchange rate.
Islamic Swaps are used by a variety of financial institutions, including banks, investment firms, and insurance companies. They are also used by governments and corporations to manage their financial risks. Islamic Swaps are becoming increasingly popular in the Middle East and other parts of the world, as they provide a way to manage risk without violating Islamic law.
Some of the companies in the Islamic Swap market include Bank of London and the Middle East, Islamic Development Bank, and Dubai Islamic Bank. Show Less Read more
