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"The most significant development in Islamic finance this century"
Humayon Dar, BMB Islamic |
The CEO of a London-based product design and consultancy firm has told Euromoney his team has developed a Shariah-compliant futures contract which he says will "revolutionize" Islamic finance.
Humayon Dar of BMB Islamic, a specialist Islamic finance company, hopes work on the contract, which he says has already been approved by Shariah scholars, will be finished by the end of the year. He says it should be ready to go on the market during the first quarter of 2008.
"Until now, no one has successfully attempted to come up with an Islamic futures contract. But the scholars are happy," he...
