Islamic first for StanChart
Standard Chartered Bank has concluded its first-ever structured Islamic FX hedging transaction in Europe. The deal was concluded with the European Islamic Investment Bank. The bank says it is part of an ongoing process to develop products that both follow Shariah principles and fulfil its customers’ specific requirements. StanChart adds the deal is the first of its kind under its new Musawamah documentation and involves an exchange of commodities for each FX leg.