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DFM officially publishes final version of ’Standard on Hedging against Investment and Finance Risks’
(20 March 2017)

 

Dubai Financial Market (DFM) today published the final version of its "Standard on Hedging against Investment and Finance Risks", the first comprehensive standard of its kind, as part of the DFM’s efforts to further improve the guiding framework of Islamic finance and capital markets. This standard is the latest addition to DFM’s Sharia-compliant standards, which include "Standard on Stocks" and "Standard on Sukuk", issued in 2007 and 2014, respectively.

The draft of the "Standard on Hedging against Investment and Finance Risks" was posted on DFM’s website, www.dfm.ae, in October 2016, in order to obtain the feedback of Islamic finance professionals prior to the official launch.

Noting the publication’s release, Essa Kazim, Chairman of DFM, said, "Building upon what has been achieved in the past, the official launch of the Hedging Standard, combined with the previously issued Stocks and Sukuk Standards, will strengthen the framework environment for the Islamic finance sector. It will further boost Dubai’s impressive successes as the capital of the Islamic economy globally, in line with the wise vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai. Moreover, this significant step underlines DFM’s effective role in providing Sharia-compliant standards, considering its status as the first global Sharia-compliant exchange since 2007. DFM’s "Standard on Hedging" will provide an important reference for Islamic banks and financial institutions, as we believe that such standards will further stimulate the rapidly growing Islamic finance industry."

"As the first of its standard on hedging of investment and Islamic finance activities, this standard is the outcome of DFM’s Fatwa and Sharia Supervisory Board’s extensive efforts. We have examined various aspects of hedging and related standards, as well as Fatwas issued by reputable entities on the hedging concept," noted Dr. Hussein Hamed Hassan, Chairman of Fatwa and Sharia Supervisory Board, DFM. "The standard has attracted many Islamic finance and Sharia scholars during the consultation period, and they have provided us with numerous productive suggestions that played a pivotal role in launching a comprehensive standard, which covers all types of Islamic finance and investments. It also defines all types of risks according to their relevance and nature, as well as sets parameters for valid hedging instruments," he added.

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