Global standards for Islamic derivatives were issued today with the aim of helping Shariah-compliant borrowers and investors manage risk more effectively, Bloomberg has reported. The 'Hedging Master Agreement' provides a structure under which institutions can trade derivatives such as profit-rate and currency swaps, the Bahrain-based International Islamic Financial Market and New York-based International Swaps and Derivatives Association said in a joint statement. The groups said the master agreement 'gives the industry access to a truly global framework' that is approved by recognized scholars of Islamic law.