Earlier this year, the Loan Market Association (LMA) issued
a Users Guide to Islamic Finance Documents. Although it
describes itself as a user's guide to Islamic finance
documents, it does not support a suite of LMA pro-forma Islamic
finance documents, and the LMA has no intention at present to
produce such a suite. The Users Guide describes itself as
providing "limited guidance only on how terms commonly seen in
the primary documents are imported into a typical Islamic
facility". This remit reflects the multiplicity of views that
the Islamic finance sector holds. Different approaches are
acceptable in different regions.
Although there has been large growth in the use of Islamic
financing techniques and a rapid evolution of techniques in the
past few years, development and change is still too fast to
contemplate the establishment of LMA pro-forma documentation.
This is especially the case when the sector's rapid evolution