Given the appropriately intense scrutiny that conventional derivatives are under, in general, and the profound policy implications of increased adoption of derivative-like instruments by the shari`a-compliant financial services sector, I read with interest a recent media interview with Mr. Werner, Policy Director at the International Swaps and Derivatives Association (ISDA), in which he mentioned that ISDA's collaboration with the International Islamic Financial Market (IIFM) has produced a draft master agreement for Shariah compliant derivatives. The draft master agreement will reportedly be undergoing final Shari`a compliance review soon. As a student of some of the leading Islamic ethicists (fuqaha') who make up the IIFM's compliance review board, I am particularly interested in the board's decision on the validity of the structure that will apparently be used to implement the proposed profit swap, since it is not a matter of agreement among Islamic ethicists (fuqaha').