Islamic/Sharia Finance Opens New Gambling Casino?

With AIG in the recent past, why would anyone launch a new derivatives standard?

Why engage in derivatives? So many consider derivatives a form of gambling, why would Islam get involved in gambling?

Many in the US would like to see the banker led gambling casino, fueled by derivatives closed. Why is the gambling casino still open in America?

Quote

Islamic finance industry launches derivatives standard

Mon Mar 1, 2010 10:34am EST
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MANAMA, March 1 (Reuters) - A template for an over-the-counter Islamic derivative contract was launched on Monday, offering a channel for the emerging industry to better hedge itself against risks.

Financials

The contract, in the making for three years, is expected to pave the way for quicker and cheaper Islamic risk management and more frequent cross-currency transactions by offering a template that is accepted by Islamic scholars.

The young Islamic finance industry has not yet developed all of the products used by conventional banks, and its banks are seen as at a disadvantage on making cross-border investments as they can not hedge against currency risks.

more here - http://www.reuters.com/article/idUSLDE62018K20100301

Is 'hedge' another word for 'bet'?