Barclays to offer Islamic repurchase agreements

19 August 2010

Harris Irfan, head of Islamic finance products at Barclays Capital, the investment banking arm of Barclays, has said the UK-based lender is offering Islamic repurchase agreements to allow Islamic banks and investors to manage their funds, Bloomberg has reported. The product is aimed at clients in the Middle East and Malaysia. The Islamic repurchase agreements will be based on a Shari'ah-compliant sale and repurchase agreement and the underlying assets used as collateral, typically sukuk, will not violate the religious ban on interest.

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