UAE central bank to issue islamic certificates of deposit

13 October 2010

First Murabahah certificates of deposit planned for 2010

Afaq Khan, CEO of Standard Chartered Saadiq has said the Central Bank of the UAE is to issue its first Murabahah-based Islamic certificate of deposit this year, Bloomberg has reported. The debt market needs short-term notes to help “increase the liquidity pool” for Islamic banks, he said. Standard Chartered sits on the UAE central bank’s Islamic liquidity management committee.

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