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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