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UAE to raise $2.7bn from Islamic certificate of deposits

10 June 2010

The UAE central bank plans to raise as much as Dhs10bn ($2.7bn) within a year of offering the country's first Islamic certificate of deposits, Bloomberg has reported. "There is a need for Shariah-compliant CDs to be issued by the central bank," Saif Hadef Al Shamsi, senior executive director at the treasury department told the news service. "No final product has been approved yet."

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