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Launch of Sharia facility in UAE set to boost Islamic investment

Posted on 27 June 2011

Islamic banks are likely to boost their Dh15 billion (US$4bn) of investments in Central Bank certificates of deposit after the launch of a new Sharia-compliant repurchase facility, said a senior bank official.
The facility, which is aimed at developing liquidity management in the Islamic banking system, allows banks to borrow money in accordance with Sharia principles. In exchange, the facility accepts the Central Bank’s Islamic certificates of deposit as collateral………………………………………..Full Article: Source

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