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UAE central bank readies to offer Sharia compliant CDs

Posted on 12 November 2010

From Zawya Dow Jones: The United Arab Emirates central bank will “soon” offer Sharia-compliant certificates of deposits, or CDs, based on the Murabaha concept in a bid to help local Islamic banks manage cash, according to an official statement published Thursday.
The Sharia-compliant CDs will serve as “a monetary policy tool for the Central Bank of the U.A.E .” and “as a liquidity management tool for the Islamic banks,” the central bank said in a circular posted on its website……………………………………….Full Article: Source

 
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Laxman - who has written 19163 posts on Opalesque Islamic Finance Briefing.


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