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UAE Central Bank: Sharaih-Copmpliant certificates of deposit successful
2010-11-14 22:32:28
WAM Abu Dhabi, Nov 14th, 2010 (WAM) -- UAE Central Bank said today that the inaugural auction of the Shariah-compliant certificates of deposit (CDs) was successful as the Islamic banks are participating in the auction of the newly launched Islamic finance product.

The Islamic banks operating in the country have started to participate in the auction, asserted the Central Bank of UAE.

The CD developed in accordance with the concept of 'Murabaha' is considered the first Islamic product to help manage liquidity as per the principles of Islamic law, explained the Central Bank.

The initiative, from which all banks in the country can benefit, is seen as an important move towards bolstering Islamic finance and banking movement in the UAE.

WAM/AB
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