The UAE Central Bank said on Sunday it had started issuing the country’s first Islamic certificates of deposits (ICDs) as part of a plan to create a new investment tool for Shariah-compliant banks in the country.

The Central Bank said it held an auction to sell one-week and 12-month ICDs on Wednesday, adding that they are based on Murabaha, which is widely practiced by Islamic banks worldwide as an alternative to interest-bearing deposits.


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