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 […]
In a move that certainly cannot be considered surprising, the United Arab Emirates’ central bank has announced the creation of a new certificate of deposit that will comply with Shariah. The move will allow Shariah banks access to liquidity instruments that heretofore have been unavailable because conventional CDs are inherently violative of Shariah prohibitions against […]
