UAE bank to launch Islamic certificates
By Shaheen Pasha |
October 12, 2010, Tuesday
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Print Edition
Print Edition
THE United Arab Emirates' central bank will launch Islamic certificates of deposit by the end of the year to help the Gulf state's Islamic banks manage cash, a senior banker at Standard Chartered Saadiq said yesterday.
Afaq Khan, chief executive of StanChart's Islamic banking unit, said test transactions could take place as early November.
"It will be a tool to absorb the excess liquidity in the Islamic money market," Khan said on the sidelines of an Islamic finance conference in the UAE capital.
A lack of liquidity management tools is seen as one of the key challenges to the emerging Islamic finance industry, which has close to US$1 trillion worth of assets globally. Islamic finance accounts for 16 percent of the UAE's banking assets, compared to just 5 percent for Pakistan.
Afaq Khan, chief executive of StanChart's Islamic banking unit, said test transactions could take place as early November.
"It will be a tool to absorb the excess liquidity in the Islamic money market," Khan said on the sidelines of an Islamic finance conference in the UAE capital.
A lack of liquidity management tools is seen as one of the key challenges to the emerging Islamic finance industry, which has close to US$1 trillion worth of assets globally. Islamic finance accounts for 16 percent of the UAE's banking assets, compared to just 5 percent for Pakistan.
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