UAE to launch Islamic certificates of deposit - Maktoob Business

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 on Monday.

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.