Islamic certificates of deposit issued by the UAE Central Bank have run up a balance of Dh12 billion, equivalent to $3.27 billion, Central Bank Governor Sultan Bin Nasser Al Suwaidi said in Abu Dhabi yesterday.
In his welcoming speech to delegates at a seminar titled ‘Islamic finance in a global perspective', Al Suwaidi said: "During the fourth quarter of 2010, the Central Bank of the UAE was able to create an Islamic CD [certificate of deposit], which has been very successful since inception in November 2010."
Figures of Islamic banks are impressive, but there are some challenges, Al Suwaidi said. The first such challenge is the short-term liquidity management at Islamic banks and other Islamic financial institutions, he added.
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