Emirates NBD yesterday launched a closed-ended fund to buy sukuk of government or semi-government-owned companies in the Middle East.
The bank said it was taking advantage of the low prices for sukuk, or Islamic bonds, which have suffered from a general flight out of emerging markets, drying up liquidity as investors retreat.
“We are taking advantage of the market scenario. The markets are totally distressed and there are even panic sales. Now is a great opportunity to buy sukuk at great prices,“ said Jamal bin Ghalaita, the general manager of consumer banking and wealth management at Emirates NBD.
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