Central Bank Islamic CDs climb to Dh12b
The Islamic certificates of deposit launched by the UAE Central Bank are now the equivalent of $3.27 billion. This statement was given by Sultan Bin Nasser Al Suwaidi, Central Bank Governor.
He added that although such figures are impressive, there are some challenges, first one of the kind being the short-term liquidity management at Islamic banks and other Islamic financial institutions. Another challenge for Islamic finance is the distinction between profit to shareholders and profit to investors/depositors, which is still unclear.