UAE’s Islamic deposits hit $3.3 billion in Q1
Seeking to manage its excess liquidity, Islamic certificates of deposit in the UAE stood at Dh12 billion ($3.27 billion) at the end of the first quarter.
Assets and liabilities stood at Dh269 billionand they represented 17 per cent of total UAE assets and deposits.
The UAE central bank plans to introduce a repurchase facility for Islamic lenders in the coming months.
Tirad Mahmood, Abu Dhabi Islamic Bank Chief Executive, announced that the bank as an ongoing programme to buy the Islamic CDs as part of its liquidity management strategy.