UAE c.bank ready for Islamic CD auctions-c.banker
The United Arab Emirates' central bank is ready to hold Islamic certificate of deposit auctions to help the Gulf Arab state's Islamic banks to manage cash.
The UAE central bank's monetary policy is limited by its dirham peg to the U.S. dollar. It uses CD auctions and repurchase facilities among other tools to regulate liquidity in the banking system.
Islamic finance has 16 percent of the UAE's banking assets, while Pakistan has only 5%.
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