NBAD & ADIB Execute First Islamic REPO
The National Bank of Abu Dhabi (NBAD) and Abu Dhabi Islamic Bank (ADIB) finished the GCC's first ever Islamic equivalent of the conventional Repo product, a collateralized Murabaha transaction, opening the gateway to an alternative method of liquidity management in the Islamic banking sector.
NBAD and ADIB jointly starting on this initiative to formalise the Master Collateralised Murabaha Agreement (MCMA), therefor enabling Islamic banks to utilise their holdings of sukuk.
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