Home » wire - U.A.E. Banks Start Repos to Boost Sukuk Trading

10/08/2011 02:25:04 PM GMT   Comments ()     Add a comment   Print     E-mail to friend

 [Bloomberg] National Bank of Abu Dhabi PJSC, and Abu Dhabi Islamic Bank signed a one-week Islamic repo contract valued at $20 million, they said last week. The agreement expires today. The repos, which used profit rate unlike non-Shariah repos, will allow banks to borrow from each other for terms of one day to one year, which aimed to improve access to shorter-term funds and boost sukuk trading between Persian Gulf banks. National Bank is also holding talks with four other lenders on Islamic repos, with portfolios exceeding $100 million each, said a source, declining to provide details. Banks in the Persian Gulf typically purchase Islamic bonds and “don’t sell them, ever,”. With Islamic repos “they know they can do something with it, as opposed to just keeping it on their books or just selling it.” omar1.1

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