The United Arab Emirates plans to raise $2.7bn within a year of offering Sharia-compliant certificates of deposit. The deposits will be available from the UAE central bank by the end of the year, if all goes to plan. Business Week reports:
The U.A.E. is working to pass a law establishing a federal debt market by the end of the year, central bank Governor Sultan bin Nasser al-Suwaidi said in March. That will enable the central bank to issue Treasury bills, bonds and Islamic notes.