Emirates Islamic has made history by launching the UAE's first Shari'ah-compliant Certificate of Deposit (CD) Programme, a landmark move that positions the bank at the forefront of Islamic financial innovation and strengthens the country's ambitions as a global Islamic finance hub.
The programme, valued at USD 2 billion, gives institutional investors a new avenue to diversify their Islamic money market portfolios at competitive yields. Built with flexibility in mind, it supports multiple tenors and currencies, catering to the evolving needs of global investors while broadening the bank's funding base and international reach.
CEO Farid AlMulla described the launch as a reflection of the bank's commitment to financial innovation and its alignment with the UAE's 'We the UAE 2031' vision, reinforcing the country's growing role in the global Islamic finance ecosystem.
Deputy CEO Mohammad Kamran Wajid noted that the CD programme supports the bank's strategic goal of strengthening client and market relationships through tailored financial solutions, in line with the UAE Cabinet-approved Strategy for Islamic Finance and Halal Industry 2031.
Ebrahim Qayed, Head of Treasury and Markets, called it a breakthrough in Shari'ah-compliant liquidity management, adding that it is among the earliest such programmes issued in hard currency globally.
The launch comes at a time of rising global appetite for short-term investment instruments. The global CD market, currently valued at approximately USD 729 billion, is projected to reach USD 1.2 trillion by 2033, with around 46% of issuances denominated in US dollars. Within the GCC, demand for such instruments is also gaining momentum as institutions seek smarter tools for liquidity management and portfolio diversification.
The move cements Emirates Islamic's standing as a pioneer in Islamic banking and adds further weight to the UAE's position as a regional and global centre for Islamic finance.
News Source: Dubai Media Office
