UAE Ministry of Finance to subject dirham-denominated Islamic Treasury Sukuk

“The T-Sukuk are Sharia-compliant monetary certificates, and they are going to be traded to mirror the native return on funding, help financial diversification and monetary inclusion, in addition to contribute to reaching complete and sustainable financial and social growth targets.”

The T-Sukuk can be issued initially in 2/3/5-year tenors, adopted by a 10-year sukuk at a later date. It will likely be denominated in dirhams to ‘develop the native bonds debt market and assist develop the mid-term yield curve’.

The Ministry of Finance and the Central Financial institution of the UAE work with related authorities entities and worldwide monetary entities to ‘guarantee greatest practices have been adopted when structuring the T-Sukuk’. “This enables for additional growth of Islamic finance within the nation and cements its place as a world Islamic financial system hub,” the Ministry mentioned in an announcement.