NBAD to launch Shariah repos 28 February 2011Abu Dhabi Reporter: Ben Wilkie
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The National Bank of Abu Dhabi has announced that it is to launch an Islamic repo product within the next fortnight.
Speaking at the Global Financial Market Islamic Forum in Abu Dhabi, general manager of institutional and corporate coverage at NBAD Sameh Al Qubaisi, said it will be the first Islamic product of its type.
"We are in talks with two counterparties, once they approve it we will go live with the transaction and announcement in two weeks' time," he said.
The repos will trade on Eurobond sukuks in the region. Al Qubaisi said he estimated the market is worth approximately $2 billion over the next two years.
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