Emirates Islamic launches UAE’s first Shariah-Compliant Certificate of Deposit Programme

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has successfully launched the UAE’s first Shari’ah-compliant Certificate of Deposit (CD) Programme. As one of the pioneering initiatives of its kind globally and the first in UAE, this initiative marks a significant advancement in Islamic Banking and reflects Emirates Islamic’s leadership in product innovation.

The Islamic CD Programme provides institutional investors with an opportunity to diversify their Islamic money market portfolios at competitive yields while aligning with Emirates Islamic’s goal to broaden its funding sources and extend its reach into international markets. The Programme size is set at USD 2 billion and is designed with flexibility in mind, allowing investors to invest across multiple tenors and currencies.

Farid AlMulla, Chief Executive Officer at Emirates Islamic, commented: “We are proud to introduce our Certificate of Deposit Programme, a landmark proposition that strengths Emirates Islamic’s position as a global leader in Islamic Banking. This launch reflects our commitment to financial innovation and reinforces our role in advancing the UAE’s position as a global hub for Islamic finance in alignment with the ‘We the UAE 2031’ vision. Additionally, it highlights our dedicated focus to pioneering Islamic financial solutions that serve both national priorities and the diverse needs of global investors.”

Mohammad Kamran Wajid, Deputy Chief Executive Officer at Emirates Islamic, stated: “The introduction of Certificates of Deposit as an additional liquidity management instrument aligns with our strategic objectives to strengthen both client and market relationships by providing customised financial solutions. This initiative broadens our product portfolio and positions Emirates Islamic to attract new investor segments globally, while further enhancing our resilience and leadership in Islamic liquidity management in accordance with the ‘UAE Strategy for Islamic Finance and Halal Industry 2031’ approved by the UAE Cabinet.”

Ebrahim Qayed, Head of Treasury and Markets at Emirates Islamic, said: “Emirates Islamic’s Certificate of Deposit Programme represents a breakthrough in Shari’ah-compliant liquidity management. As the first of its kind in the UAE and among the earliest such programmes issued in hard currency globally, this product underscores our commitment to innovation and our ability to deliver solutions that address evolving market needs. By introducing this unique instrument, we are not only diversifying funding sources but also positioning Emirates Islamic at the forefront of shaping the future of Shari’ah-compliant capital markets.”

According to market data, the outstanding global CD market is valued at approximately USD 729 billion projected to reach USD 1.2 trillion by 2033. Around 46 per cent of global CD issuances are denominated in USD.

As demand for short-term instruments continues to rise globally, Certificate of Deposit Programmes are also gaining traction within the GCC as a valuable tool for liquidity management and investment diversification. The launch of Emirates Islamic’s Shari’ah-compliant CD Programme marks a pivotal moment in the Islamic banking landscape, while reinforcing the UAE’s ambition to become a regional and global centre for Islamic finance.