EIIB launches Islamic money-market instrument
NEWS
Wakala is a contract where the principal places funds with an agent, for utilisation by the agent in qualifying financial assets. This is in return for a commission and share of profits generated by the funds. Wakala emulates the characteristics of a conventional money-market placement.
The bank said most Islamic banks raise money-market funds using a commodity Murabaha product. According to EIIB, up to 70–80% of the assets of most Islamic banks are estimated to be commodity Murabaha, partly
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