The Central Bank in Aden discusses the performance of the Sukuk unit and Islamic products for 2024.

A meeting held today at the Central Bank of Yemen focused on the performance of the Islamic Bonds and Products Unit for the year 2024. The meeting, led by Deputy Governor Dr. Mohammed Omar Banaja, emphasized the importance of enhancing the unit’s role in developing sovereign Islamic financial products.

Expanding Islamic Bonds

During the meeting, the Sharia Supervisory Board discussed a comprehensive vision to expand the scope of Islamic bonds. The board proposed diversifying financial products to strengthen their role as essential tools of monetary policy. The discussions highlighted the need to support the economic infrastructure through these initiatives.

Key Insights from the Deputy Governor

In his address, Dr. Banaja underscored that Islamic bonds serve not only as financial instruments but also as vital pillars for achieving financial and monetary balance. He noted the growing adoption and utilization of these tools across markets and financial institutions, reflecting their increasing relevance.

Commitment to Growth

Dr. Banaja reaffirmed the Central Bank’s Board of Directors’ commitment to supporting the Islamic Bonds and Products Unit. This support aims to achieve measurable successes. Currently, the unit is executing investment contracts in collaboration with 13 local banks, with a total financing capital of 260 billion Yemeni rials. This collaboration showcases local banks’ confidence in the unit’s capabilities.

Recognition from the Sharia Board

The Sharia Supervisory Board praised the Central Bank’s Board of Directors for its significant focus on developing the Islamic Bonds Unit. This commitment reflects a strategic vision towards financial innovation and sustainability, reinforcing the unit’s importance in the financial landscape.

The Central Bank of Yemen continues to prioritize the growth of its Islamic finance sector, positioning itself as a leader in innovative financial solutions.

 

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