MoF signs deal under 'Retail Sukuk' initiative with EIB

The Ministry of Finance (MoF) has signed the 3rd agreement under the “Retail Sukuk” initiative with Emirates Islamic Bank, one of the leading Islamic financial institutions in the UAE, enabling UAE citizens and residents to invest in Treasury Sukuk (T-Sukuk) through its innovative digital platform.

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The initiative will enable UAE citizens and residents to invest in fractional T-Sukuk in smaller denominations through the El + Mobile Banking App. With a minimum investment of Dhs4000, investors will receive a seamless and secure digital experience, in line with the Ministry's efforts to broaden the investor base and promote financial inclusion across the UAE. The initiative aims to broaden access to T-Sukuk, promote financial literacy, and instil a culture of saving and financial responsibility as a cornerstone of long-term financial sustainability in the UAE.

UAE nationals and residents with an Emirates ID or UAE PASS can complete registration online, fulfil KYC requirements, and create a risk profile directly on the platform, while also viewing T-Sukuk terms and transaction details.

Mariam Mohamed Al Amiri, Assistant Under-Secretary of Government Finance Management at the Ministry of Finance, said, “Our collaboration with Emirates Islamic Bank will contribute to significantly widening the reach of the Ministry's initiatives to offer government financial instruments directly to individuals through secure and advanced digital channels. With leading national institutions joining the ‘Retail Sukuk' initiative, we are further strengthening our efforts to enhance financial inclusion and giving more members of our community the opportunity to access stable, government-backed investment instruments.”