Emirati Dirham

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Emirati Dirham

The currency of the United Arab Emirates. It was introduced in 1971 upon the formation of the United Arab Emirates and their complete independence from Great Britain. Previously, both the Bahraini dinar and the Qatari riyal (then known as the Qatar-Dubai riyal) were used in what is now the UAE. While it was pegged to the IMF special drawing rights in 1978, the dirham has been pegged to the U.S. dollar unofficially for most of its history. The UAE officially pegged the dirham to the dollar in 1997.
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Kazim said he expected a total of $16 billion worth of sukuk to be listed in Dubai by the end of this year, and that new regulations would support the listing of Islamic bonds in currencies other than US dollars and United Arab Emirates dirhams, which are already permitted.
On one day, he recalled, he handled about 1 billion United Arab Emirates dirhams ($270 million).
Limitless raised the loan in dollars and United Arab Emirates dirhams in 2008 from a group of 18 banks.
National Bank of Abu Dhabi, the emirate's largest lender by market capitalization, said Tuesday second-quarter net profit hit 1 billion United Arab Emirates dirhams ($272 million), a year-on-year increase of 10%, surpassing most analysts expectations.
Dubai Customs said that it will continue to collect donations from its employees and customers for the children of Gaza and that this check for 725,600 United Arab Emirates Dirhams, or nearly 200,000 USD, is only the first of its kind.

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