The report said the CDA received the down payment and instalments until October 2008, after which the payment rate instalment schedule was revised to Rs29.3m, including the Karachi Inter-Bank Offer Rate
In an announcement the central bank said that it had been decided that the financing provided on the basis of participatory 'Musharaka' and 'Mudaraba' and 'Wakalah' (agency) modes by the Islamic banking institutions shall be exempted from the requirement of using Karachi inter-bank offer rate
(Kibor), as the benchmark rate.
Other topics include UAE monetary and banking statistics, inter-bank offer rate
, Basel-II and the impact of implementation of Basel-III on the banking sector.
The newspaper said the bank issued 2.1 billion dirhams in bonds in 2007 with a two-year maturity and a coupon rate of 52 basis points above the Emirates Inter-bank Offer Rate
, or Eibor.
The credit facility will bear interest at a floating LIBOR (London Inter-Bank Offer Rate
), capped at four per cent through 2012, and will be due semi-annually.
The Emirates Inter-bank Offer Rate
is the rate that banks lend to each other on.
The minutes from the FOMC's December meeting stated, "A number of participants noted some potential for the Federal Reserve's new Term Auction Facility and accompanying actions by other central banks to ameliorate pressures in term funding markets." These participants may be encouraged by recent movements in the spread between the London Inter-Bank Offer Rate
(LIBOR) and the short-term Treasury rate.
The dividend paid on the 'B' shares has been set to 70 per cent of the six month London Inter-Bank Offer Rate
, which yesterday stood at 4.25 per cent.
Signs of increasing financial strains included the widening spread between the London Inter-Bank Offer Rate
(LIBOR) and a comparable short-term Treasury bill.