CAIRO: The United Arab Emirates approved on Tuesday the issuance of a trial license for a fractional sukuk project under the supervision of the market authority, the Dubai media office said.

Fractional sukuk use technology to digitally divide a sukuk, or Islamic bond, into small portions that can be sold to retail investors.

The move will "enhance the country's competitiveness in financial and banking indicators," the media office said, citing the cabinet.


(Reporting by Moataz Abdelrahiem; Editing by Catherine Evans)