Nasdaq Dubai is looking to launch a second metals-backed security by the end of 2010, the exchange's chief executive said on Sunday. In March, Nasdaq Dubai launched a Sharia-compliant tradeable gold backed security, the first of its kind.

"The conversations are still very premature and it depends on the issuer... but I would imagine it would be sharia-compliant," Jeff Singer said.

He said he hoped the instrument would be launched at least by the end of 2010.

The security will most likely be a backed by a metal, Singer said, but declined to give more details.

"There will definitely be more derivatives ... we are looking at every available way to access the capital markets," he said.