World’s tallest office building to be part-funded in a Shariah compliant manner - IFN

World’s tallest office building to be part-funded in a Shariah compliant manner

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UAE: Standing at an estimated 520 meters high, the upcoming commercial building project which will involve the Dubai Multi Commodities Center (DMCC) is expected to draw upon Shariah compliant funding as part of its financing package, said the chairman of the DMCC Ahmed bin Sulayem in a recent interview with a Gulf daily. The construction, which is estimated to cost US$1 billion, is expected to be completed by 2018 – five years from the commencement of the project. The DMCC was set up as a government initiative to facilitate the trade flow of commodities through Dubai, and runs the Jumeirah Lake Towers Free Zone, which is a free-zone commercial, residential and retail space available for leasing and sale. According to the DMCC chairman, since the center’s set up in 2002, the value of gold traded has increased from US$6 billion in 2003 to reach US$70 billion in 2012 – making up 25% of the world’s physical gold trade. As at June 2013, there were 6,890 companies registered under the DMCC, with more than 1,200 signing up in the first half of this year alone – exceeding the entire total number of new registrations in 2011.