UAE:
Dubai yesterday successfully launched the NASDAQ Dubai Murabahah
Platform. As part of the government’s Islamic economy vision, the new
comprehensive Murabahah platform provides local and regional banks with
Shariah compliant financing solutions. It is the product of a partnership
between NASDAQ Dubai and Emirates Islamic (EI).
The platform aims to service a growing number of regional banks by
providing effective solutions for the financing needs of their
institutional and individual clients. As a highly efficient and reliable
mechanism, the platform enables transactions to be executed within
minutes while eliminating the risk of losses that often occur in
traditional transactions through spreads, price movements, and poor
liquidity. Bearing testament to its efficiency, more than AED7 billion
(US$1.9 billion)-worth of transactions were completed through the
platform during its pilot stage.
Conveying his confidence in the new facility, Sheikh Ahmed Saeed Al
Maktoum, the chairman of Emirates NBD Group and EI, said: “Emirates
Islamic has successfully managed to conclude more than AED2 billion
(US$544.44 million)-worth of transactions through this platform during
the pilot stage. We will further expand our operations, resources and
customer base of leading banks over the coming period to actively
participate in transforming Dubai into the capital of Islamic economy.”
The Crown Prince of Dubai, Sheikh Hamdan Mohammad Rashid Al Maktoum,
highlighted that the new platform represents an ideal example of the
importance and effectiveness of collaboration among various business
entities in Dubai to support the government's Islamic economy vision. “We
will launch further initiatives in the near future according to the
strategic plan which will create new products and add value to various
institutions active in the Islamic economy sectors,” he said.
The launch of NASDAQ Dubai Murabahah Platform is an important step that
will help to attract various financial institutions to the Murabahah
business, asserted Mohammed Abdulla Al Gergawi, the minister of cabinet
affairs and the board chairman of Dubai Islamic Economy Development
Center. He further noted that the platform is essential to the national
economy, which will benefit from the high level of liquidity and daily
trading volumes.
As a secure, viable and highly sophisticated financing channel, the
platform is believed to bear the ability to cater to an increasing number
of customers, globally.
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