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UAE Freezones Biz News Updates
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Dubai launches new platform for Sharia-compliant financing
New platform reflects importance of collaboration, Dubai Crown Prince says
Dubai has launched a new comprehensive Islamic Murabaha platform to provide
local and regional banks with Sharia-compliant financing solutions as part
of Dubai’s Islamic Economy vision.
Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and
the patron of the ‘Dubai, Capital of Islamic Economy’ initiative, asserted
that the new platform represents an ideal example of the importance and
effectiveness of collaboration amongst various business entities in Dubai to
support the government’s Islamic Economy vision.
“The strategy we launched a few months ago to position Dubai as the capital
of Islamic Economy is moving forward according to plan, and simultaneously
on various sectors to achieve the aims set by His Highness Shaikh Mohammad
Bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and
Ruler of Dubai, and within the required timeframe. 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 new comprehensive Islamic Murabaha platform provides local and regional
banks with Sharia-compliant financing solutions. The new platform is
reliable and highly efficient, enabling the execution of transactions within
minutes.
More than Dh7 billion worth of transactions have been completed through the
platform during the pilot stage. The platform will further fortify Dubai’s
position as the capital of Islamic economy.
The new facility, called the Nasdaq Dubai Murabaha Platform, is the outcome
of a partnership between Nasdaq Dubai and Emirates Islamic bank, which aims
to service a growing number of regional banks by providing effective
solutions for the financing needs of their institutional and individual
clients. Transactions on the platform are completed in minutes and eliminate
the risk of losses that often occur in traditional transactions through
spreads, price movements, or poor liquidity.
Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and
Chairman and CEO of Emirates airline and Group, in his capacity as chairman
of Emirates NBD Group, which is the parent company of Emirates Islamic,
stressed that Dubai “is well positioned to develop Sharia-compliant
financial services and solutions based on international best practices,
supported by its vast experience and rich history in finance and banking.
Emirates Islamic bank has successfully managed to conclude more than Dh2
billion 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.”
Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs, Chairman of the
Executive Office of His Highness Shaikh Mohammad Bin Rashid Al Maktoum and
Chairman of the Board of Dubai Islamic Economy Development Centre, said that
the launch of Nasdaq Dubai Murabaha is an important step which will help to
attract various financial institutions to the Murabaha business benefiting
from advanced technology and sophisticated trading standards and within a
sound legal framework, offering innovative Islamic finance solutions for
institutions and individuals in the region.
“This platform is highly significant for our national economy, which will
greatly benefit from it as a result of its high level of liquidity and daily
trading volumes. However the ultimate goal is to provide a regional and
international platform to further fortify Dubai’s position as the capital of
Islamic Economy and support other sectors which contribute to the Islamic
Economy, including Halal industries and products and financial services,” he
added.
Dubai’s location gives it a substantial time-zone advantage in providing a
highly competitive international Murabaha financing platform for the growing
Islamic financing sector.
As a secure, viable and highly sophisticated financing channel, this
platform can be expanded to cater to an increasing number of customers all
over the world.
April 1, 2014
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Courtesy Al Nisr Publishing LLC
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