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Dubai - Emirates Islamic, one of the leading Islamic financial institutions in the UAE, and Natixis, a leading financial institution headquartered in France, today announced the completion of a US$50 million Collateralised Murabaha deal on the Nasdaq Dubai Murabaha Platform.
As the largest collateralised Murabaha transaction closed by Emirates Islamic this year, and the first of its kind executed on the pioneering Nasdaq Dubai Murabaha Platform, the facility arranged by Natixis further demonstrates Emirates Islamic's ability to successfully partner with renowned international banks to deliver leading Islamic financing solutions.
Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic, said, "The completion of the US$50 million Murabaha with Natixis represents a new landmark for Emirates Islamic and sets a compelling precedent for other financial institutions considering Shari'a-compliant financing. Emirates Islamic's role in founding the Nasdaq Dubai Murabaha Platform, and the subsequent application of its leading services, is a prime example of how the bank is spearheading innovation in the sector. The successful completion of deals with international partners such as Natixis will ensure Dubai remains a vanguard in the global Islamic economy.
Emirates Islamic will continue to explore attractive business opportunities and demonstrate industry leadership by adhering to a proven approach of combining technology, commercial acumen and ethics underpinned by Shari'a principles."
Simon Eedle, Managing Director & Regional Head Middle East of Natixis, added, "We are delighted to complete this ground-breaking Murabaha transaction with Emirates Islamic, which represents a first for Natixis through the Nasdaq Dubai Murabaha Platform. Islamic financing is becoming increasingly important at Natixis, and arranging this Murabaha facility in such an efficient manner further demonstrates Natixis' capacity to partner with a leading Islamic Bank to deliver innovative Islamic solutions and illustrates the evolving nature of the Islamic economy. Today, Islamic banks are successfully integrating modern technologies to augment traditional Shari'a-compliant financing structures. We look forward to partnering with Emirates Islamic again in the future."
A joint initiative between Nasdaq Dubai and Emirates Islamic, Nasdaq Dubai's Murabaha platform provides a unique solution for banks and other financial institutions, and their corporate and individual customers, to conduct Shari'a-compliant transactions in a streamlined, flexible and transparent manner. The efficiency with which Emirates Islamic's deal with Natixis was concluded is anticipated to entice other financial institutions to further leverage the ground-breaking Nasdaq Dubai platform.
Hamed Ali, Chief Executive of Nasdaq Dubai, said: "This substantial transaction underlines the growing appeal of the Nasdaq Dubai Murabaha Platform to international as well as regional participants. Since its launch in 2014, the platform has expanded significantly both in the value of certificates transferred and the number of participants, and we expect this trend to continue for financial institutions as well as corporate and individual users. By facilitating fast and reliable transactions, we provide an effective and convenient facility in a regional time zone."
The Nasdaq Dubai Murabaha platform offers significant advantages over alternative Murabaha channels such as fixed price certificates with no spread. The platform can be used equally to help a company raise capital to expand, or an individual for personal finance. The platform utilizes Shari'a-compliant Certificates that are held in Nasdaq Dubai's Central Securities Depository (CSD). The Certificates represent an undivided ownership interest in a pool of Shari'a-compliant assets such as, but not limited to, Sukuk, Private Equity and Real-Estate.
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About Emirates Islamic:
Established in 2004, as Emirates Islamic Bank, Emirates Islamic is one of the fastest growing banks in the UAE. Combining the best in Shari'a compliant services with the strongest levels of customer care and efficiency, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Offering products and services developed in line with the highest ethical standards, Emirates Islamic gives customers the transparency they seek in a strong, honest financial partner.
Emirates Islamic offers a comprehensive range of products and services across the Personal, Business and Corporate banking spectrum with a network of 61 branches and 199 ATMs/CDMs across the UAE. In the fast growing area of online and mobile banking, the bank has the reputation as an innovator, and was the first Islamic bank to launch a mobile banking app and the first bank in the Middle East to launch an App on the Windows 8 mobile platform.
Emirates Islamic has consistently received local and international awards, an acknowledgement of the bank's strong record of performance, growth and market leading banking practices. The bank was named 'Best Islamic Bank in the UAE' at the 2015 World Finance Awards and also won the prestigious Euromoney Award for Innovation in Islamic Finance 2015. In the Islamic Business & Finance Awards 2015, the bank was named 'Best Retail Bank, UAE'; 'Best Commercial Bank, UAE'; and 'Best Wealth Management, ME.' The bank also won 'Best Savings Account' for its popular Kunooz Savings Account and 'Best New SME Product' for its Business Banking Packages at the Banker Middle East Product Awards 2015.
For further information please visit www.emiratesislamic.ae
About Natixis
Natixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE, the 2nd-largest banking group in France with 35 million clients spread over two retail banking networks, Banque Populaire and Caisse d'Epargne.
With more than 16,000 employees, Natixis has a number of areas of expertise that are organized into three main business lines: Corporate & Investment Banking, Investment Solutions & Insurance, and Specialized Financial Services.
A global player, Natixis has its own client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and medium-size businesses of Groupe BPCE's banking networks.
Listed on the Paris stock exchange, it has a solid financial base with a CET1 capital under Basel 3(1) of €12.7 billion, a Basel 3 CET1 Ratio(1) of 11.2% and quality long-term ratings (Standard & Poor's: A /Moody's: A2 / Fitch Ratings: A).
(1) Based on CRR-CRD4 rules published on June 26, 2013, including the Danish compromise - no phase-in except for DTAs on loss carry-forwards.
Figures as at December 31, 2015
About Nasdaq Dubai
Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).
The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).
For queries on Emirates Islamic, please contact:
Amina Al Zarooni
Media Relations Manager, Emirates Islamic
Tel: 971 4 4397430; Mob: 971 56 6405080
Email: AminaAlZarooni@emiratesislamic.ae
Tricia Kaul | Hiba Moussa
ASDA'A Burson-Marsteller, Dubai, UAE
Tel: 971-4-4507600, Fax: 971-4-4358040
Email: tricia.kaul@bm.com | hiba.moussa@bm.com
© Press Release 2016
