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Dubai - Emirates Islamic and Nasdaq Dubai have announced that the Nasdaq Dubai Murabaha platform has won the prestigious Euromoney Award for Innovation in Islamic Finance 2015.
The Nasdaq Dubai Murabaha platform is a visionary initiative by Nasdaq Dubai and Emirates Islamic (EI) and its subsidiary Emirates Islamic Financial Brokerage (EIFB). The platform provides a unique solution for EI and other financial institutions and their corporate and individual customers to conduct Islamic financing transactions in a streamlined, flexible and transparent manner. In less than a year since its launch, the platform has achieved rapid growth, with transactions turnover exceeding AED 31 billion.
The Euromoney Islamic finance awards are widely regarded as benchmark awards for the global Islamic finance industry. The awards are judged on innovation, quantity and quality, cross border, and promoting the growth of the industry. Nominees are selected and judged by an expert in-house panel comprising Euromoney's Editor, journalists covering the region and the head of the awards research department.
Hamed Ali, Chief Executive of Nasdaq Dubai, said: "The Nasdaq Dubai Murabaha platform combines best practice international capital markets standards with the particular requirements of Sharia'a financing. By facilitating fast and reliable transactions at fixed cost, it provides an effective and convenient facility in a regional time zone for a range of corporate and individual users."
Commenting on the award, Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic stated,"The Nasdaq Dubai Murabaha platform is a great example of the innovation driving Dubai's vision of becoming the global hub of the Islamic economy. We are delighted that the platform has received recognition for its ground-breaking approach and contribution to the development of the Islamic economy. As one of the largest Islamic banks in the region, Emirates Islamic is honoured to be among the key contributors of this initiative."
The Nasdaq Dubai Murabaha platform offers significant advantages over alternative Murabaha channels. It can be used equally to help a company raise capital to expand, or an individual to obtain money to buy a house. The platform utilizes Sharia-compliant Certificates that are traded in Nasdaq Dubai's Central Securities Depository (CSD). The Certificates are based on Wakala investments, such as Sukuk, that have been developed by EI and other financial institutions as the underlying assets for all the financing transactions.
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About Emirates Islamic
Established in 2004, as Emirates Islamic Bank, Emirates Islamic opened its doors with the clear goal of offering discerning customers Islamic finance solutions. 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. Its network has expanded to reach over 50 branches and more than 100 ATMs 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 new Windows 8 mobile platform.
Emirates Islamic has received numerous accolades, both regionally and in the international arena, including recognition for "Best Islamic Bank, UAE" by two extremely prestigious publications, World Finance and CFI. In 2013, the bank was recognised as a "Superbrand 2013," and as the "Best Corporate Bank" in the UAE in 2013. In addition, it has also been recognised by Sheikh Mohamed Bin Rashid Business Award and Ethos Award for Best Islamic Bank for Customer Service in the UAE. These awards are recognition of the high levels of customer satisfaction as well as an acknowledgement of the bank's strong record of performance, growth and market leading banking practices.
For further information please visit www.emiratesislamic.ae
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 Rego | Hiba Moussa
ASDA'A Burson-Marsteller, Dubai, UAE
Tel: 971-4-4507600, Fax: 971-4-4358040
Email: tricia.rego@bm.com |hiba.moussa@bm.com
Nasdaq Dubai contact:
Mark Fisher
Vice President - Corporate Communications
Tel: +971 4 305 5458 Mob: +971 50 624 5805
Email: mark.fisher@nasdaqdubai.com
© Press Release 2015
