Growth supports Dubai’s expansion as global capital of Islamic Economy
Success of platform set up with Emirates Islamic is based on speed and efficiency
Dubai – Transactions on the Nasdaq Dubai Murabaha Platform for Islamic financing have exceeded a total of 100 billion US dollars, reflecting its popularity with corporate and individual users.
Established jointly by Nasdaq Dubai and Emirates Islamic, the platform meets needs ranging from funding for corporate growth and expansion to personal finance for retail customers. Transactions so far in 2018 have reached 28.8 billion US dollars, up 23% from the same period in 2017.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and Managing Director of Emirates NBD, said: “We are delighted to be able to announce the 100 billion US dollar Murabaha milestone during Islamic Economy Week, during which Dubai is celebrating many achievements in Sharia’a-compliant finance and hosting discussions on how to further develop the sector. The platform is set to attract further regional and international entities to make use of its services on behalf of a growing range of businesses and individuals. “
The growth of the Nasdaq Dubai Murabaha platform supports the expansion of Dubai as the global capital of the Islamic Economy, under the initiative of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai.
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “Customers of Sharia’a-compliant and conventional financial institutions benefit from the Nasdaq Dubai Murabaha Platform’s speed and efficiency, as well as its transparency and the fixed cost of transactions. We will further expand the user base of banks to support the development of Dubai as the capital of the Islamic Economy.”
Salah Mohammed Amin, Chief Executive Officer of Emirates Islamic, said: “By combining international capital markets expertise with the standards of Sharia’a, our Murabaha platform gives financial institutions and their customers the confidence that all aspects of their Islamic financing needs are met. We are working with Nasdaq Dubai to expand the Murabaha platform and further enhance its efficiency.”
The versatility of the platform was demonstrated in February 2017 when the multilateral Africa Finance Corporation (AFC) made use of it to carry out a 150 million US dollar transaction that facilitated the issuance of a Sukuk. This was the first use of the platform by an African entity.
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).
About Emirates Islamic
Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is one of the fastest growing banks in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE.
Emirates Islamic offers a comprehensive range of Shari’a-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 60 branches and 208 ATMs/CDMs across the UAE. In the fast growing area of online and mobile banking, the bank has the reputation as an innovator, being the first Islamic bank to launch a mobile banking app and the first Islamic bank to offer Apple Pay in the UAE.
Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. The bank won the prestigious Euromoney award for innovation in Islamic Finance in 2015 and Global Finance’s Innovator in Islamic Finance award for EI trade, the world’s first Shari’a-compliant online trade finance and supply chain platform. The bank has won several industry accolades in 2017, including Service Olympian Award for ‘Most Improved Website’ and ‘Best Social Media Reach’. In 2018, Emirates Islamic was named ‘Best Islamic Bank” in the UAE by Global Finance and ‘Best Islamic Banking Brand’ by Global Brands Magazine. The bank has also claimed the ‘Best Mobile Banking app’ award, and the ‘Best Islamic Card’ for its Emarati Credit Card at the Banker Middle East Product Awards 2018.
As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in need, with a focus on food, shelter, health, education and social welfare contributions.
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