Dubai: Dubai Financial Market (DFM) today announced the results of the first round of its Brokers Excellence Rating, launched in 2018 in a first-of-its-kind initiative globally, as part of its constant efforts to promote excellence of investor services.
Hassan Al Serkal, Chief Operating Officer (COO) and Head of Operations Division of DFM as well as Ali Ibrahim Mohammad, Deputy Director General of Dubai Economy, have presented the Five Stars Rating certificates to 12 brokerage firms. The list of honored companies included; EFG Hermes (UAE), Brokerage House Securities, Emirates NBD Securities, Dubai Islamic Financial Services Company, Finance House Securities Company, Integrated Securities, Al Ramz Capital, Al Ansari Financial Services, Mena Corp Financial Services, ADIB Securities, Sharjah Islamic Financial Services and Mashreq Securities.
The DFM will publish the list of Five Stars rated firms on its website, enabling market participants to identify outstanding companies and encouraging other brokerage firms to further enhance their performance.
His Excellency Essa Kazim, Chairman of DFM said: “We are delighted to honor the distinguished brokerage firms that have scored the highest results in the first round. Brokers’ enthusiasm towards this initiative underlines our mutual commitment to build upon the achievements of the past years in terms of brokerage services and communication platforms with investors as part of realizing DFM’s vision as a world class regional marketplace and our corporate values of efficiency, innovation and integrity, achieving highest levels of efficiency and customer satisfaction and happiness.”
“Certainly, the outcome of the first round will motivate brokerage firms, whether the ones that have received the Five Stars rating or others, to continue their hard work to further enhance their services and strengthen the competiveness of this sector by investing in service provision platforms in general and smart services in particular. This drive will further enhance service excellence and sustainability as well as increase customer satisfaction. I would like to congratulate the winners and all participants as well as extend DFM’s sincere thanks to the Department of Economic Development for the fruitful cooperation in implementing this initiative through the Mystery Shopper,” H.E. Essa Kazim added.
The Rating assessed services of 44 brokerage firms in terms of embracing the digital transformation and innovation in line with the DFM strategy 2021 as well as both Dubai’s and UAE’s strategies 2021. This scheme has created an ongoing mechanism enabling brokerage firms to identify strengths and gaps based on the evaluation conducted by experts and evaluators as well as the results of customer satisfaction surveys and Mystery Shopper as well as on-site visits to companies’ headquarters and call centers.
The Rating includes five categories as per the excellence of service and based on two criterions, the first one focuses on customer experience and the Mystery Shopper results, with a 70% weightage. The second criterion measures the brokerage firm’s ability to cope with DFM’s vision and has 30% weightage based on four pillars including; services efficiency, service innovation, multi-channel access and commitment to Corporate Governance.
About Dubai Financial Market:
Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body. DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000 and became the first Islamic Shari’a-compliant exchange globally since 2007. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 Billion, DFM became a public joint stock company and its shares were listed on 7 March 2007 with the trading symbol (DFM). Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse Dubai Limited. www.dfm.ae
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© Press Release 2019