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| Source: NASDAQ Dubai. |
Through the NASDAQ Dubai Murabaha Platform, SIB's individual and institutional clients will be able to complete financing transactions within minutes. NASDAQ Dubai said the platform offers an alternative to traditional Islamic financing solutions, many of which can carry a risk of losses through price movements, spreads and poor liquidity as well as delays.
His Excellency Mohammed Abdulla Al Gergawi, Chairman of the Executive Office of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and Chairman of the Board, Dubai Islamic Economy Development Centre, said: “The NASDAQ Dubai Murabaha Platform is a milestone in achieving the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, to develop Dubai as the global capital of Islamic economy, under the direction of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai. SIB’s decision to make use of NASDAQ Dubai’s platform reflects the future vision for the growth of the Islamic finance sector in the UAE.”
Mohamad Abdalla, Chief Executive Officer of Sharjah Islamic Bank, said: “We are very excited to offer the platform’s services to a wide variety of our clients for a range of purposes, from mortgages and personal finance to funding for corporate growth and expansion. The platform is an excellent fit with SIB’s strategy of enhancing its provision of reliable and efficient Islamic solutions on a cost effective basis to meet the needs for participants.”
Hamed Ali, Chief Executive of NASDAQ Dubai, said: “The NASDAQ Dubai Murabaha Platform bridges best practice international capital markets standards with the specific requirements of shari’ah financing. We have created a reliable and effective facility that provides clients with the confidence that all aspects of their Islamic financing needs are fully catered for.”
More than three billion AED of financing have been processed on the platform for thousands of clients since a pilot phase of the project began in September 2013.
The NASDAQ Dubai Murabaha Platform was set up by NASDAQ Dubai jointly with Emirates Islamic.