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| Source: Nasdaq Dubai. NBF is the first conventional bank to join Nasdaq Dubai Murabaha Platform. |
National Bank of Fujairah (NBF) is the first conventional bank to join Nasdaq Dubai’s Islamic financing murabahah platform, which offers unique advantages to financial institutions and clients seeking shari’ah-compliant solutions and trading opportunities.The bank rolled out its shari’ah-compliant NBF Islamic in 2014 and has recently expanded its activities to include more shari’ah-compliant services.
The bank’s strategic priorities focus on developing NBF Islamic into a full-fledged proposition encompassing a comprehensive range of solutions for both retail and corporate banking segments. The Nasdaq Dubai Murabaha Platform will play a key role for NBF in facilitating Islamic financing transactions in an efficient and streamlined manner.
Vince Cook, CEO, NBF, said: “We are very excited about joining the Nasdaq Dubai Murabaha Platform; the move underlines our commitment to offering reliable and efficient Islamic finance services to our clients. The innovative platform complements our existing offerings as we seek to fulfil our clients’ growing needs in this space. It enables our clients to conduct transactions quickly and efficiently at a fixed cost and in a transparent manner – all within an environment that provides the certainty of shari’ah compliance.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “As a prominent UAE financial institution dedicated to supporting businesses and individuals, National Bank of Fujairah is an important addition to our Murabaha platform. Our collaboration reflects the increasing participation of conventional financial institutions in the field of Islamic finance and as the market grows, Nasdaq Dubai will attract more conventional as well as Islamic financial institutions to participate on it, both regionally and internationally.”
The Nasdaq Dubai Murabaha Platform can provide significant cost savings and a reduction in processing time for its participants, and is playing a growing role in Dubai’s expansion as the global capital of the Islamic economy.
Since its launch in 2014, over US$76 billion worth of transactions have been executed through the platform. Transactions valued at US$26 billion have taken place so far in 2017, up 18% from US$22.1 billion in the same period last year.