• 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
Transactions on the Nasdaq Dubai Murabaha Platform for Islamic financing have exceeded a total of US$100 billion. 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 US$28.8 billion, up 23% from the same period in 2017.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and MD of Emirates NBD said: “We are delighted to be able to announce the US$100 billion murabahah milestone during Islamic Economy Week, during which Dubai is celebrating many achievements in shari’ah-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 HH Sheikh Mohammed Bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai.
Hamed Ali, Chief Executive of Nasdaq Dubai said: “Customers of shari’ah-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, CEO, Emirates Islamic said: “By combining international capital markets expertise with the standards of shari’ah, 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.”
Transactions on the Nasdaq Dubai Murabaha Platform for Islamic financing have exceeded a total of US$100 billion. 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 US$28.8 billion, up 23% from the same period in 2017.
Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and MD of Emirates NBD said: “We are delighted to be able to announce the US$100 billion murabahah milestone during Islamic Economy Week, during which Dubai is celebrating many achievements in shari’ah-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 HH Sheikh Mohammed Bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai.
Hamed Ali, Chief Executive of Nasdaq Dubai said: “Customers of shari’ah-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, CEO, Emirates Islamic said: “By combining international capital markets expertise with the standards of shari’ah, 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.”