"Transactions on the Nasdaq Dubai Murabaha Platform for Islamic financing have hit major milestone"
Transactions on the Nasdaq Dubai Murabaha Platform for Islamic financing have exceeded a total of $100 billion, it was announced on Wednesday.
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, up 23 percent from the same period in 2017, a statement said.
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 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, he added.
Hamed Ali, chief executive of Nasdaq Dubai, said: “We will further expand the user base of banks to support the development of Dubai as the capital of the Islamic economy.”
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 transaction that facilitated the issuance of a sukuk. This was the first use of the platform by an African entity.