Nasdaq Dubai is planning to further expand the user base of its Islamic finance offering after exceeding $100 billion mark in transactions dealt on the Murabaha platform.
“Customers of Sharia-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,” said Hamed Ali, chief executive, Nasdaq Dubai. “We will further expand the user base of banks to support the development of Dubai as the capital of the Islamic Economy.”
“We are working with Nasdaq Dubai to expand the Murabaha platform and further enhance its efficiency,” said Salah Mohammed Amin, chief executive officer, Emirates Islamic.
The Nasdaq Dubai Murabaha Platform was jointly launched by Nasdaq Dubai and Emirates Islamic in 2014 to meet corporate as well as retail funding needs in accordance with Sharia compliance. In 2018, the platform has processed transactions worth $28.8 billion so far, up by 23% from the same period last year. Also, the Africa Finance Corporation (AFC) initiated a transaction worth $150 million on the platform to issue Sukuk early last year.
“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,” said Hesham Abdulla Al Qassim, chairman, Emirates Islamic.