Dubai: Aafaq - Islamic Finance, a UAE-based leading Sharia-compliant financial institution, has carried out its first transaction on the Nasdaq Dubai Murabaha Platform, which provides Islamic financing services to a rapidly growing number of individual and institutional customers.
Officially launched in April 2014, the platform has completed a total of more than Dh21 billion of transactions. It was set up by Nasdaq Dubai jointly with Emirates Islamic and is playing a key role in Dubai’s growth as the capital of the Islamic economy globally.
Clients of Aafaq - Islamic Finance and other companies can use the Nasdaq Dubai Murabaha Platform to execute streamlined transactions within minutes. As the platform expands, it has the potential to make Dubai the international centre for processing Sharia-compliant financing.
Eisa Kazim, Chairman of Dubai Financial Market and Secretary-General of Dubai Islamic Economy Development Centre (DIEDC), said, “The expansion of the Nasdaq Dubai Murabaha Platform underlines the continuing success of the initiative launched by Vice-President and Prime Minister [of the UAE] and Ruler of Dubai, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, to develop Dubai as the global capital of Islamic economy, as overseen by H.H. Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. By effectively serving the clients of Aafaq - Islamic Finance and other companies, the platform will provide growing support for the strengthening of the Islamic finance sector in the UAE.”
