Emirates NBD said on Wednesday that it will provide clearing services to UAE-based Al Fajer Securities.
The bank is the first UAE-based financial services entity to be approved by SCA — Securities and Commodities Authority as a General Clearing Member providing clearing and settlement services to trading participants of the UAE’s equity markets.
“With the signing of Al Fajer Securities, Emirates NBD continues to enhance its proposition to the UAE’s equity markets,” said Tariq Bin Hendi, Executive Vice President and Head of Products & Advisory, Emirates NBD Group. “We currently offer UAE-based brokerage firms a range of tools and products in addition to access to credit facilities to enhance their operational and cost efficiencies.”
“Al Fajer Securities has been associated with Emirates NBD for more than a decade in banking and financial services. We look forward to deepening and developing this partnership to provide our clients with leading services in this field in the coming phase,” Ali Mohammed Saeed Al Badi Al Dhaheri, Chairman of Al Fajer Securities, said in a statement.