Transactions on the Nasdaq Dubai Murabaha Platform for Islamic financing have exceeded a total of $100 billion (Dh367 billion), reflecting its popularity with corporate and individual users.

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 per cent from the same period in 2017.

“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. We will further expand the user base of banks to support the development of Dubai as the capital of the Islamic Economy,” Hamed Ali, Chief Executive of Nasdaq Dubai, said in a statement.