Ajman Bank begins transactions on Nasdaq Dubai Murabaha platform for Islamic financing
Ajman Bank has begun transacting on the Nasdaq Dubai Murabaha Platform, which facilitates the provision of streamlined Shari’ah-compliant financing services.
A ceremony to mark the occasion took place at Ajman Bank new Head Office in Ajman attended by Mohamed Amiri, Chief Executive Officer of Ajman Bank and Hamed Ali, Chief Executive of Nasdaq Dubai.
Ajman Bank’s initial activity on the platform has enabled it to meet the needs of customers throughout the country.
Since it was officially launched in April 2014, the Nasdaq Dubai Murabaha platform has brought significant enhancements and efficiency to retail and institutional Murabaha financing. It has completed a total of more than AED 46.5 billion of transactions and is playing a growing role in Dubai’s expansion as the Global Capital of the Islamic Economy.
His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Secretary General of Dubai Islamic Economy Development Centre (DIEDC) said, “Ajman Bank’s participation on the Nasdaq Dubai Murabaha Platform underlines the UAE’s ability to provide innovative and effective Shari’ah-compliant financing solutions through collaborative strategies. The platform supports the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, to develop Dubai as the Global Capital of Islamic Economy, as overseen by His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai.”
Mohamed Amiri, Chief Executive of Ajman Bank, said, “The Nasdaq Dubai Murabaha Platform is a valuable addition to the services we offer to our customers across all Emirates in UAE. We pursue our commitment to provide tailored solutions that meet our customers’ sophisticated requirements. The platform has many advantages including rapid processing, zero spread loss, and deep liquidity.”
Ajman Bank retail and corporate clients can use the Nasdaq Dubai Murabaha Platform to facilitate financing transactions. The platform supports the trading of Shari’ah-compliant Certificates that have been developed as the underlying assets of the transactions.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, “As the platform expands it has the potential to make Dubai the international centre for processing Shari’ah-compliant financing transactions. Nasdaq Dubai will build on the growing success of the platform to attract more financial institutions to participate on it, from the UAE and beyond.”
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Hamed Ali, Chief Executive of Nasdaq Dubai, said, “We launched the Nasdaq Dubai Murabaha Platform to enhance the efficiency of financing and liquidity management transactions while maintaining compliance with Shari’ah rules. The platform has performed well since its launch both in transaction volume and number of participants, and we look forward to enhancing our financing and liquidity management offerings in our range of products and regional coverage.”
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