Dubai – Mubasher: Nasdaq Dubai Murabaha Platform, which is a partnership between Emirates Islamic Bank (EIB) and Nasdaq Dubai, on Wednesday announced that total transactions for Islamic financing on the platform have reached as much as $100 billion.
This reflects the platform’s popularity among both corporate and individual users, according to Murabaha’s statement.
The platform is aiming at meeting the needs of corporates concerning funding, and it eyes expansion to personal finance for retail customers.
“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,” Hesham Abdulla Al Qassim, chairman of EIB, said.
For the first ten months of 2018, transactions hiked 23% year-on-year registering $28.8 billion, the statement showed.
Al Qassim, who doubles as vice chairman and managing director of Emirates NBD, added that Murabaha’s growth supports the expansion of Dubai as the global capital of the Islamic economy, under the initiative of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the vice president and prime minister of the UAE and Ruler of Dubai.
“Customers of Sharia’a-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,” Hamed Ali, CEO of Nasdaq Dubai, commented.
Ali noted that the platform targets further expand the user base of banks in a bid to support the development of Dubai as the capital of the Islamic economy.
