Nasdaq Dubai has launched a new a trading platform for Murabaha or asset-backed Sharia-compliant financial instruments.
The launch of the platform is part of the initiative by Sheikh Mohammed bin Rashid, vice president of the UAE and ruler of Dubai, to make the emirate a capital of the global Islamic economy over the next two years.
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The new facility, called the NASDAQ Dubai Murabaha Platform, is the outcome of a partnership between Nasdaq Dubai and Emirates Islamic.
The new platform is aimed at providing local and regional banks with Shariah compliant financing solutions.
Nasdaq Dubai said that more than AED7 billion worth of transactions has been completed through the platform during the pilot stage.
Nasdaq Dubai claims that the transactions on the platform will be completed in minutes and eliminate the risk of losses that often occur in traditional transactions through spreads, price movements, or poor liquidity.
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