National Bank of Fujairah has joined Nasdaq Dubai’s Islamic financing Murabaha platform, which offers unique advantages to financial institutions and clients seeking Shari’ah compliant solutions and trading opportunities.
NBF is the first conventional bank to join the Nasdaq Dubai Murabaha platform since the platform’s launch in 2014. The bank rolled out its Shari’ah compliant window NBF Islamic in 2014 and has recently expanded its activities to include a comprehensive suite of Shari’ah compliant services.
The bank’s strategic priorities focus on developing NBF Islamic into a full-fledged proposition encompassing a comprehensive range of solutions for both retail and corporate banking segments. The Nasdaq Dubai Murabaha platform is a step further in that direction and will play a key role for NBF in facilitating Islamic financing transactions in an efficient and streamlined manner.
NBF CEO Vince Cook said, “We are very excited about joining the Nasdaq Dubai Murabaha platform; the move underlines our commitment to offering reliable and efficient Islamic finance services to our clients. The innovative platform complements our existing offerings as we seek to fulfil our clients’ growing needs in this space. It enables our clients to conduct transactions quickly and efficiently at a fixed cost and in a transparent manner – all within an environment that provides the certainty of Shari’ah compliance.”
Nasdaq Dubai CEO Hamed Ali said, “As a prominent UAE financial institution dedicated to supporting businesses and individuals, National Bank of Fujairah is an important addition to our Murabaha platform. Our collaboration reflects the increasing participation of conventional financial institutions in the field of Islamic finance and as the market grows, Nasdaq Dubai will attract more conventional as well as Islamic financial institutions to participate on it, both regionally and internationally.”