Nasdaq Dubai makes Islamic finance strides with trading platform | The National

Nasdaq Dubai makes Islamic finance strides with trading platform | The National:



"Nasdaq Dubai has taken another step towards Dubai’s goal of becoming a global hub for the Islamic economy by launching a trading platform for murabaha or asset-backed Sharia-compliant financial instruments.



In partnership with Emirates Islamic Bank (EIB), Nasdaq Dubai has been running a pilot scheme in murabaha trading since last September. The platform went public yesterday, hoping to carve a niche in a daily market for murabaha trading that experts value at US$5 billion to $10bn, much of it conducted in London.



“We are open for business,” said Hamed Ali, the Nasdaq Dubai chief executive.



Jamal bin Ghalaita, the chairman of EIB, said: “This is creative, but asset backed.”"



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