DMCC, the main worldwide enterprise district that drives the circulate of world commerce by Dubai, has introduced the appointment of a Shariah Supervisory Board to supervise its Islamic finance providing by its Tradeflow platform.
This strategic transfer strengthens DMCC’s place as a number one Shariah-compliant commerce finance platform and expands its position in facilitating Islamic monetary transactions.
Following an in depth evaluate of its processes, construction and contractual framework, the Board has licensed that the platform’s Islamic unit is absolutely compliant with Shariah’s guidelines and rules, the rules set by the Accounting and Auditing Organisation for Islamic Monetary Establishments (AAOIFI), and the regulatory necessities of the Increased Shariah Authority of the Central Financial institution of the United Arab Emirates.
This formal Shariah endorsement will present monetary establishments with heightened assurance and allow them to scale their Islamic commerce finance operations with confidence by DMCC Tradeflow.
Ahmed bin Sulayem, Government Chairman and Chief Government Officer of DMCC, commented, “DMCC Tradeflow offers monetary establishments with a safe, clear and absolutely Shariah-compliant mechanism to facilitate commodity-based transactions.
In 2024 alone, the platform recorded over 201,000 Islamic finance transactions with a worth of over AED1.4 trillion.
He added that the appointment of a devoted Shariah Supervisory Board reinforces DMCC’s unwavering dedication to upholding the very best requirements of Islamic finance and enhancing confidence amongst monetary establishments, additional strengthening the place of Dubai as a worldwide hub for Shariah-compliant monetary companies.
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