DMCC, the main international commercial district that promotes the global trade flow through Dubai, has announced the appointment of a Shariah supervision board to supervise its Islamic financing through its commercial flow platform.
This strategic movement strengthens the DMCC position as a leading commercial financing platform that meets the Shariah and expands its role in facilitation of Islamic final transactions.
After an extensive review of its processes, structure and contractual framework, the Board has certified that the Islamic Unit of the platform fully complies with the rules and principles of the Shariah, the guidelines established by the Accounting and Audit Organization of the Islamic Financial Institutions (AAOIFI) and the regulatory requirements of the Superior Shariah authority of the central banks of the United Arab banks.
This formal support of Shariah will provide insured financial institutions and allow them to climb their Islamic commercial financing operations with confidence through DMCC Tradeflow.
Ahmed Bin Sulayem, Executive President and Executive Director of DMCC, commented: “DMCC Tradeflow provides financial institutions for a safe, transparent and fully compatible mechanism with Sharia to facilitation based on basic products.
Only in 2024, the platform registered for 201,000 Islamic finance transactions with an AED1.4 billion value.
He added that the appointment of a Dedicated Shariah Supervision Board reinforces DMCC’s unwavering commitment to defend the ups and downs of the highest standards of Islamic finances and improve confidence among financial institutions, in addition to the fall in the grill.
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