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Adviser: Emirates Islamic
There has been an odd arrangement at work for Islamic financial institutions needing quick, liquid access to liquidity: they have been going not to some local market, nor to each other, but to the London Metal Exchange. It makes sense: the LME is a peerlessly liquid market for commodities, which clearly fit the bill of Shariah compliance. But wouldn’t it be easier, and a greater show of faith in local markets, to transact in the Middle East?
That’s the premise behind Nasdaq Dubai’s new Murabaha platform, a collaboration between Nasdaq Dubai and Emirates Islamic, launched in April 2014.
The platform uses Shariah-compliant certificates that are traded on Nasdaq Dubai’s Central Securities Depository.
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