The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Innovations in Islamic Finance 2015: Nasdaq Dubai Murabaha platform


View award winners

Related editorial coverage

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. The certificates are based on wakala investments such as sukuk from Emirates Islamic and other financial institutions. Islamic banks and finance companies can use those certificates to provide cash financing to customers; customers can buy and sell the certificates within minutes through Emirates Islamic Financial Brokerage. Some of these are small deals, a few thousand dirhams; some can run to many millions.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree