DMCC Appoints Shariah Supervisory Board to Strengthen Islamic Trade Finance Platform
DMCC, Dubai's leading international business district, has appointed a dedicated Shariah Supervisory Board to oversee its Islamic finance operations on the DMCC Tradeflow platform.
This move further positions DMCC as a key player in Shariah-compliant trade finance.
Following a detailed review of its structure, processes, and contractual framework, the Board has certified that DMCC Tradeflow's Islamic finance segment meets all requirements of Shariah law. It also complies with the standards set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the UAE Central Bank's Higher Shariah Authority.
This formal endorsement offers added assurance to financial institutions and will support the expansion of Islamic trade finance activities through the platform.
Ahmed bin Sulayem, Executive Chairman and CEO of DMCC, highlighted the platform's impact, stating: 'DMCC Tradeflow provides financial institutions with a secure, transparent and fully Shariah-compliant mechanism to facilitate commodity-based transactions.'
In 2024, the platform handled over 201,000 Islamic finance transactions valued at more than AED 1.4 trillion.
He added that the appointment of the Shariah Supervisory Board reflects DMCC's commitment to maintaining the highest standards in Islamic finance and will further enhance Dubai's reputation as a global hub for Shariah-compliant financial services.
News Source: Emirates News Agency
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