Latest news with #AED1.4
Arabian Business
23-04-2025
- Business
- Arabian Business
New Board certifies DMCC Tradeflow as fully Shariah compliant
DMCC Tradeflow platform has announced that its Islamic unit is fully compliant with Shariah's rules and principles, the guidelines set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the regulatory requirements of the Higher Shariah Authority of the Central Bank of the United Arab Emirates. This follows the DMCC's appointment of a Shariah Supervisory Board to oversee its Islamic finance offerings. The Board carried out an extensive review of the platform's processes, structure, and contractual framework before certifying that it was fully Shariah-compliant. DMCC strengthens Shariah-compliance The Board will ensure that all transactions through the DMCC Tradeflow adhere to Shariah's rules and principles and the highest ethical and regulatory standards, confirming that it remains at the forefront of innovation and integrity in Islamic trade finance. The move strengthens DMCC's position as a leading Shariah-compliant trade finance platform. It will provide financial institutions with greater assurance and enable them to scale their Islamic trade finance operations with confidence through DMCC Tradeflow. The Board comprises two esteemed Islamic finance scholars with deep expertise in Shariah-compliant financial structures and governance – Prof Dr Jassim Al-Shamsi, Chairman of the Shariah Supervisory Board, and Prof Dr Mohammed Ali Al-Qari, Member of the Shariah Supervisory Board. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, commented: 'DMCC Tradeflow provides financial institutions with a secure, transparent and fully Shariah-compliant mechanism to facilitate commodity-based transactions. Trusted Islamic trade platform DMCC Tradeflow has been operating under Shariah principles since 2013, when it first received a Shariah-compliance certification issued by the platform's former Shariah advisor. The appointment of a new, dedicated Shariah Supervisory Board builds upon this legacy, and also reinforced its commitment to adhere to evolving Islamic finance standards and best practices. 'In 2024 alone, the platform recorded over 201,000 Islamic finance transactions with a value of over AED1.4 trillion (US$381.2 billion). The appointment of a dedicated Shariah Supervisory Board reinforces our unwavering commitment to upholding the highest standards of Islamic finance and enhancing confidence among financial institutions, further strengthening the position of Dubai as a global hub for Shariah-compliant financial services.' DMCC Tradeflow provides a transparent online platform for the registration of ownership of commodities stored in UAE-based facilities. It supports a wide range of financial transactions, with a particular focus on Commodity Murabaha, one of the most widely used and essential instruments in Islamic finance for liquidity management. A leading international business district that drives the flow of global trade through Dubai, the Centre has over 25,000 top multinationals and high-impact startups registered with them.
Zawya
22-04-2025
- Business
- Zawya
DMCC Tradeflow secures shariah certification
DUBAI - DMCC, the leading international business district that drives the flow of global trade through Dubai, has announced the appointment of a Shariah Supervisory Board to oversee its Islamic finance offering through its Tradeflow platform. This strategic move strengthens DMCC's position as a leading Shariah-compliant trade finance platform and expands its role in facilitating Islamic financial transactions. Following an extensive review of its processes, structure and contractual framework, the Board has certified that the platform's Islamic unit is fully compliant with Shariah's rules and principles, the guidelines set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the regulatory requirements of the Higher Shariah Authority of the Central Bank of the United Arab Emirates. This formal Shariah endorsement will provide financial institutions with heightened assurance and enable them to scale their Islamic trade finance operations with confidence through DMCC Tradeflow. Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, commented, 'DMCC Tradeflow provides financial institutions with a secure, transparent and fully Shariah-compliant mechanism to facilitate commodity-based transactions. In 2024 alone, the platform recorded over 201,000 Islamic finance transactions with a value of over AED1.4 trillion. He added that the appointment of a dedicated Shariah Supervisory Board reinforces DMCC's unwavering commitment to upholding the highest standards of Islamic finance and enhancing confidence among financial institutions, further strengthening the position of Dubai as a global hub for Shariah-compliant financial services.
Emirates 24/7
22-04-2025
- Business
- Emirates 24/7
DMCC Tradeflow secures shariah certification
DMCC, the leading international business district that drives the flow of global trade through Dubai, has announced the appointment of a Shariah Supervisory Board to oversee its Islamic finance offering through its Tradeflow platform. This strategic move strengthens DMCC's position as a leading Shariah-compliant trade finance platform and expands its role in facilitating Islamic financial transactions. Following an extensive review of its processes, structure and contractual framework, the Board has certified that the platform's Islamic unit is fully compliant with Shariah's rules and principles, the guidelines set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the regulatory requirements of the Higher Shariah Authority of the Central Bank of the United Arab Emirates. This formal Shariah endorsement will provide financial institutions with heightened assurance and enable them to scale their Islamic trade finance operations with confidence through DMCC Tradeflow. Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, commented, 'DMCC Tradeflow provides financial institutions with a secure, transparent and fully Shariah-compliant mechanism to facilitate commodity-based transactions. In 2024 alone, the platform recorded over 201,000 Islamic finance transactions with a value of over AED1.4 trillion. He added that the appointment of a dedicated Shariah Supervisory Board reinforces DMCC's unwavering commitment to upholding the highest standards of Islamic finance and enhancing confidence among financial institutions, further strengthening the position of Dubai as a global hub for Shariah-compliant financial services. Follow Emirates 24|7 on Google News.
Gulf Insider
13-04-2025
- Business
- Gulf Insider
Dubai Awards New Dh1.4 Billion Drainage Project Contract To Avoid Flooding
Dubai Municipality has announced the award of contracts worth Dh1.439 billion for four major projects under the 'Tasreef' project to develop, rehabilitate, and expand Dubai's stormwater drainage network. The project has been awarded in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to develop strategic and future-ready infrastructure. The projects form part of Dubai's broader commitment to building sustainable and climate-resilient infrastructure and are aligned with the emirate's ambition to consolidate its position as one of the world's most advanced cities in terms of infrastructure readiness. Dubai Municipality awards new stormwater drainage project contracts worth AED1.4 billion. The projects will serve 9 key areas across the emirate including Nad Al Hamar, the vicinity of Dubai International Airport, Al Garhoud, Al Rashidiya, Al Quoz, Zabeel, Al Wasl, Jumeirah, and… — Dubai Media Office (@DXBMediaOffice) April 13, 2025 Tasreef project The new contracts fall within the scope of the Tasreef project, Dubai's largest unified stormwater collection system and the most operationally efficient in the region. The projects will serve key areas across the emirate including Nad Al Hamar, the vicinity of Dubai International Airport, Al Garhoud, Al Rashidiya, Al Quoz, Zabeel, Al Wasl, Jumeirah, and Al Badaa. The commissioned works are designed to provide sustainable and innovative solutions to mitigate flooding risks, enhance the efficiency of existing networks, and improve overall service levels. More than 36 kilometres of new drainage lines will be constructed, linking to the main Tasreef tunnel, which will ultimately connect drainage systems across the emirate. The network's total drainage capacity in the target areas will increase significantly, which will reduce operating and maintenance costs while providing higher service standards to residents and businesses. Dubai Municipality awards new stormwater drainage project contracts worth AED1.4 billion. The projects will serve 9 key areas across the emirate including Nad Al Hamar, the vicinity of Dubai International Airport, Al Garhoud, Al Rashidiya, Al Quoz, Zabeel, Al Wasl, Jumeirah, and… — Dubai Media Office (@DXBMediaOffice) April 13, 2025 His Excellency Eng. Marwan Ahmed bin Ghalita, Acting Director General of Dubai Municipality, affirmed that the newly initiated projects represent a key milestone in the implementation of the Tasreef project to develop and upgrade Dubai's stormwater drainage network. These efforts aim to enhance the capacity of the drainage system and increase its discharge capacity by 700% over the next 100 years, solidifying the emirate's leadership among the world's most advanced and resilient cities in terms of infrastructure. He stated: 'Tasreef is a pioneering, strategic, and transformative project implemented by Dubai Municipality as part of its efforts to develop advanced and sustainable infrastructure projects in line with the highest standards of urban and spatial planning. It is part of our strategic goals for integrated management of the stormwater and surface water drainage network, and for providing sustainable, resilient, and future-ready solutions. These efforts support our vision of making Dubai a leading, more sustainable, attractive, and liveable city every day.' The Tasreef project, with an estimated total cost of Dh30 billion, is the largest of its kind in Dubai and is designed to be scalable over the next century. The project also aims to reduce the cost of construction, operation, and maintenance of stormwater stations by 20 per cent, while increasing the lifespan of Dubai's stormwater infrastructure.
Arabian Business
13-04-2025
- Business
- Arabian Business
Dubai announces major AED1.4bn stormwater infrastructure upgrades
Dubai Municipality has awarded contracts worth AED1.439 billion for four major projects to develop, rehabilitate and expand the emirate's stormwater drainage network, officials announced today. The contracts form part of the 'Tasreef' project, described as Dubai's largest unified stormwater collection system and the most operationally efficient in the region. These infrastructure developments align with directives from Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to develop strategic and future-ready infrastructure, the Emirates News Agency (WAM) said in a statement. Dubai Municipality awards new stormwater drainage project contracts worth AED1.4 billion. The projects will serve 9 key areas across the emirate including Nad Al Hamar, the vicinity of Dubai International Airport, Al Garhoud, Al Rashidiya, Al Quoz, Zabeel, Al Wasl, Jumeirah, and… — Dubai Media Office (@DXBMediaOffice) April 13, 2025 The commissioned works will serve key areas across Dubai including Nad Al Hamar, vicinity of Dubai International Airport, Al Garhoud, Al Rashidiya, Al Quoz, Zabeel, Al Wasl, Jumeirah, and Al Badaa. More than 36 kilometres of new drainage lines will be constructed, linking to the main Tasreef tunnel, which will ultimately connect drainage systems across the emirate. Officials state this will significantly increase the network's total drainage capacity in the target areas. 'Tasreef is a pioneering, strategic, and transformative project implemented by Dubai Municipality as part of its efforts to develop advanced and sustainable infrastructure projects in line with the highest standards of urban and spatial planning. It is part of our strategic goals for integrated management of the stormwater and surface water drainage network, and for providing sustainable, resilient, and future-ready solutions. These efforts support our vision of making Dubai a leading, more sustainable, attractive, and liveable city every day,' Eng. Marwan Ahmed bin Ghalita, Acting Director General of Dubai Municipality said. The broader Tasreef project, with an estimated total cost of AED30 billion, aims to enhance the capacity of the drainage system and increase its discharge capacity by 700 percent over the next 100 years. It is also expected to reduce the cost of construction, operation, and maintenance of stormwater stations by 20 per cent, while increasing the lifespan of Dubai's stormwater infrastructure.
