Latest news with #JassimAl-Shamsi
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, advancing Dubai's global role in Islamic Finance
Platform certified fully compliant with AAOIFI standards and UAE Central Bank's Higher Sharia Authority Dubai, UAE: DMCC, the leading international business district that drives the flow of global trade through Dubai, has announced a significant milestone for its DMCC Tradeflow platform with the appointment of a Shariah Supervisory Board to oversee its Islamic finance offering. This strategic move strengthens DMCC's position as a leading Shariah-compliant trade finance platform and expands its role in facilitating Islamic financial transactions. The newly appointed Shariah Supervisory Board will ensure that all transactions through the DMCC Tradeflow adhere strictly 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. 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, 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 AED 1.4 trillion. 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.' The Shariah Supervisory 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. Their leadership will ensure that DMCC Tradeflow continues to operate at the highest levels of Shariah compliance while remaining an agile and innovative platform that meets the evolving needs of the Islamic finance sector. 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, ensuring the platform's continued compliance to the rules and principles of Shariah while reinforcing its commitment to evolving Islamic finance standards and best practices. DMCC Tradeflow provides a robust and 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. For more information about the DMCC Tradeflow, please visit Media Enquiries: DMCC PR & Corporate Communications pr@ About DMCC DMCC is a leading international business district that drives the flow of global trade through Dubai. We make it easier for our members to do business, helping them access the world's fastest growing markets from a dynamic district that offers everything they need to thrive. This approach is why we are the preferred location for over 25,000 top multinationals and high-impact startups, contributing significantly to Dubai's position as a global hub for trade and innovation. DMCC is where the world does business. For more information, visit
