UNB Islamic unit joins DMCC platform
Dubai, June 10, 2014
Al Wifaq Finance Company, the Islamic unit of UAE-based Union National Bank, said it has joined the Dubai Multi Commodities Centre (DMCC) Tradeflow platform.
With this move, Al Wifaq aims to conduct new innovative commodity Murabaha transactions for its retail and SME clients.
DMCC Tradeflow supports Dubai’s ambition to become the capital of Islamic finance by providing the commodity base and electronic trading infrastructure required to facilitate Shariah-compliant legal title transfer of commodities.
Launched in 2012, the platform allows for electronic transfer of ownership through tradeable warrants, which are certificates of ownership issued by independent warehouses that guarantee the physical existence of commodities.
Zuhair Sulaiman, the general manager of Al Wifaq, said: "The successful execution of these transactions highlights the lender’s innovation and leadership in the Islamic banking industry."
"Undoubtedly, the initiative also reflects our commitment to offer innovative financial products and services to both organizations and individuals alike, in compliance with the rules and principals of the Islamic Sharia," he added.
Paul Boots, the director, DMCC Tradeflow, said: “We are pleased to welcome Al Wifaq to our community and look forward to supporting their growing business in the coming years. The increasing number of trading participants and transaction volumes on our platform is testament to the increased market adoption of our dedicated products and services."
"We will continue to work with all industry participants to provide innovative commodity focused solutions that will increase efficiency and transparency for all involved parties," he added.-TradeArabia News Service