Aafaq-Meancorp to provide investors financing solutions
Dubai, August 13, 2014
Aafaq – Islamic Finance Company, a UAE-based shari’a-compliant financial services group and Menacorp, a leading investment bank, have entered into a strategic partnership to provide investors on the DFM, ADX and Nasdaq Dubai Islamic financing solutions, for their trading needs on UAE markets.
The alliance will provider the customers with diversified services by offering them an opportunity to enter the UAE’s finance and trading market, said a statement.
Sheikh Faisal Bin Saud Al Qasimi, managing director of aafaq, said: “aafaq is delighted to sign this partnership with Menacorp, as evident by the stable economic growth of the UAE, which can be accredited to the wise vision in leadership in addition to the existence of diverse and unique investment opportunities, especially in the financial market and in what these markets have recently envisioned to get upgraded to emerging markets.
“This strategic alliance falls in line with our expansion strategies and will offer cutting-edge Islamic finance products and services so that customers can take advantage of the UAE’s thriving stock market. We are looking forward to working closely with Menacorp to offer shari’a-compliant solutions to our customers.”
Fathi Ben Grira, CEO, Menacorp, said: “Most of our clients are GCC-based investors who are attached to the principles edicted by sharia’a law for their financing requirements. The total value of our clients’ portfolio recently crossed Dh8.5 billion and most of it is controlled by investors valuing the ethic of Islamic finance, especially for their transactions on the stock market.” - TradeArabia News Service