Emirates Islamic Financial Brokerage (EIFB), a major Shariah-compliant broker in the UAE, has become a member of Nasdaq Dubai, the region’s international exchange.
EIFB will focus on opportunities for trading Shariah-compliant shares listed on Nasdaq Dubai, as well as other Shariah securities that become listed in due course.
Jamal bin Ghalaita, chairman of EIFB, said: "As EIFB continues to offer an expanded platform to its investor clients, our membership of Nasdaq Dubai comes as a significant addition to our rich portfolio of investment solutions. Our membership of the exchange is an important step in the continuing rapid growth of Dubai’s Islamic financial services sector."
Abdul Wahed Al-Fahim, chairman of Nasdaq Dubai, said: "EIFB’s arrival as a member of Nasdaq Dubai supports the exchange’s drive to broaden and deepen its Islamic finance activities. The exchange is committed to innovation and expansion in all areas of Islamic capital markets, including building new links with other leading Islamic finance organizations in the UAE and overseas, as part of the overall growth of Nasdaq Dubai as the Middle East’s leading international listing venue."
Hamed Ali, acting chief executive of Nasdaq Dubai, said: "We are delighted to provide new investment possibilities on our platform to EIFB and its thousands of individual and institutional clients. As economic prospects in the UAE continue to improve, we look forward to further listings of Shariah-compliant securities, including expanding the range of asset classes that we offer.
"Nasdaq Dubai will continue to build its base of Shariah investors and market participants as the exchange plays an expanding role in strengthening the Islamic economy in Dubai."
Hussein Mourad, managing director of EIFB, said: "Nasdaq Dubai’s international market will offer growing Shariah investment options for the benefit of our clients in the UAE and overseas. The exchange’s promotion of first class transparency and governance standards, together with its regional and international investor base, make it a highly attractive platform for our clients."
The government of Dubai announced in January that it is positioning the emirate as the capital of the Islamic economy globally in a range of areas, including capital markets.
EIFB, an arm of Emirates Islamic Bank, was the fastest growing UAE broker by trading volume in 2012 and took the number one spot on Dubai Financial Market in December 2012.