Mubasher: The National Bank of Fujairah (NBF) has joined Nasdaq Dubai’s growing Islamic financing Murabaha platform, according to a press statement disclosed on Sunday.

This Murabaha platform provides unique advantages to financial institutions and clients seeking sharia-compliant solutions and trading opportunities.

It is worth highlighting that the NBF is the first conventional bank to join the Nasdaq Dubai Murabaha Platform since it was launched in 2014.

“The bank rolled out its Sharia’a-compliant window NBF Islamic in 2014 and has recently expanded its activities to include a comprehensive suite of Sharia’a-compliant services,” Nasdaq Dubai added.

“The innovative platform complements our existing offerings as we seek to fulfill our clients’ growing needs in this space. It enables our clients to conduct transactions quickly and efficiently at a fixed cost and in a transparent manner – all within an environment that provides the certainty of Sharia’a-compliance,” The CEO at NBF, Vince Cook, commented.

CEO of Nasdaq Dubai Hamed Ali said: “As a prominent UAE financial institution dedicated to supporting businesses and individuals, National Bank of Fujairah is an important addition to our Murabaha platform.”

“Our collaboration reflects the increasing participation of conventional financial institutions in the field of Islamic finance and as the market grows, Nasdaq Dubai will attract more conventional as well as Islamic financial institutions to participate on it, both regionally and internationally,” Ali added.

The Nasdaq Dubai Murabaha Platform offers significant cost savings and a reduction in processing time for its participants, playing a growing role in Dubai’s expansion as the global capital of the Islamic economy.

Since its launch in 2014, over $76 billion worth of transactions have been executed through the platform; transactions worth $26 billion have taken place so far in 2017, up 18% from $22.1 billion in the same period last year.