Abu Dhabi – Mubasher: Sharjah Islamic Bank has launched a sharia-compliant commodity Murabaha financing solution for corporate banking customers in collaboration with the Dubai Multi Commodities Centre (DMCC).

This new product will enable the bank’s customers to utilise the online Tradeflow platform of DMCC to conduct commodity Murabaha transactions for corporate and retail customers, according to a bank statement released on Wednesday.

“This cooperation will enable us to improve the quality of our banking services by reducing the time to execute Murabaha transactions by considerable time,” CEO of Sharjah Islamic Bank Mohammed Abdullah said.

DMCC's online Tradeflow solution offers sharia-compliant commodity trade through advanced solution and the electronic platform.

“We are delighted that Sharjah Islamic Bank has become the latest member of DMCC Tradeflow. Through our innovative, transparent, and regulated platform, we remove barriers to trade and enable entities to register possession and ownership of commodities stored in the UAE,” executive chairman and CEO of DMCC Ahmed Bin Sulayem commented.