In a move that underscores its commitment to upholding the highest standards of Islamic finance, Dubai Multi Commodities Centre (DMCC) has announced the appointment of a Shariah Supervisory Board to oversee its Islamic finance offering through its Tradeflow platform.
This strategic move is expected to strengthen DMCC’s position as a leading Shariah-compliant trade finance platform and expand its role in facilitating Islamic financial transactions. The appointment of a dedicated Shariah Supervisory Board is a testament to the centre’s unwavering commitment to providing a secure, transparent and fully Shariah-compliant mechanism for financial institutions to conduct commodity-based transactions.
AAOIFI Guidelines and Higher Shariah Authority Requirements
The Shariah Supervisory Board has certified that the Tradeflow platform’s Islamic unit is fully compliant with Shariah’s rules and principles, the guidelines set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the regulatory requirements of the Higher Shariah Authority of the Central Bank of the United Arab Emirates.
These compliance certifications are a significant achievement, demonstrating the centre’s adherence to the highest standards of Islamic finance. The Board’s certification provides financial institutions with heightened assurance that the Tradeflow platform is a secure and reliable platform for facilitating Islamic financial transactions.
Benefits of the Shariah Supervisory Board
- Enhanced confidence among financial institutions
- Increased assurance of Shariah compliance
- Strengthened position of DMCC as a leading Shariah-compliant trade finance platform
The appointment of a dedicated Shariah Supervisory Board is expected to bring numerous benefits to DMCC and its stakeholders. The enhanced confidence among financial institutions, coupled with increased assurance of Shariah compliance, will enable them to scale their Islamic trade finance operations with confidence through DMCC Tradeflow.
Key Statistics
| Number of Islamic finance transactions | 201,000 |
| Value of Islamic finance transactions | AED1.4 trillion |
The Tradeflow platform has recorded an impressive number of Islamic finance transactions in 2024, with a value of over AED1.4 trillion. This success is a testament to the platform’s effectiveness in facilitating Islamic financial transactions.
Quotes from DMCC Executive Chairman
“DMCC Tradeflow provides financial institutions with a secure, transparent and fully Shariah-compliant mechanism to facilitate commodity-based transactions. This formal Shariah endorsement will provide financial institutions with heightened assurance and enable them to scale their Islamic trade finance operations with confidence through DMCC Tradeflow.” – Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC
The appointment of a dedicated Shariah Supervisory Board is a strategic move that underscores DMCC’s commitment to upholding the highest standards of Islamic finance. The formal Shariah endorsement provided by the Board will enhance confidence among financial institutions and further strengthen Dubai’s position as a global hub for Shariah-compliant financial services.