Dubai Murabaha Commodities Platform Adds BGC
Using a new jointly-developed mechanism, the partnership will simplify existing trading processes around Murabaha commodities trading, which is a non-interest bearing method of credit sale that is compliant with Sharia law. Meanwhile, it will allow DMCC to access BGC's tier-one dealers' trade flow and established electronic trading expertise.
"While trading of this product has been in existence for some time, our joint offering brings a modernization to the process, offering speed, convenience and innovation to the execution of this popular product. We look forward to working with the DMCC to offer our clients an unparalleled service that places Dubai even more firmly on the map as a world hub for Islamic finance," says Charlie Sleightholme, head of commodity Murabaha business at BGC based in the emirate.
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