The success of Nasdaq Dubai’s launch
of a platform for murabaha trading marks another step
forward in Dubai’s ambition to be the centre of
the global Islamic economy.
Launched this summer in partnership with Emirates
Islamic Bank (EIB), the platform is focused on the daily market
for murabaha, or asset-backed trading, which
is valued at $5 billion to $10 billion.
The transaction involved creating a new Islamic
finance platform, which uses shariah-compliant certificates,
held and traded through Nasdaq Dubai’s central
securities depositary, in place of commodities through a
"It offers an alternative to widely-used traditional
murabaha financing and seeks to address the liquidity
challenges currently faced in Islamic financing by banks," said
Debashis Dey, a capital markets partner with Clifford Chance in