Emirates Islamic Bank signs $50 million Murabaha deal with French bank
Dubai, (IINA) – Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the UAE, and Natixis, a leading financial institution headquartered in France, announced the completion of a $50 million Collateralized Murabaha deal on Sunday on the Nasdaq Dubai Murabaha Platform, WAM reported.
Chief Executive Officer of EIB Jamal Bin Ghalaita stated: “The completion of the $50 million Murabaha with Natixis represents a new landmark for Emirates Islamic and sets a compelling precedent for other financial institutions considering Shari’a-compliant financing”.
He added: “Emirates Islamic’s role in founding the Nasdaq Dubai Murabaha Platform, and the subsequent application of its leading services, is a prime example of how the bank is spearheading innovation in the sector. The successful completion of deals with international partners such as Natixis will ensure Dubai remains a vanguard in the global Islamic economy”.
“Emirates Islamic will continue to explore attractive business opportunities and demonstrate industry leadership by adhering to a proven approach of combining technology, commercial acumen, and ethics underpinned by Shari’ah principles”.
On his part, Managing Director & Regional Head Middle East of Natixis Simon Eedle stated: “We are delighted to complete this ground-breaking Murabaha transaction with Emirates Islamic, which represents a first for Natixis through the Nasdaq Dubai Murabaha Platform”.
“Islamic financing is becoming increasingly important at Natixis, and arranging this Murabaha facility in such an efficient manner further demonstrates Natixis’ capacity to partner with a leading Islamic Bank to deliver innovative Islamic solutions and illustrates the evolving nature of the Islamic economy”.
“Today, Islamic banks are successfully integrating modern technologies to augment traditional Shari’ah-compliant financing structures. We look forward to partnering with Emirates Islamic again in the future”, he concluded.
Nasdaq Dubai’s Murabaha Platform provides a unique solution for banks and other financial institutions, and their corporate and individual customers, to conduct Shari’ah-compliant transactions in a streamlined, flexible and transparent manner.
The efficiency with which Emirates Islamic’s deal with Natixis was concluded is anticipated to entice other financial institutions to further leverage the Nasdaq Dubai platform.