DMCC Appoints Shariah Board to Boost Islamic Trade Finance

Photo: Dubai Government Media Office

DMCC, which is one of the world’s top business districts based in Dubai, has reached an important milestone for its DMCC Tradeflow platform. They have officially appointed a Shariah Supervisory Board to guide and watch over their Islamic finance services. This step will make DMCC Tradeflow stronger as a trusted and Shariah-compliant platform and help more Islamic financial deals happen smoothly.

The job of this new Shariah Supervisory Board is to make sure that every deal done through DMCC Tradeflow follows Islamic rules and values, also known as Shariah law. They will also check that everything is done properly, fairly, and in line with UAE laws. This move shows that DMCC is serious about being a leader in Islamic trade finance, which is finance that respects the teachings of Islam.

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After carefully studying the way the platform works, the Board confirmed that DMCC Tradeflow’s Islamic unit follows all the important rules. These include the standards set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Higher Shariah Authority of the UAE Central Bank. This official approval will give banks and financial companies more confidence to use DMCC Tradeflow for their Islamic finance activities.

Ahmed Bin Sulayem, the Executive Chairman and CEO of DMCC, said:
“DMCC Tradeflow gives financial companies a safe and clear way to carry out trade deals that follow Islamic rules. In 2024 alone, the platform handled over 201,000 Islamic finance transactions worth more than AED 1.4 trillion. The new Shariah Board proves how serious we are about maintaining high Islamic standards and helping financial institutions feel confident when using our platform. It also supports Dubai’s image as a top destination for Islamic finance.”

The Shariah Supervisory Board includes two well-respected experts in Islamic finance:

• Prof. Dr. Jassim Al-Shamsi, who is the Chairman of the Board

• Prof. Dr. Mohammed Ali Al-Qari, who is a member of the Board

These experts will help make sure that the platform keeps up with Islamic finance laws and also grows with new ideas and solutions for the market.

DMCC Tradeflow has followed Islamic finance rules since 2013, when it first received approval from a Shariah advisor. Now, with this newly appointed, full-time Shariah Board, DMCC is continuing its promise to stay true to Islamic values while also keeping up with the changing needs of the finance world.

DMCC Tradeflow is an online platform that allows the registration of ownership of goods stored in warehouses across the UAE. It helps with many types of financial deals, especially Commodity Murabaha, which is one of the most popular tools used in Islamic finance to manage money in a halal (permissible) way.