11 May, 2014Sharjah Islamic Bank (SIB) joins NASDAQ Dubai Murabaha Platform for Islamic financing

• Islamic Economy Development Centre welcomes further step in Dubai 's expansion as global Capital of Islamic Economy

Sharjah Islamic Bank (SIB) announcedtoday that it has joined NASDAQ Dubai 's rapidly growing Islamic financing Murabahaplatform, which offers unique advantages to bank customers seeking Sharia’a solutions.

SIB isthe first bank to join the facility since the official launch of the NASDAQDubai Murabaha Platform last month. The platform was set up by NASDAQ Dubaijointly with Emirates Islamic with the aim of strengthening Dubai 's position asthe Capital of the Islamic Economy globally and has the potential to make Dubaithe international centre for processing Sharia’a-compliant financingtransactions.

Throughthe NASDAQ Dubai Murabaha Platform, individual and institutional clients of SIB will be able to completefinancing transactions efficiently and easily, within minutes. The platform is theideal alternative to many traditional Islamic financing solutions, which can carrya risk of losses through price movements, spreads and poor liquidity as well asdelays.

HisExcellency Mohammed Abdulla Al Gergawi, Chairman of the Executive Office of HisHighness Sheikh Mohammed Bin Rashid Al Maktoum and Chairman of the Board, DubaiIslamic Economy Development Centre,said: The NASDAQ Dubai Murabaha Platform is a milestonein achieving the initiative launched by His Highness Sheikh Mohammed Bin RashidAl Maktoum, the Vice President and Prime Minister of the UAE and Ruler ofDubai, to develop Dubai as the global Capital of Islamic Economy, under thedirection of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, theCrown Prince of Dubai. SIB 's decision to make use of NASDAQ Dubai 's platform reflectsthe future vision for the growth of the Islamic finance sector in the UAE.

HisExcellency Essa Kazim, Chairman of Dubai Financial Market (DFM)andSecretary General of Dubai Islamic Economy Development Centre, said: The NASDAQ Dubai MurabahaPlatform offers significant benefits of efficiency and speed to individuals and companies seeking a Sharia’afinancing framework. SIB 's membership ofthe platform demonstrates the capacity and willingness of financialinstitutions in the UAE to collaborate productively with each other in theinterests of their clients and the ongoing progress of the Islamic financesector.

MohamadAbdalla, Chief Executive Officer of Sharjah Islamic Bank, said: We are very excited tooffer the platform 's services to a wide variety of our clients for a range ofpurposes, from mortgages and personal finance to funding for corporate growthand expansion. The platform is an excellent fit with SIB 's strategy ofenhancing its provision of reliable and efficient Islamic solutions on a costeffective basis to meet the needs for participants.

Abdul Wahed Al Fahim, Chairman ofNASDAQ Dubai,said: SIB 's initiative in being the first bank to join the platform since itslaunch demonstrates its commitment toenhancing the Islamic financing environment in the region. NASDAQ Dubai andEmirates Islamic will build on the growing success of the platform to attractmore UAE and regional banks, so that their clients can also benefit from itsadvantages.

HamedAli, Chief Executive of NASDAQ Dubai, said: The NASDAQDubai Murabaha Platform bridges best practice international capital marketsstandards with the specific requirements of Sharia’a financing. We have createda reliable and effective facility that provides clients with the confidencethat all aspects of their Islamicfinancing needs are fully catered for.

Morethan three billion AED of financing has been processed on the platform for thousandsof clients, involving transactions of more than 12 billion AED, since a pilotphase of the project began in September 2013.