emirates7 - DMCC, Dubai’s premier international business district and a key facilitator of global trade, has announced the establishment of a Shariah Supervisory Board to oversee its Islamic finance services offered through the Tradeflow platform.
This strategic initiative enhances DMCC’s standing as a leading Shariah-compliant trade finance hub and supports the growth of Islamic financial transactions on its platform.
Following a thorough evaluation of its operational framework, legal structures, and contracts, the newly appointed Board has confirmed that the platform’s Islamic finance unit complies fully with Shariah principles, the standards set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the regulatory directives of the Higher Shariah Authority under the UAE Central Bank.
This official certification offers financial institutions greater confidence in the platform, enabling them to expand their Islamic trade finance activities via DMCC Tradeflow.
Ahmed bin Sulayem, Executive Chairman and CEO of DMCC, emphasized that DMCC Tradeflow offers a secure, transparent, and entirely Shariah-compliant system for facilitating commodity-based transactions.
In 2024 alone, the platform facilitated more than 201,000 Islamic finance transactions, amounting to over AED 1.4 trillion in value.
He further noted that the formation of a dedicated Shariah Supervisory Board highlights DMCC’s strong commitment to Islamic finance best practices and reinforces trust among financial institutions—bolstering Dubai’s status as a global center for Shariah-compliant financial services.
This strategic initiative enhances DMCC’s standing as a leading Shariah-compliant trade finance hub and supports the growth of Islamic financial transactions on its platform.
Following a thorough evaluation of its operational framework, legal structures, and contracts, the newly appointed Board has confirmed that the platform’s Islamic finance unit complies fully with Shariah principles, the standards set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the regulatory directives of the Higher Shariah Authority under the UAE Central Bank.
This official certification offers financial institutions greater confidence in the platform, enabling them to expand their Islamic trade finance activities via DMCC Tradeflow.
Ahmed bin Sulayem, Executive Chairman and CEO of DMCC, emphasized that DMCC Tradeflow offers a secure, transparent, and entirely Shariah-compliant system for facilitating commodity-based transactions.
In 2024 alone, the platform facilitated more than 201,000 Islamic finance transactions, amounting to over AED 1.4 trillion in value.
He further noted that the formation of a dedicated Shariah Supervisory Board highlights DMCC’s strong commitment to Islamic finance best practices and reinforces trust among financial institutions—bolstering Dubai’s status as a global center for Shariah-compliant financial services.