DGCX and DIEDC Partner to Strengthen Dubai’s Islamic Finance Economy
Collaboration on promoting the trading of Shari’ah-compliant products
The Dubai Gold and Commodities Exchange (DGCX) and the Dubai Islamic Economy Development Centre (DIEDC) today signed a Memorandum of Understanding (MoU), agreeing to share knowledge, promote Shari’ah Compliant finance, and help foster Dubai as the global capital of Islamic economy.
Abdulla Mohammed Al Awar, CEO of DIEDC, and Les Male, CEO of DGCX, signed the agreement at the DIEDC offices at a ceremony attended by senior representatives from both sides.
Under the MoU, DIEDC will work with DGCX to promote the Shari’ah Compliant Spot Gold contract, as well as any other Shari’ah Compliant commodity product subsequently developed by the exchange to cater for the Islamic finance sector, while positioning Dubai as the hub of the Islamic economy.
Abdulla Mohammed Al Awar, CEO of DIEDC, said: “In line with our shared goal to transform Dubai into the global capital of Islamic economy, this partnership articulates the commitment of DIEDC to connect relevant stakeholders of the Islamic economy, and transfer knowledge about Islamic finance instruments, such as Shari’ah Compliant gold and commodity trading. Encouragingly, these instruments are witnessing a high uptake in servicing the growing Islamic finance sector.”
He added: “Furthermore, with the contribution of the Islamic economy to Dubai’s GDP increasing to 8.3 per cent in 2016, we now have a responsibility to boost the burgeoning non-oil sectors, in keeping with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to further diversify the national economy and increase alternative revenue streams.”
Les Male, Chief Executive Officer of DGCX, added:“Following the recent launch of the GCC’s first and the world’s only Shari’ah Compliant Spot Gold contract, this partnership with DIEDC comes at an opportune time for the DGCX. Not only will it be a crucial building block towards introducing other successful Shari’ah compliant products on our trading platform, but it will also help shape the progressive role Dubai is playing in developing the Islamic finance sector as a whole.”
About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 175 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae
DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 80 clearers from across the globe. For more information: www.dccc.co.ae
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