February 2014
AHMED Bin Sulayem, executive chairman, Dubai Multi Comodities Centre (DMCC), the region’s global gateway for commodity trade and enterprise, has received the Outstanding Contribution to Islamic Finance award.
The prize was presented at the annual Mena Fund Manager Performance Awards gala dinner and ceremony by the UAE Minister of Economy, Sultan Bin Saeed Al Mansoori, at The Address Downtown Dubai. Taking part in the event were more than 300 industry officials.
Bin Sulayem dedicated the award to Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai.
“Commodities are the backbone of the Islamic economy due to the transparent and secure way stakeholders can exchange physical goods to guarantee transactions,” Bin Sulayem said.
“While obviously based on the tenets of Islam, the opportunities to capitalise on this growing segment are not exclusive to Islamic companies. It appeals to the broader business and international community more so now than ever. As a global centre for commodities, DMCC is proven to be well equipped to facilitate the growth of this thriving and rapidly expanding sector.”
DMCC has a deep heritage in Islamic finance and longstanding track record in supporting the Islamic economy. In fact, DMCC’s success itself was built on Islamic finance foundations. The iconic Almas Tower was funded through a $200 million sukuk issued in 2005 and at the time was regarded a pioneering product, as repayment was possible in physical gold. It was also paid in full and on time, demonstrating DMCC’s financial strength and commitment to delivery.
Together with Shariah Capital and global partners Tocqueville and Blackrock, DMCC also created the world’s first Shariah-compliant gold and commodities funds. These have since won several asset management and Islamic finance awards for their performance.
The world’s first Shariah-compliant Gold ETF was launched by DMCC in 2009 – the first physically backed gold product to be listed on Nasdaq Dubai and in the Middle East.
More recently, in 2012 the government authority also launched DMCC Tradeflow to enhance the platform to address the clear and necessary demand for Murabaha, the commodity financing tool.
“The willingness and drive to constantly adapt to meet market needs, means that the DMCC Tradeflow platform is becoming an indispensable tool for Islamic banks looking to trade commodities for Murabaha. Hence the scope of activities Islamic banks can perform in Dubai is growing exponentially”, said Paul Boots, director, DMCC Tradeflow.
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