Will offer broker services for Sukuk, Murabaha, credit default swaps and foreign exchange and forward swaps.
Tradition has launched an Islamic and Capital Markets desk in Dubai and London. The desk is a joint venture between Tradition’s London and Asia arms, and is licensed by the DFSA. It will offer broker services for trading of Sukuk, inter-bank money market transactions by Murabaha; credit default swaps (CDS) and global currency products such as foreign exchange and forward swaps.
Tradition’s Islamic and Capital Markets team will report to Will Hornby, head of credit in London. Ali Merchant will lead the Dubai team. Merchant has 28 years’ experience in the market, 16 as treasurer of two Middle Eastern banks. Joining Merchant will be Muhammad Talha. A senior banker with 29 years’ experience in four banks, Talha worked as head of international banking at Qatar International Bank for 10 years. David Barker will lead the London team. He joins Tradition from Tullett Prebon and will handle trading of Sukuk, CDS and convertible bonds.
Tradition has been brokering Sukuk out of its offices in London and Hong Kong and is now expanding into Dubai as part of its global expansion strategy.
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