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06 November 2019
BUSINESS

Sharjah Islamic Bank, DMCC to launch commodity Murabahah service

The new product will enable the Shari’ah-compliant bank’s clients to benefit from the online Trade Flow platform of Dubai Multi Commodities Centre (DMCC) to conduct commodity Murabahah transactions for the bank's corporate and retail customers.


Sharjah Islamic Bank (SIB) has launched a Shari’ah compliant commodity Murabahah financing solution for its corporate banking customers, in partnership with Dubai Multi Commodities Centre.

HE Mohammed Abdullah, the CEO of Sharjah Islamic Bank, said, “This cooperation will enable us to improve the quality of our banking services by reducing the time to execute Murabahah transactions by a considerable time.”

Murabahah Financing is one of a preferred mode of short-term financing, as it provides flexible financing options that meet the requirements of the customers, said Abdullah.

“DMCC will continue to work with partners to develop its Shari'ah-compliant financial products and in turn, cement Dubai’s growing reputation as the Islamic Finance capital of the world,” said HE Ahmed bin Sulayem, the Executive Chairman & CEO of DMCC.


RELATED STORIES: MURABAHAH SHARJAH ISLAMIC BANK DMCC


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