DMCC Tradeflow secures shariah certification
This strategic move strengthens DMCC's position as a leading Shariah-compliant trade finance platform and expands its role in facilitating Islamic financial transactions.
Following an extensive review of its processes, structure and contractual framework, the Board has certified that the platform's Islamic unit is fully compliant with Shariah's rules and principles, the guidelines set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the regulatory requirements of the Higher Shariah Authority of the Central Bank of the United Arab Emirates.
This formal Shariah endorsement will provide financial institutions with heightened assurance and enable them to scale their Islamic trade finance operations with confidence through DMCC Tradeflow.
Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, commented, 'DMCC Tradeflow provides financial institutions with a secure, transparent and fully Shariah-compliant mechanism to facilitate commodity-based transactions.
In 2024 alone, the platform recorded over 201,000 Islamic finance transactions with a value of over AED1.4 trillion.
He added that the appointment of a dedicated Shariah Supervisory Board reinforces DMCC's unwavering commitment to upholding the highest standards of Islamic finance and enhancing confidence among financial institutions, further strengthening the position of Dubai as a global hub for Shariah-compliant financial services.
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