DMCC Tradeflow platform has announced that its 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 follows the DMCC’s appointment of a Shariah Supervisory Board to oversee its Islamic finance offerings. The Board carried out an extensive review of the platform’s processes, structure, and contractual framework before certifying that it was fully Shariah-compliant.
DMCC strengthens Shariah-compliance
The Board will ensure that all transactions through the DMCC Tradeflow adhere to Shariah’s rules and principles and the highest ethical and regulatory standards, confirming that it remains at the forefront of innovation and integrity in Islamic trade finance.
The move strengthens DMCC’s position as a leading Shariah-compliant trade finance platform. It will provide financial institutions with greater assurance and enable them to scale their Islamic trade finance operations with confidence through DMCC Tradeflow.
The Board comprises two esteemed Islamic finance scholars with deep expertise in Shariah-compliant financial structures and governance – Prof Dr Jassim Al-Shamsi, Chairman of the Shariah Supervisory Board, and Prof Dr Mohammed Ali Al-Qari, Member of the Shariah Supervisory Board.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, commented: “DMCC Tradeflow provides financial institutions with a secure, transparent and fully Shariah-compliant mechanism to facilitate commodity-based transactions.
Trusted Islamic trade platform
DMCC Tradeflow has been operating under Shariah principles since 2013, when it first received a Shariah-compliance certification issued by the platform’s former Shariah advisor. The appointment of a new, dedicated Shariah Supervisory Board builds upon this legacy, and also reinforced its commitment to adhere to evolving Islamic finance standards and best practices.
“In 2024 alone, the platform recorded over 201,000 Islamic finance transactions with a value of over AED1.4 trillion (US$381.2 billion). The appointment of a dedicated Shariah Supervisory Board reinforces our 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.”
DMCC Tradeflow provides a transparent online platform for the registration of ownership of commodities stored in UAE-based facilities. It supports a wide range of financial transactions, with a particular focus on Commodity Murabaha, one of the most widely used and essential instruments in Islamic finance for liquidity management.
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