DGCX, DIEDC partner to strengthen Dubai’s Islamic finance economy

DGCX, DIEDC partner to strengthen Dubai’s Islamic finance economy

DUBAI, Aug 14 2018 (WAM)

The Dubai Gold and Commodities Exchange, DGCX, and the Dubai Islamic Economy Development Centre, DIEDC, on Tuesday signed a Memorandum of Understanding, MoU, to share knowledge, promote Shari’ah-Compliant finance, and help foster Dubai as the global capital of Islamic economy.

Abdulla Mohammed Al Awar, CEO of DIEDC, and Les Male, CEO of DGCX, signed the agreement at DIEDC offices, with the presence of senior representatives from both sides.

Under the MoU, DGCX will work with Dubai Islamic Economy Centre to promote the Shari’ah-Compliant Spot Gold contract, as well as any other Islamic financial commodity product subsequently developed by the DGCX to cater for the Islamic finance sector, while positioning Dubai as the hub of the Islamic economy.

Commenting on the MoU, Al Awar said, “In line with our shared goal to transform Dubai into the global capital of Islamic economy, this partnership articulates the commitment of DIEDC to connect relevant stakeholders of the Islamic economy, and transfer knowledge about Islamic finance instruments, such as Shari’ah Compliant gold and commodity trading. Encouragingly, these instruments are witnessing a high uptake in servicing the growing Islamic finance sector.”

In turn, Male said, “Following the recent launch of the GCC’s first and the world’s only Shari’ah Compliant Spot Gold contract, this partnership with DIEDC comes at an opportune time for the DGCX. Not only will it be a crucial building block towards introducing other successful Shari’ah compliant products on our trading platform, but it will also help shape the progressive role Dubai is playing in developing the Islamic finance sector as a whole.”

WAM/Rola Alghoul/Hatem Mohamed

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