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DMCC receives award for outstanding contribution to Islamic finance
DMCC's Ahmed bin Sulayem dedicates award to Dubai ruler HH Sheikh Mohammed Al Maktoum.
January 15, 2014 10:20 by kippreport
DMCC (Dubai Multi Commodities Centre), Dubai’s and the region’s global gateway for commodity trade and enterprise, announced today that Ahmed Bin Sulayem, executive chairman, DMCC, received the ‘Outstanding Contribution to Islamic Finance Award’ at the annual Mena Fund Manager Performance Awards gala dinner and ceremony.
UAE’s Minister of Economy, His Excellency Sultan Bin Saeed Al Mansoori, presented Ahmed Bin Sulayem, Executive Chairman, DMCC, with the award at The Address Downtown Dubai, attended by over 300 industry participants.
Dedicating the award to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the DMCC Executive Chairman, said: “It is an honour to receive this award which is further testament to the strength of the leadership of Dubai. We will continue to innovate and deliver to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai’s vision to see Dubai become the global centre for Islamic Finance.
Commodities are the backbone of the Islamic economy due to the transparent and secure way stakeholders can exchange physical goods to guarantee transactions. While obviously based on the tenets of Islam, the opportunities to capitalise on this growing segment are not exclusive to Islamic companies. It appeals to the broader business and international community more so now than ever – and as a global centre for commodities, DMCC is proven to be well equipped to facilitate the growth of this thriving and rapidly expanding sector”.
DMCC has a deep heritage in Islamic finance and longstanding track record in supporting the Islamic economy. In fact, DMCC’s success itself was built on Islamic finance foundations. The iconic Almas Tower was funded through a $200 million Sukuk issued in 2005 and at the time was regarded a pioneering product, as repayment was possible in physical gold. It was also paid in full and on time, demonstrating DMCC’s financial strength and commitment to delivery.
Together with Shariah Capital and global partners Tocqueville and Blackrock, DMCC also created the world’s first Shariah-compliant gold and commodities funds. These have since won several asset management and Islamic Finance awards for their performance.
The world’s first Shariah-compliant Gold ETF was launched by DMCC in 2009 – the first physically backed gold product to be listed on Nasdaq Dubai and in the Middle East.
More recently, in 2012 the government authority also launched DMCC Tradeflow to enhance the platform to address the clear and necessary demand for Murabaha, the commodity financing tool.
“The willingness and drive to constantly adapt to meet market needs, means that the DMCC Tradeflow platform is becoming an indispensable tool for Islamic banks looking to trade commodities for Murabaha. Hence the scope of activities Islamic banks can perform in Dubai is growing exponentially”, said Paul Boots, director, DMCC Tradeflow.
The Outstanding Contribution to Islamic Finance Award follows a string of DMCC’s previous awards across the Islamic finance sector stretching back to 2009 when Barclays Hedge ranked DSAM Kauthar Gold Fund, part of a joint venture between DMCC and finance provider Shariah Capital, in its top 10 funds based on performance for four consecutive years.
In 2010, Ahmed Bin Sulayem, Executive Chairman, DMCC, received the Middle East Investor Award by the Hedge Funds World Middle East Conference 2010 for DMCC’s exceptional performance during 2009; an award which Bin Sulayem dedicated to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai. In addition, DMCC also scooped Best Fund-of-Fund, Failaka, Islamic Fund Award in 2010; while 2011 and 2012 saw consecutive Mena Fund Managers Outstanding Contribution to Islamic Finance Awards.