Dubai Financial Market Explains its Significant Contribution in Islamic Capital Markets to Bursa Malaysia’s Shari’a Advisory

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Dubai Financial Market Explains its Significant Contribution in Islamic Capital Markets to Bursa Malaysia’s Shari’a Advisory

Dubai Financial Market (DFM) and the Malaysian Stock Exchange (Bursa Malaysia) has explored areas of cooperation and knowledge sharing, in light of DFM’s status as the first Shari’a-compliant exchange globally since 2007 and its active role in the Islamic capital markets sector.
 
The discussion took place during the visit of Dr. Aznan Hasan, member of Shari’a board of the Malaysian Stock Exchange (Bursa Malaysia) and member of the Higher Shari’a Authority for financial and banking activities at the UAE Central Bank. Zafar Abedeen, Senior Officer-Research and Shari’a Support at Dar Al-Shari’a also joined the discussion.
The delegates met with Hassan Al Serkal, Chief Operating Officer (COO) and Head of Operations Division of DFM as well as Asma Lootah, Head of Internal Control and Compliance Department of DFM who explained milestones of DFM’s journey as the leading Islamic financial market globally.
 
Dr. Aznan Hasan has expressed Bursa Malaysia’s interest to learn from DFM’s successful experience. He also praised the leadership’s vision to develop the Islamic economy sector as part of the (Dubai, the Capital of Islamic Economy) initiative. The discussions also included the transformation steps, the preparation of Shari’a-compliant listed companies, and the calculation of the non-compliant income amongst other relevant topics.
 
His Excellency Essa Kazim, Chairman of DFM said: “DFM is always looking to strengthen the relationship with various stock markets, capital markets experts as well as Islamic Economy and Shari’a scholars across the world. We deeply belief in the importance of collaboration to promote the growth of this sector. The Fatwa and Shari’a area is of special importance to us considering DFM’s status as the first Shari’a-compliant exchange globally since 2007 and its active role in strengthening the leading position of Dubai, the capital of Islamic economy globally. The DFM has launched numerous initiatives to promote the sector including the classification of Shari’a-compliant listed companies as well as the DFM Shari’a standards such as the standards on issuing, acquiring and trading of shares and Sukuk. Accordingly, we are pleased to transfer such vast experiences to counterparty institutions.”

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