Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

BGC Partners And The DMCC Announce Partnership To Market A Sharia-Compliant Commodity Murabaha Mechanism  Join our daily free Newsletter

MENAFN Press - 04/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) BGC Partners, Inc. (NASDAQ: BGCP) ("the Company" or "BGC"), a leading global brokerage company servicing the wholesale financial and real estate markets, and the Dubai Multi Commodity Centre ("DMCC") today announced that they have entered into a partnership to promote a Sharia-compliant Commodity Murabaha mechanism. This marks the first agreement between DMCC and an interdealer broker to jointly market Commodity Murabaha on the DMCC Tradeflow Platform. Launching shortly, this partnership offers the trading community a faster, more efficient method of trading this niche financial product and promotes Dubai as the global centre of Islamic finance



Logo - http://photos.prnewswire.com/prnh/20110720/MM38935LOGO



"We are delighted to partner with the DMCC and launch a Sharia-compliant Commodity Murabaha mechanism," said Charlie Sleightholme, Head of Commodity Murabaha Business at BGC in Dubai, which is regulated by the Dubai Financial Services Authority ("DFSA"). "While trading of this product has been in existence for some time, our joint offering brings a modernization to the process, offering speed, convenience and innovation to the execution of this popular product.



Mr. Sleightholme continued: "We look forward to working with the DMCC to offer our clients an unparalleled service that places Dubai even more firmly on the map as a world hub for Islamic finance."



"We are thrilled to offer an exciting, world class mechanism for the trading of Commodity Murabaha which we believe will garner significant interest from the trading community both domestically and internationally," commented Paul Boots, Director, Tradeflow at DMCC. "We are delighted to welcome BGC to the DMCC Tradeflow platform. With BGC's premier global reputation, its relationships with top-tier institutions across the world and its leading electronic trading capabilities, we believe that Commodity Murabaha customers will see significant benefits in terms of efficiency and transparency. This, in turn, will continue to promote and assert Dubai's reputation as a preeminent global capital of Islamic finance.



Murabaha is an Islamic financing structure, where an intermediary buys an asset with free and clear title to it. The intermediary and prospective buyer then agree upon a sale price (including an agreed upon profit for the intermediary) that can be made through a series of installments, or as a lump sum payment. Murabaha is not an interest-bearing loan, which is considered riba (or excess). Murabaha is an acceptable form of credit sale under Sharia (Islamic religious law). Similar in structure to a rent to own arrangement, the intermediary retains ownership of the property until the loan is paid in full. It is important to note that to prevent riba, the intermediary cannot be compensated in addition to the agreed upon terms of the contract. For this reason, if the buyer is late on their payments, the intermediary cannot charge any late penalties


About the DMCC
Established in 2002 by Royal Decree, the DMCC is a strategic government initiative of the Government of Dubai designed to enhance trade flows through the United Arab Emirates by providing not only the very latest infrastructure, but also an optimal environment allowing clients to fully benefit from both a regulated framework and convenient location. Officially recognised as the largest and fastest growing Free Zone in the United Arab Emirates, the DMCCs aim is to galvanise its position in the international market as a commercial centre of excellence for companies choosing to operate from Dubai. About BGC Partners, Inc. BGC Partners (NASDAQ: BGCP) is a leading global brokerage company servicing the financial and real estate markets. Products include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, commodities, futures, and structured products. BGC also provides a wide range of services, including trade execution, broker-dealer services, clearing, processing, information, and other back-office services to a broad range of financial and non-financial institutions. Through its BGC Trader and BGC Market Data brands, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. Through the Newmark Grubb Knight Frank brand, the Company offers a wide range of commercial real estate services including leasing and corporate advisory, investment sales and financial services, consulting, project and development management, and property and facilities management. BGC's customers include many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, property owners, real estate developers, and investment firms. For more information, please visit www.bgcpartners.com. BGC, BGC Trader, Grubb & Ellis, Grubb and Newmark are trademarks and service marks of BGC Partners, Inc. and its affiliates. Knight Frank is a service mark of Knight Frank Limited Corp., used with permissionDiscussion of Forward-Looking Statements by BGC Partners Statements in this press release regarding BGC's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in the Company's public filings, including the most recent Form 10-K and any updates to such risk factors contained in subsequent Form 10-Q or Form 8-K filings.Disclaimer This document has been issued by BGC Brokers L.P. a company regulated by the DFSA for informational purposes only. This document is not and should not be construed as an offer or the solicitation of an offer to purchase or subscribe or sell any investment, or subscribe to any investment management or advisory service. This document is intended only for Professional Clients and may not be reproduced or circulated without the prior written consent of BGC Partners L.P.SOURCE BGC Partners, Inc.

 


MENAFN Press




  MENA News Headlines
 Jan 29 2015 - HH the Emir Receives Phone Call from Ban Ki-moonQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Thursday received a phone call from the United Nations Secretary-General, Ban Ki-moon, during which he thanked HH the Emir on the ...

 Jan 29 2015 - Consumer spends on pharma products to increase to Dh5.03b by 2020Khaleej Times
(MENAFN - Khaleej Times) Dubai € Consumer expenditure on pharmaceutical products, medical appliances and equipment in the UAE has experienced a strong increase and is forecast to be valued around ...

 Jan 29 2015 - UAE- Time to put cyber security on top priorityKhaleej Times
(MENAFN - Khaleej Times) Kaspersky lab solutions block millions of attacks across the globe, which clearly indicates that cyber criminals are smart, but not smarter than security providers.This was ...

 Jan 29 2015 - Indian business council honours Emirati businessmenKhaleej Times
(MENAFN - Khaleej Times) Dubai - The Indian Business and Professional Council (IBPC) hosted a reception on the occasion of the 66th Republic Day of India at the Oberoi Hotel, Business Bay, on Sunday. ...

 Jan 29 2015 - UAE, Canada discuss ways to boost tradeKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade, received a Canadian delegation led by Martin Zablocki, CEO of the Canadian ...

 Jan 29 2015 - Emirates NBD facilitates Stanbic in $85 million loan facilityKhaleej Times
(MENAFN - Khaleej Times) Al Ahli Bank of Kuwait and Standard Chartered Bank joined the transaction as mandated lead arrangers while Al Khalij Commercial Bank and The Commercial Bank of Qatar ...

 Jan 29 2015 - NBAD profit jumps 28% in 2014Khaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - A strong growth in incomes from interest and non-interest based revenues bolstered the National Bank of Abu Dhabi (NBAD) profits to Dh1.372 billion in the quarter ...

 Jan 29 2015 - UAE pharma spend to hit Dh5 billion by 2020Khaleej Times
(MENAFN - Khaleej Times) It is also forecasted to increase at a compound annual growth rate (CAGR) of about 9.78 per cent from 2014 to 2020 as, by then, the value of consumer expenditure on ...

 Jan 29 2015 - Parents happy with children's educationKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi: A survey by the Abu Dhabi Education Council (Adec) has revealed that parents across the emirate are satisfied with their children's schools. The education ...

 Jan 29 2015 - Customers continue winning at Malabar Gold 1amp Diamonds FestivalArab News
(MENAFN - Arab News) Customers continue to win at Malabar Gold & Diamonds' ongoing gold and diamond festival.The jewelry retailer's 4th edition of Malabar Gold & Diamonds Festival in the GCC ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help