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 tding 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
 Feb 9 2016 - Yemen's FM confirms that Yemeni legitimate authorities offer entering into meaningful dialogue with the rebels to end crisis in YemenSaudi Press Agency
(MENAFN - Saudi Press Agency) Yemeni Vice Prime Minister and Foreign Minister Abdulmalik Al-Makhlafi, stressed that the Yemeni legitimate authorities agree on any serious UN-sponsored dialogue with ...

 Feb 9 2016 - President Obama, Canada's Trudeau Discuss Efforts Against ISISSaudi Press Agency
(MENAFN - Saudi Press Agency) US President Barack Obama spoke by telephone Monday with Prime Minister Justin Trudeau of Canada to discuss Canadian contributions to the global coalition to counter ...

 Feb 9 2016 - Riyadh Region Governor to patronize 1st Festival for Productive Families of Disabled Persons tomorrowSaudi Press Agency
(MENAFN - Saudi Press Agency) Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region and Prince Sultan bin Salman bin Abdulaziz, President of Saudi Commission for Tourism and National ...

 Feb 9 2016 - Comoros' Chief Justice visits King Fahd Complex for Printing Holy QuranSaudi Press Agency
(MENAFN - Saudi Press Agency) The Chief Justice of Federal Republic of Comoros, Dr. Mohamed Sayyid Othman and his accompanying delegation visited here yesterday King Fahd Complex for Printing the ...

 Feb 9 2016 - Saudi Grains Organization Director General Receives Zambian Agriculture MinisterSaudi Press Agency
(MENAFN - Saudi Press Agency) The Director General of Saudi Grains Organization Engineer Ahmed bin Abdulaziz Al-Faris received here today Zambian Minister of Agriculture Given Lubinda and his ...

 Feb 9 2016 - A medical delegation from South Korea organizes a medical day in Saudi Specialist Clinics at Zaatari camp, JordanSaudi Press Agency
(MENAFN - Saudi Press Agency) A South Korean medical delegation consisting of 32 doctors and assistants has organized a medical day in Saudi Specialist Clinics at Zaatari refugee camp to be briefed ...

 Feb 9 2016 - Custodian of the Two Holy Mosques receives former British Prime MinisterSaudi Press Agency
(MENAFN - Saudi Press Agency) The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud received at Al-Yamamah Palace here today former British Prime Minister Tony Blair.During the ...

 Feb 9 2016 - Syrian Siamese twins to be separated on SundaySaudi Press Agency
(MENAFN - Saudi Press Agency) The Syrian Siamese twins named (Toqa and Yaqeen) will undergo a separation operation at King Abdullah Specialist Children's Hospital at King Abdulaziz Medical City of ...

 Feb 9 2016 - Saudi- Shura Council Speaker receives an invitation to visit JapanSaudi Press Agency
(MENAFN - Saudi Press Agency) The Speaker of Shura Council Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh received a message from the Speaker of Japanese Parliament Tadamori Oshima ...

 Feb 9 2016 - Saudi- Gabonese Consul General visits Islamic University in MadinahSaudi Press Agency
(MENAFN - Saudi Press Agency) The Undersecretary of Islamic University in Madinah, Dr. Ahmed bin Abdullah Katib, received here today the Consul General of the Republic of Gabon, Abdulaziz Branly ...

more...


 






Google

Click to Apply

 
 

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