Dubai Financial Market, DFM, and the Malaysian Stock Exchange, Bursa Malaysia, have explored areas of cooperation and knowledge sharing, in light of DFM’s status as the first Shari’acompliant
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 Bursa
Malaysia and member of the Higher Shari’a Authority for financial and banking activities at the UAE
Central Bank. Zafar Abedeen, Senior OfficerResearch and Shari’a Support at Dar AlShari’a also joined the discussions.
The delegates met with Hassan Al Serkal, Chief Operating Officer 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 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’acompliant
listed companies, and the calculation of the noncompliant income amongst other relevant topics.
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’acompliant
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’acompliant
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.”