News Column

Aafaq and Menacorp bring Islamic finance to the UAE markets

August 15, 2014



The agreement was signed between Shaikh Faisal bin Saud Al Qasimi, managing director of aafaq Islamic Finance Company, and Fathi Ben Grira, chief executive of Menacorp.



Aafaq Islamic Finance Company, a UAE-based leading Shariah-compliant financial services group and Menacorp, the UAE's leading investment bank, have entered into a strategic partnership in order to provide investors on the DFM, ADX and Nasdaq Dubai Islamic financing solutions with respect to their trading needs on the UAE markets.







The agreement was signed between Shaikh Faisal bin Saud Al Qasimi, managing director of aafaq Islamic Finance Company, and Fathi Ben Grira, chief executive of Menacorp. Dr Mahmoud Abdelaal, chief executive, aafaq and Nabil Al Rantisi, Menacorp's managing director-Brokerage, also attended the signing ceremony. In line with strategic growth plans of both companies, the alliance will provide the customers with diversified services by offering them an opportunity to enter the UAE's finance and trading market.







"Aafaq is delighted to sign this partnership with Menacorp, as evident by the stable economic growth of the UAE, which can be accredited to the wise vision in leadership in addition to the existence of diverse and unique investment opportunities, especially in the financial market and in what these markets have recently envisioned to get upgraded to emerging markets. This strategic alliance falls in line with our expansion strategies and will offer cutting-edge Islamic finance products and services so that customers can take advantage of the UAE's thriving stock market. We are looking forward to working closely with Menacorp to offer Shariah-compliant solutions to our customers," said Sheikh Faisal bin Saud Al Qasimi.







Fathi Ben Grira said: "Most of our clients are GCC based investors who are attached to the principles edicted by Sharia'a law for their financing requirements. The total value of our clients' portfolio recently crossed Dh8.5 billion and most of it is controlled by investors valuing the ethic of Islamic finance, especially for their transactions on the stock market. Our partnership with aafaq Islamic Finance Company will help us to serve these clients in accordance with their values. This deal is an important milestone for Menacorp as it is in line with our strategy which is to focus on our core business (execution on stock markets) and to rely on a leader such as aafaq Islamic Finance Company for the financing needs of our clients."







business@khaleejtimes.com


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Source: Khaleej Times (United Arab Emirates)


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