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National Bonds, the UAE leading issuer of Sharia-compliant savings and investment bonds, announced the launch of the new identity of its electronic trading platform “Al Manasah”, on the sidelines of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Conference held in Bahrain on 7-8th of April. The platform is designed to provide the necessary support to Islamic banks and finance companies in carrying out Murabaha transactions for their clients.
The bond-trading platform provides world-class innovative solutions and advanced technological connectivity to take on the requirements of Islamic banks and finance companies. The design of “Al Manasah” was based on the principles and rules of Sharia under the supervision of the Sharia Board of NBC. The Platform provides the clients with financial solutions, features of high-level stability, reliable efficiency and low risk. These solutions are made available around the clock.
Commenting on this occasion, Mohammed Qasim Al-Ali, CEO of National Bonds, said: "We are delighted to join the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). This comes in line with our principles of providing innovative life changing Sharia-compliant financial products and services.”
He pointed out: “"Al Manasah" is a new concept of Islamic liquidity management that provides Islamic banks and finance companies with customized flexible Fintec solutions 24/7 to reduce turnarounds at lower cost while maintaining low risk levels, a principle that we adhere to in National Bonds.”
He added: “This service would enable Financial Institutions to complete the Murabaha cycle with their customers efficiently and flexibly to fit in with different business strategies. We will ensure the enhancement of business and operations are tailor made according to the needs of financial institutions to help them achieve their objectives. We are proud that the volume of transactions has exceeded 180,000 transactions, the value of which is more than AED 85 billion, since the launch of "Al Manasah" in 2015 to date.”
“We are also pleased to add this new Platform to our series of products aimed at supporting the Sharia-compliant finance industry. We are confident that the electronic bond-trading platform would strengthen the position of the UAE as the third-largest Sukuk trading market worldwide and realize the UAE's vision to be a global hub for the Islamic economy. The platform is gaining interest from financial institutions in the GCC, MENA and internationally. There is no doubt that "Al Manassah” will cater for the ever-increasing demand for Islamic finance products in the region,” he added.
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