28 May 2020
DiamondWorld Directory
Home |
DMCC signs MoU with Borsa Istanbul
The purpose of the memorandum is to extend its current scope of collaboration
By: Diamond World News Service
Dec 10 2016 5:56PM
Reference: 13692  

DMCC, (Dubai Multi Commodities Centre) announced the signing of a Memorandum of Understanding (MoU) with Borsa Istanbul, the Turkish capital’s sole provider of trading, clearing, settlement, custody and registry services across a range of commodities, securities, and sukuk.

The purpose of the memorandum is to extend its current scope of collaboration, and explore how DMCC can offer guidance and best practice insight as the two entities work towards establishing a universal Shariah-compliant gold exchange for Islamic markets. The latter, a topic of much debate and interest following a recent initiative launched by the World Gold Council (WGC) and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), which means that gold can now be used as a commodity to back Sharia-based financial products.

At the meeting, Ahmed Bin Sulayem, DMCC’s Executive Chairman, and Himmet Karadağ, Borsa İstanbul’s Chairman of the Board, discussed their ongoing cooperation in creating dedicated delivery centres for precious metals in Istanbul and Dubai. Ahmed Bin Sulayem said: “At DMCC, we are dedicated to collaborating with international market players, and working towards establishing and sharing best practices to improve and strengthen the global commodities trade. That is why enhancing our partnership with Borsa Istanbul marks a natural evolution in how we seek to join and develop the global markets, and improve cross-border efficiencies in the precious metals trade. This Memorandum of Understanding also strengthens the trading relations between Turkey and the UAE, while reflecting DMCC’s commitment to developing Shariah-compliant market infrastructure to support the future growth of the Islamic economy.”

Turkey is one of the UAE’s largest trading partners, with more than US$6.7 billion is annual bilateral trade last year. diplomatic delegation met with Turkish President Recep Tayyip Erdoğan to assess opportunities for further cooperation between the two countries, and to encourage joint investments.

This MoU builds upon DMCC’s current scope of collaboration with Borsa Istanbul, and will seek to draw upon the capabilities of DMCC’s Free Zone, its DMCC Tradeflow platform and Dubai Gold and Commodities Exchange (DGCX). In doing so, the collaboration aims to connect a wide range of financial institutions and physical traders to trade with confidence.

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
*  Name:
*  Mobile:
*  Email:
Subscribe for DiamondWorld weekly Newsletter
HouseAd_Trade Fair
Search News by City
Kosher 23460
HouseAd_Trade Fair
Recent Issue
Kosher 23460
News in Pictures
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 26326
GJEPC Chairman Interview
Views: 23653
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 30611
Promo for IJ Awards 2012 at NDTV Profit
Views: 44785
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 45832
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 18143
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 43486
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 41733
Member of:
Supporter of: