News Feed Item

UAE Minister of Economy Presents DMCC's Ahmed Bin Sulayem With Award for Outstanding Contribution to Islamic Finance

DUBAI, UAE, January 14, 2014 /PRNewswire/ --

  • DMCC Executive Chairman dedicates Islamic Finance award to His Highness Sheikh Mohammed Bin Rashid Al Maktoum,Vice President,Prime Minister of the UAE and Ruler of Dubai
  • 8thDMCC award received for longstanding and continuous contributions to Islamic Finance

DMCC (Dubai Multi Commodities Centre), Dubai's and the region's global gateway for commodity trade and enterprise, announced today that Ahmed Bin Sulayem, Executive Chairman, DMCC, received the Outstanding Contribution to Islamic Finance Award at the annual Mena Fund Manager Performance Awards gala dinner and ceremony.

     (Photo: http://photos.prnewswire.com/prnh/20140114/663529 )

UAE's Minister of Economy, His Excellency Sultan Bin Saeed Al Mansoori, presented Ahmed Bin Sulayem, Executive Chairman, DMCC, with the award at The Address Downtown Dubai, attended by over 300 industry participants.

Dedicating the award to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, the DMCC Executive Chairman, said:

"It is an honour to receive this award which is further testament to the strength of the leadership of Dubai. We will continue to innovate and deliver to His Highness Sheikh Mohammed Bin Rashid Al Maktoum,Vice President, Prime Minister of the UAE and Ruler of Dubai's vision to see Dubai become the global centre for Islamic Finance.

Commodities are the backbone of the Islamic economy due to the transparent and secure way stakeholders can exchange physical goods to guarantee transactions. While obviously based on the tenets of Islam, the opportunities to capitalise on this growing segment are not exclusive to Islamic companies. It appeals to the broader business and international community more so now than ever - and as a global centre for commodities, DMCC is proven to be well equipped to facilitate the growth of this thriving and rapidly expanding sector".

DMCC has a deep heritage in Islamic Finance and longstanding track record in supporting the Islamic economy. In fact, DMCC's success itself was built on Islamic Finance foundations. The iconic Almas Tower was funded through a US$ 200million Sukuk issued in 2005 and at the time was regarded a pioneering product, as repayment was possible in physical gold. It was also paid in full and on time, demonstrating DMCC's financial strength and commitment to delivery.

Together with Shariah Capital and global partners Tocqueville and Blackrock, DMCC also created the world's first Shariah-compliant gold and commodities funds. These have since won several asset management and Islamic Finance awards for their performance.

The world's first Shariah-compliant Gold ETF was launched by DMCC in 2009 - the first physically backed gold product to be listed on Nasdaq Dubai and in the Middle East.

More recently, in 2012 the government authority also launched DMCC Tradeflow to enhance the platform to address the clear and necessary demand for Murabaha, the commodity financing tool.

"The willingness and drive to constantly adapt to meet market needs, means that the DMCC Tradeflow platform is becoming an indispensable tool for Islamic banks looking to trade commodities for Murabaha. Hence the scope of activities Islamic banks can perform in Dubai is growing exponentially", said Paul Boots, Director, DMCC Tradeflow.

The Outstanding Contribution to Islamic Finance Award follows a string of DMCC's previous awards across the Islamic finance sector stretching back to 2009 when Barclays Hedge ranked DSAM Kauthar Gold Fund, part of a joint venture between DMCC and finance provider Shariah Capital, in its top 10 funds based on performance for four consecutive years. In 2010 Ahmed Bin Sulayem, Executive Chairman, DMCC, received the Middle East Investor Award by the Hedge Funds World Middle East Conference 2010 for DMCC's exceptional performance during 2009; an award which Bin Sulayem dedicated to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai. In addition, DMCC also scooped Best Fund-of-Fund, Failaka, Islamic Fund Award in 2010; while 2011 and 2012 saw consecutive Mena Fund Managers Outstanding Contribution to Islamic Finance Awards.

Overview of DMCC Awards and Achievements including:

  • Facilitating Most Innovative Structured Transaction Award in 2007, Deal of the Year Award
  • Deal of the Year 2008, Euromoney's Trade Finance Magazine (Global Multi Commodity Receipt (GMR)-facilitated financing by Standard Chartered Bank to Mohsen Line Trading)
  • Received Middle East Investor Award; Dubai Shariah Asset Management awarded as Best Shariah Compliant product provider; and DSAM Kauthar Commodity Fund received Best Funds of Funds Award; at the Hedge Funds World Middle East Conference 2010
  • Best Fund-of-Funds, Failaka Islamic Fund Award, April 21, 2010
  • Outstanding Performance & Innovation Award, MENA Fund Manager Awards 2011
  • Outstanding Performance & Innovation Award, MENA Fund Manager Awards 2012
  • Outstanding Contribution to Islamic Finance Award, Mena Fund Manager Performance Awards - January 2014

The MENA Fund Manager Performance Awards recognise and reward the most influential heavyweights of the regions fund management space, and is the largest single gathering of fund managers in the industry's calendar.


More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"We started a Master of Science in business analytics - that's the hot topic. We serve the business community around San Francisco so we educate the working professionals and this is where they all want to be," explained Judy Lee, Associate Professor and Department Chair at Golden Gate University, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DXWorldEXPO LLC announced today that Dez Blanchfield joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Dez is a strategic leader in business and digital transformation with 25 years of experience in the IT and telecommunications industries developing strategies and implementing business initiatives. He has a breadth of expertise spanning technologies such as cloud computing, big data and analytics, cognitive computing, m...
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.