Welcome!

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.

SOURCE DMCC

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
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...