Bait Al-Bursa, an innovative and comprehensive platform, will complement the broad scope of Elaf Bank's core business offerings.

Elaf Bank provides a wide range of financial services involving fund-raising advisory, asset management, mergers and acquisitions, treasury, liquidity management, foreign exchange, investment, structured products and derivatives.

The initial stage of the partnership will focus on the BFX's Murabaha liquidity management platform, e-Tayseer.

Jamil El-Jaroudi, chief executive officer, said: "Joining BFX's Bait Al-Bursa division brings a wide range of opportunities to Elaf Bank's stakeholders. Of our immediate aims is to streamline all our Murabaha transactions through the Exchange's liquidity engine e-Tayseer.”

El-Jaroudi added: “In parallel, we will be working closely with the BFX Bait Al Bursa division in shaping up the next stage of Islamic products that the exchange is planning to launch and to work jointly on developing the secondary market for better liquidity management in Islamic banks."

Arshad Khan, managing director and chief executive officer of the BFX and the BFX Clearing and Depository Corporation (BCDC), said: "This partnership demonstrates the diversity of the BFX's products portfolio that provides opportunities to the widest range of financial institutions both conventional and Islamic, which having different objectives and targeting different markets can only benefit from the BFX's multi-asset offerings."