This was announced by BFX, the first multi-asset exchange in the Middle East and North Africa region.
The BFX Bait Al Bursa’s offerings come at an appropriate time where the Islamic market is eager for new pioneering and innovative products.
e-Tayseer, Bait Al-Bursa’s Murabaha liquidity management platform, is designed to make Al Baraka Banking Group scheduling and execution of their Murabaha transactions more streamlined and afford its users the benefit of reduced trade life-cycle and manual paperwork procedures resulting in savings of time and cost in executing the transactions.
Additionally, it also offers a secure online environment with identifiable Shariah-compliant underlying assets located in the GCC region.
Adnan Ahmed Yousif, president and chief executive and member of the board of directors of ABG, said: “We are very pleased with our decision to become a registered user of Bait Al Bursa. Our group will benefit greatly from the advantages of its first product e-Tayseer which we trust will further strengthen our Murabaha dealings efficiencies and we wish the BFX as a whole all the best in delivering their future plans.”
Arshad Khan, managing director and chief executive officer of the BFX and the BFX Clearing and Depository Corporation (BCDC), said: “We welcome Al-Baraka Banking Group and we take pride in partnering with such a reputed and leading Islamic financial institution. The participation of ABG on the e-Tayseer platform is a significant accomplishment for the BFX. We believe that both the ABG and the BFX share similar business principles and we look forward to working closely in the future.”
e-Tayseer, the first of its kind in the MENA region, is a fully automated platform for transactions in the supply, purchase and sale of assets for facilitating Murabaha transactions.
e-Tayseer allows suppliers to place their assets onto the platform ready to be purchased by financial institutions.
