Specialised teams are currently managing the situation by cleaning up and removing the dead fish
David Rutledge, CEO of DMCC, yesterday said the company has applied for a licence with the UAE Central Bank to set up the Dubai Commodity Asset Management DMCC (DCAM), with an initial capital of Dh25 million. The firm would be 100-per cent owned and managed by DMCC.
He and Ahmed bin Sulayem, executive chairman of DMCC, also announced plans for the development of Shariah-compliant and commodity-backed investment products through a joint venture between DCAM and Shariah Capital Inc, in which DMCC took a 4.99-per cent stake.
"This next stop is a logical step for DMCC," Rutledge said, noting that global Islamic funds have been growing for the past 10-15 years. He added that DCAM would own 51 per cent of the joint venture - Dubai Shariah Asset Management (DSAM) - while SCI would hold the remaining 49-per cent stake. Sulayem said that DCAM and DSAM would serve as DMCC's platforms for commodity-linked and Shariah-compliant investment products in the Gulf, as Dubai has established itself as a regional commodity-trading hub. "We believe such products will be of great interest to institutions and high net worth individuals who are looking beyond the traditional investment areas, and want to participate in the commodity boom in a sustainable and Shariah-compliant manner," he said in a prepared statement. Rutledge will be nominated to join SCI's board of directors after the joint venture arrangement, DMCC said in a Press statement.
Eric Meyer, chairman and CEO of SCI, described as a "pioneering step" the intiative by DMCC to develop commodity-linked investments products that adhere to Islamic laws. He stressed that western fund managers have expressed interests in these instruments.
"They see a real value in the offering of these products," he said. "The West is absolutely embracing this idea of having Shariah-compliant investment products focused on commodities." Rutledge noted that DMCC has developed with "exceptional success" the physical and market infrastructure needed to build a commodities marketplace in the region. "The launch of DCAM and DSAM sets similar goals in commodities management and demonstrates DMCC's commitment to lead our industry in global commodities trading and investment," he added.
Created in 2002, DMCC is rated "A" by global credit ratings company Standard & Poor's while SCI creates and customises Shariah-compliant financial products and platforms. SCI also provides consulting and advisory services in accordance with Islamic laws.
Specialised teams are currently managing the situation by cleaning up and removing the dead fish
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