MCL gets Category 1 licence to operate from DIFC

DUBAI — Millennium Capital Limited (MCL), the investment banking subsidiary of the Dubai Islamic Bank (DIB) Group, announced yesterday that it has received a Category 1 licence from the Dubai Financial Services Authority (DFSA) to operate as a fully-fledged Islamic investment bank from within the Dubai International Financial Centre (DIFC).



By A Staff Reporter

Published: Thu 22 Nov 2007, 9:08 AM

Last updated: Sat 4 Apr 2015, 11:21 PM

Millennium Capital Limited, which launched its operations from the DIFC in October 2006, is the first Islamic investment bank to have received such a licence.

The announcement was made following a ceremony at the DIFC attended by Dr. Mohammed Khalfan bin Kharbash, UAE Minister of State for Financial and Industrial Affairs and Chairman of DIB Group; Dr. Omar bin Sulaiman, Governor of the DIFC; and Khaled Al Kamda, Group Managing Director of DIB.

MCL is broadening its range of Shariah-compliant products and services, which now includes Debt Capital Markets, Asset Management, Private Equity, Principal Investments and Financial Advisory Services. MCL also announced that it is increasing its paid-up capital from Dh190 million to Dh1 billion in order to support its full array of investment banking activities.

"DIB, which was established in 1975, was the first bank in the world to see the full potential of Islamic banking," said Dr. Mohammed Khalfan bin Kharbash. "Today, the Islamic assets under management are in excess of US$1,000 billion, and growing at an annual rate of 15 per cent. In order to further facilitate this growth and to participate in the tremendous economic opportunities in GCC and beyond, we are enhancing the scope of MCL's operations, which is now a full service Islamic Investment Bank."

"In the midst of DIFC Week, our annual celebration of this truly international financial centre and the important role it plays across the region, we are extremely pleased to recognise Dubai Islamic Bank and Millennium Capital Limited, which is now the first Category 1 Islamic investment bank licensed to operate from within the DIFC," said Dr. Omar bin Sulaiman.

"We look forward to working with both DIB and MCL in facilitating the broadest possible range of Sharia-compliant products and services to clients from across the Middle East and, indeed, the world."

Khaled Al Kamda added: "With the exceptional growth that the region is experiencing comes the need for an institution to cater to the needs of this increasingly sophisticated marketplace. Operating from the DIFC, MCL is geared to proactively provide innovative Islamic investment banking solution and by doing so, will reinforce its leadership position in the Islamic investment banking arena."


More news from Business