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Tradition starts Islamic and capital markets desk
DUBAI — Tradition announced on Monday the launch of an Islamic and Capital Markets desk in Dubai and London. The desk is a joint venture between Tradition in London and Asia, and is licensed by the Dubai Financial Services Authority (DFSA). It will offer broker services for trading of sukuks (Islamic equivalent of bonds), inter-bank money market transactions by murabaha (commodity-based Islamic finance); credit default swaps (CDS) and global currency products such as foreign exchange and forward swaps.
Tradition's Islamic and Capital Markets team will report to Will Hornby, Head of Credit in London. Ali Merchant will lead the Dubai team. He has 28 years' experience in the market, 16 as treasurer of two Middle Eastern banks. Joining Merchant will be Muhammad Talha. A senior banker with 29 years' experience in four banks, Talha has been working as Head of International Banking at Qatar International Bank for 10 years. David Barker will lead the London team. He joins Tradition from Tullett Prebon and will handle sukuks, CDS and convertible bonds.
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