The Dubai Financial Market, DFM, has been awarded the Global Islamic Business Award, GIBA, in the first round of Dubai Economy’s initiative, aimed at promoting best practices of business excellence among institutions in various sectors, in line with Islamic Sharia values.

Essa Kazim, Chairman of DFM, received the award from H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, during GIBA’s ceremony, organised by Dubai Economy and under the patronage of Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.

The award’s judges thoroughly reviewed the DFM’s activities, processes and initiatives in order to evaluate the exchange’s commitment to the Islamic business model and the best practices for quality.

Commenting on the award, Essa Kazim, said, "We are delighted to see the DFM as one of the first financial institutions to win this award. It is a significant addition to business excellence efforts in Dubai, and I believe that it represents a clear recognition of the market’s leading role in the Islamic capital markets sector. The award also reflects the excellence of our business model, as it combines Sharia compliance, on one hand, and quality standards, on the other.

"Through its momentous history, the DFM has always been committed to implementing the best practices of business excellence. These efforts have further strengthened its leading position regionally, as well as fortified Dubai’s status as a dynamic capital markets hub globally, in line with the national strategy and the wise vision of Sheikh Mohammed bin Rashid."

The DFM is the first global Sharia-compliant exchange to be created since 2007, and it plays a pivotal role in the concerted efforts to strengthen Dubai’s position worldwide as the capital of the Islamic economy.

The market is actively creating the necessary standards for the growth of Islamic finance and investments. So far, it has launched three Sharia standards, including the DFM Standard on Stocks in 2007, the DFM Standard on Sukuk in 2014, and the DFM Standard on Hedging against Investment and Finance Risks in 2017.