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National Bank of Fujairah Joins RippleNet

Tuesday, September 24th, 2019, Day 2 of SIBOS and we have learned that another bank has joined RippleNet.  We never get sick of hearing that do we? The newest member to be announced is the National Bank of Fujairah. National Bank of Fujairah is a full-service corporate bank that offers corporate and commercial banking, treasury and trade finance services as well as personal banking options and Shari’a compliant services. The bank is rated Baa1/Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB+/A-2 by Standard & Poor’s, both with a stable outlook. It is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. National Bank of Fujairah provides corporate banking, business banking, personal banking services along with trade finance, treasury, cash management, precious metals and diamonds and Islamic banking support. The bank also provides a broad spectrum of specialized solutions ranging from equipment financing to Elham, a suite of banking services for Emirati businesswomen. In 2017, the bank was the first conventional bank to join Nasdaq Dubai’s Islamic Murabaha platform for Islamic financing[3]. The bank also offers advisory services through its independent subsidiary, NBF Capital Limited. The bank has also launched the ‘NBF Direct’ platform for real-time online and mobile banking for corporate and retail clients.

1st reported by twitter member @stuart_xrp

 

The National Bank of Fujairah offers a wide range of banking as well as services such as treasury, trade finance, and precious metals.  In 2017, the Nation Bank of Fujairah was the first bank to join Nasdaq Dubai’s Islamic Murabaha platform for Islamic Financing.

The Nasdaq Dubai CSD Platform is used for facilitating Murabaha based Islamic financing transactions. This unique structure has been set up by Nasdaq Dubai in collaboration with Emirates Islamic (EI) and Emirates Islamic Financial Brokerage (EIFB) to develop a more attractive alternative for Islamic financing transactions with a focus on both retail and corporate customers.

The Platform facilitates transactions that utilize Sharia’a-compliant Certificates that are held in the depository of Nasdaq Dubai. The Certificates are based on Wakala investments, Sukuk and/or unlisted equity, and have been developed as the underlying asset for all the financing transactions.

Islamic banks, Islamic windows of conventional banks, and Islamic finance companies can make use of the Certificates to provide cash financing to customers in an efficient, fast and flexible manner. The Platform offers a number of advantages over alternative channels such as shares, commodities and Wakala placements.

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