But trading increases only 1.7 per cent year-on-year
The Dubai Financial Market (DFM) General Index quarter-on-quarter trading value rose 12.7 per cent in the first three months of 2013, the company announced on 8 May. It attracted net foreign investments of AED500m.
The rise in trading value amounted to a slight year-on-year increase of 1.7 per cent to AED20.8bn.
The DFM Company, which mainly gets its income from trading commissions, recorded a profit of AED27m in the first quarter of 2013, down 11.5 per cent year-on-year. The company’s revenue decreased 5 per cent to AED65.7m.
Officals at the DFM, as well as sister bourse Nasdaq Dubai, are trying to boost volumes by introducing new regulation that will ease trading of Sharia-compliant products.
Listings by the Government of Dubai, Emirates and Dubai Electricity and Water Authority (Dewa) lifted the value of sukuk (Islamic bonds) listings on Dubai exchanges to $11.6bn in the first quarter.
“DFM will carry on with its widespread efforts aimed at creating a favourable environment for Islamic economic prosperity by introducing the necessary standards and regulations to encourage local and international institutions to tap the Islamic finance route and issue and list sukuk on Dubai capital market,” says Abdul Jalil Yousuf Darwish, chairman of the DFM.
“The DFM Company has witnessed several momentous developments during the first quarter of 2013, including the launch of the Standard for Issuing, Acquiring, and Trading Sukuk draft on January 2013. A hearing session was held on March 2013, in preparation for the issuance of this standard in its final shape.”
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