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DIFX launches Islamic Structured Products segment on its 'TRAX' platform

PUBLISHED ON 28-Oct-2007
DIFX launches Islamic Structured Products segment on its 'TRAX' platform
The Dubai International Financial Exchange (DIFX) is preparing to list a range of Islamic structured products that will offer investors attractive new Shariah-compliant opportunities.

They will be listed on the TraX platform, which the DIFX created in August 2007 as the only structured products platform in the region.

Citigroup, Deutsche Bank, Merrill Lynch and Morgan Stanley are the banks planning to list Islamic products in the near future.

Per E. Larsson, Chief Executive of the DIFX, said: “The structured products market is growing rapidly around the world and the DIFX is at the forefront of expansion in its region. We look forward to listing Islamic products that track regional and international equity indices and other well known benchmarks.”

Like conventional structured products, Islamic products can be tailored to suit a range of investment styles. Some are capital-protected while others offer greater risks or rewards.

Hamed Ali, Executive Officer of the DIFX, said: “Expanding the TraX platform to include new Shariah-compliant structured products is a key initiative in the DIFX’s Islamic products strategy.

“We are already the largest exchange in the world for Sukuk by listed value, at $13.78 billion, and we intend to remain at the forefront of innovation in the Islamic finance sector to support its growth.”

TraX currently lists 23 structured products issued by Deutsche Bank, Merrill Lynch and Morgan Stanley.

Armen V. Papazian, MD of Innovation and Development of the DIFX, said: “All TraX securities can be easily traded, just like shares, through local and international brokers linked to the DIFX. TraX products are unique opportunities that allow for better risk management and provide the regional investor with valuable portfolio diversification tools.”

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