By Rebecca Bundhun
Bank announces 'first of its kind' platform for Islamic investors called Al Mi'yar.
Deutsche Bank on Sunday announced the launch of a new platform, said to be the first of its kind, aimed at facilitating the issuance of Shari’ah compliant securities.The Al Mi’yar platforms, which means “the standard” in Arabic, allows Islamic investors exposure to different asset classes without compromising their Islamic beliefs, the bank said.
“By comparison to other Islamic platforms, Al-Mi’yar maximises efficiency and protection of investors’ interests, while generating liquidity and returns,” Deutsche Bank said in a statement.
The platform has been developed by Deutsche Bank, with Luxembourg Financial Group AG as the Shari’ah investment manager and the Deutsche Bank Trust & Securities Services group providing the settlement framework.
“Al Mi’yar will in my opinion revolutionise the issuance of securities in an Islamic manner,” said Geert Bossuyt, Deutsche Bank’s head of structuring for the Middle East and North Africa.
“The platform meets all of the latest standards issued by the Accounting and Auditing Organisation of Islamic Finance Institutions (AAOIFI) and hence should be globally acceptable,” he added.