- Abdul Jalil Yousuf Darwish: DFM is actively endeavor to propel (Dubai the Capital of Islamic Economy) and the global Sukuk center initiative
- Essa Abdul Fattah Kazim: DFM is the best performing exchange leading exchange globally year to date and attracted AED 500 Million of foreign investment in-flows in Q1
Dubai Financial Market Company (PJSC) today announced its financial results for the first quarter of the year ending March 31st 2013, recording a net profit of AED 27 Million, an 11.5% decline compared to AED 30.5 Million net profit during the corresponding period of 2012.
The company recorded total revenue of AED 65.7 Million in Q1-2013 compared to AED 69.1 Million during Q1 - 2012, a 5% decrease. The first quarter of 2013 revenues comprised of AED 53.1 Million of operating income and AED 12.6 Million of investment returns. Meanwhile, operating expenses have settled near its Q1- 2012 level of AED 38.7 Million.
The DFM trading value was up 1.7% during the first quarter of 2013 to AED 20.8 Billion compared to AED 20.4 Billion during the corresponding period of 2012. Trading commission is the main source of income for the DFM Company.
Abdul Jalil Yousuf Darwish, Chairman of Dubai Financial Market (PJSC) said: “The DFM Company has witnessed several momentous developments during Q1-2013 including the launch of “Standard for Issuing, Acquiring, and Trading Sukuk” draft, the first of its kind comprehensive standard on January 2013. A hearing session was held on March 2013, in preparation for the issuance of this standard in its final shape. This significant standard is DFM’s response to the increased demand from investors to Shari’a compliant products as well as it reflects DFM’s commitment to take the necessary actions to implement Dubai’s initiative as the capital of Islamic Economy and the global center of Sukuk. Therefore, DFM and NASDAQ Dubai Sukuk listings have gained momentum during the first quarter of this year with listings from Government of Dubai, Emirates and DEWA lifting the nominal value of Sukuk listings on Dubai exchanges to $ 11.6 Billion, the third biggest Sukuk listing platform globally. DFM will carry on with its widespread efforts aimed to creating a favorable environment for Islamic Economy 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.”
Essa Abdul Fattah Kazim, Managing Director and CEO of Dubai Financial Market (PJSC) said: “DFM has started the year 2013 on a very positive mode with trading value jumping by 300% in January. DFM was amongst the best performing exchanges with its General Index up 12.7% by the end of Q1-2013, despite the slowed down of trading activity during the rest of the quarter. The exchange has successfully attracted net foreign investments of AED 500 Million in Q1-2013, which indicates the improved investor appetite towards the market and the constant expansion of the key economic sectors in Dubai. Additionally, DFM has accredited 3 new brokerage firms as Margin Trading providers, lifting the total number of firms offering this service to DFM investors to 6. As Margin Trading provides new source of liquidity, we believe that it will boost market activity. During the first quarter of 2013, DFM also launched the iVESTOR Shabab’s card, the innovative solution for youth in the UAE aimed to promote financial knowledge and responsible spending under parental -control. We are confident of the card’s ability to achieve broad acceptance thanks to its various features and proven success of the iVESTOR card with more than 30,000 cards issued since 2010”.
