Abu Dhabi Securities Exchange wins Best Islamic Stock Exchange 2024 Award

Post by: Pratik Kumar

Photo : Abu Dhabi Media Office

Abu Dhabi Securities Exchange (ADX) has been awarded the prestigious title of "Best Islamic Stock Exchange 2024" by the Global Islamic Finance Awards (GIFA), a significant recognition of its ongoing contributions to the Islamic finance sector. The award highlights ADX’s leadership in promoting Sharia-compliant investment products and its broader role in fostering the growth of Islamic finance in the region.

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The GIFA committee took into account several factors in their evaluation of ADX. One of the standout metrics was the market capitalisation of Sharia-compliant financial instruments listed on the exchange, which currently surpasses AED 2 trillion (USD 549 billion). This impressive figure underscores ADX’s influence in the Islamic finance market and its ability to offer a broad array of investment opportunities that align with Islamic principles.

In addition to its market capitalisation, ADX’s accredited brokerage firms were also acknowledged for strictly adhering to Sharia guidelines. The exchange's efforts to innovate within the Islamic finance space were further highlighted, particularly the introduction of nine Sharia-compliant Exchange Traded Funds (ETFs) covering domestic, regional, and international markets. These ETFs provide investors with a wide variety of options while adhering to Islamic investment principles.

ADX’s commitment to the sector goes beyond financial products. It is currently in the process of developing its own Islamic index, which will further enhance the tools available to investors seeking Sharia-compliant investments. Another notable initiative is the Endowment Shares service, which allows investors to donate shares from their ADX securities accounts to charitable causes. The dividends from these donated shares are then used to fund various charitable initiatives, aligning with the spirit of Islamic finance by supporting philanthropy and community development.

Commenting on the award, Abdulla Salem Alnuaimi, Group Chief Executive Officer of ADX, expressed his pride in receiving the recognition. He said: "We are honoured to be named the Best Islamic Stock Exchange for 2024 by the Global Islamic Finance Awards. This achievement is a testament to our commitment to providing a wide range of Sharia-compliant financial instruments that cater to both retail and institutional investors, locally and globally. Our efforts to increase trading activity and liquidity have played a key role in supporting the growth of Islamic finance, and we are grateful to our partners and stakeholders for their continued trust and collaboration."

Alnuaimi emphasized that this award reflects ADX’s broader strategic goals, particularly its focus on promoting sustainable investments in the region. By continuously expanding its range of Sharia-compliant offerings, ADX aims to meet the evolving needs of its diverse investor base and provide them with more choice and opportunity.

ADX remains dedicated to advancing its capital market by introducing innovative products that adhere to Islamic principles, further solidifying its role as a leader in the global Islamic finance space.

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