Source: Bernama.Com
KUALA LUMPUR, July 28 (Bernama) -- Bursa Malaysia Bhd plans to introduce a fully electronic web-based Syariah commodity trading platform next month.
Its chief executive officer Datuk Yusli Mohamed Yusoff said the Commodity Murabahah House (CMH) is the world's first fully Syariah compliant commodity trading platform.
Initially, the commodity to be traded on CMH is crude palm oil, he told a press conference here Tueaday.
"We will start with domestic players. We expect participation from the Gulf Cooperation Council (GCC) countries early next year," he said.
Yusli said Bursa Malaysia spent a few million ringgit to develop CMH.
CMH is a Malaysian Islamic International Finance Centre initiative operated by Bursa Malaysia's fully Syariah compliant wholly-owned subsidiary, Bursa Malaysia Islamic Services Sdn Bhd.
It is an international spot commodity platform that facilitates commodity-based Islamic financing and investment transactions under the Syariah principles of Murabahah, Tawarruq and Musawwammah.
Trades will be ringgit-denominated but efforts are being undertaken to make it multi currency capable, providing more choice, access and flexibility for international financial institutions to participate.
Bursa Malaysia expects daily transactions of up to RM1 billion for CMH.
Bursa Malaysia and 26 palm oil suppliers, financials institutions and trading participants have signed a memorandum to participate in CMH.
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