Tradition, a leading interdealer broker, has launched an Islamic and Capital Markets desk in Dubai.

The desk is a joint venture between Tradition in London and Asia, and is licensed by the Dubai Financial Services Authority (DFSA).

It will offer broker services for trading of sukuks (Islamic equivalent of bonds), inter-bank money market transactions by murabaha (commodity-based Islamic finance); credit default swaps (CDS) and global currency products such as foreign exchange and forward swaps.

Tradition’s Islamic and Capital Markets team will report to Will Hornby, Head of Credit in London. Ali Merchant will lead the Dubai team. -TradeArabia News Service