Bursa Malaysia sets up Shariah-compliant commodity platform
Commodities exchange Bursa Malaysia has signed an agreement with 26 companies to launch a Shariah-compliant commodity trading platform, Commodity Murabahah House (CMH).
CMH will be an international spot commodity platform that facilitates Islamic financing and investment transactions under the Shariah principles of Murabahah, Tawarruq and Musawwamah. Bursa Malaysia plans to launch CMH in August 2009.
Initial trades will use crude palm oil but other Shariah-approved soft and hard commodities are expected to follow. Trades will be Ringgit-denominated initially
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