Dubai: Emirates NBD, a leading bank in the region, today announced that it will provide clearing services to UAE-based Al Fajer Securities.

Emirates NBD signed the agreement with Al Fajer Securities in a ceremony attended by Khalid Al Shaikh, SCA Head of Licensing, and senior officials from Dubai Financial Market (DFM), Abu Dhabi Securities Exchange (ADX), Emirates NBD, and Al Fajer Securities. The bank is the first UAE-based financial services entity to be approved by ‘SCA - Securities and Commodities Authority as a ‘General Clearing Member’ providing clearing and settlement services to trading participants of the UAE’s equity markets.

“With the signing of Al Fajer Securities, Emirates NBD continues to enhance its proposition to the UAE’s equity markets,” said Tariq Bin Hendi, Executive Vice President and Head of Products & Advisory, Emirates NBD Group. “We currently offer UAE-based brokerage firms a range of tools and products in addition to access to credit facilities to enhance their operational and cost efficiencies.”

Ali Mohammed Saeed Al Badi Al Dhaheri, Chairman of Al Fajer Securities, said: “Al Fajer Securities has been associated with Emirates NBD for more than a decade in banking and financial services. We look forward to deepening and developing this partnership to provide our clients with leading services in this field in the coming phase.”

Emirates NBD’s total assets as on September 30, 2017 were Dhs461.1 billion, (equivalent to approx. $125 billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organisation of the Year at the 2017 BAI Global Innovation Awards.

The bank currently has 231 branches and 1031 ATMs and SDMs in the UAE and overseas and a large social media.