UAE’s National Bank of Fujairah launches electronic trading platform

UAE’s National Bank of Fujairah (NBF) has announced the launch of its electronic trading platform – NBFX.
The new platform is available for both conventional and Shariah-compliant banking customers. It will allow them to execute transactions during and beyond the bank’s working hours and benefit from liquidity across all time zones.

NBFX can serve as a platform for executing foreign exchange and precious metal transactions. It reportedly provides users with a tailored experience based on their needs with instant and easy execution of FX trades, order management and readily available transaction history.

Unique to NBFX is the possibility for customers to execute FX Non-Deliverable Forwards (NDFs) and FX Time Options on a 24/5 basis, according to news agency WAM.

“This unique platform ensures that customers are able to customise it according to their preferences, have access to the most competitive price execution, and tap into valuable data and insights to help guide their decisions,” said Vince Cook, NBF’s CEO.

“In addition, they have the backing of a team of experts across treasury, trading and structuring to help them navigate market changes and hedge underlying risks. Looking ahead, we have plans to expand the scope of NBFX to cater to customers’ wider requirements across energy, base metals and soft commodities.”

NBF posted a net profit of Dhs76.2m for the six month period ended June 30, 2021, an increase of 17.1 per cent over the corresponding period of 2020. The net profit was up 430.8 per cent for the three month period ended June 30, 2021, compared to the same three months over 2020.

NBF also achieved an operating profit growth of 11.3 per cent for the three month period ended June 30, 2021, over the corresponding period of 2020; and 2.3 per cent compared to Q1 2021. Operating profit stood at Dhs502m for H1 2021 compared to Dhs521.4m over the corresponding period in 2020.