Securities & Commodities Authority honors Al Ramz for XBRL deployment

Al Ramz Securities, one of the UAE’s leading brokerage houses, has been honored by the Emirates Securities and Commodities Authority (ESCA) for being among the pioneering brokerage companies that have deployed, implemented and tested the eXtensible Business Reporting Language (XBRL) system for the UAE’s securities sector.

XBRL is a universally-accepted information sharing language designed for the efficient and secure electronic transmission of business and financial data. It standardizes the automation of business intelligence, thus making it highly valuable for investors, public joint stock companies, brokerage firms, and other financial bodies.

ESCA has been overseeing the nationwide implementation of XBRL to enhance transparency, disclosure, and access to financial data. The system has several  functions that allow investors to view studies, comparisons, financial indicators and other resources and references that can assist them in making the right investment decisions. Al Ramz was among 10 brokerage houses specially chosen by the Authority to help implement and test the new system. The company received a plaque of appreciation from ESCA during the recent official launching of the UAE XBRL in honor of its pioneering efforts in the successful implementation of the advanced financial reporting solution. UAE Minister of Economy H.E. Sultan Al Mansoori personally handed out the recognition.

“The XBRL system is a valuable addition to the UAE’s stock exchange capabilities, as it will boost investors’ trust and confidence and will enhance transparency through  more practical, swift and highly accessible data worldwide. Al Ramz is proud to be among the very first companies to adopt this system. We will continue to support ESCA in future initiatives that build up the technologies and practices used throughout the national securities industry,” said Abdelhadi Al Saadi, Chief Operating Officer, Al Ramz. 

Al Ramz is a member of the Abu Dhabi Securities Exchange (ADX), the Dubai Financial Market (DFM) and Nasdaq Dubai. It consistently ranks among the top brokerages on ADX and DFM; it ranked number 1 in the DFM for Q1 2012 and number 2 in the UAE market. The Abu Dhabi -based company provides retail and institutional services via branches in Abu Dhabi, Dubai, Al Ain.

Over the past two years, Al Ramz has been able to significantly enhance its workforce, qualifications, processes and customer base despite the global downturn. Al Ramz is the first locally-based brokerage company licensed by ESCA to provide advisory services for customers and was awarded recently with the license to trade outside the UAE.