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Dubai Multi Commodities Centre (DMCC) has announced the signing of a Memorandum of Understanding (MoU) with Palestine Islamic Bank (PIB) to facilitate secure Sharia-compliant transactions through DMCC’s Tradeflow platform, in response to the growing demand for Islamic finance solutions in Palestine..
Through this partnership, DMCC aims to leverage the capabilities of the Tradeflow platform to provide tailored financial products that are in line with Shariah principles. The agreement not only supports DMCC’s vision of expanding trade finance solutions internationally, but also aims to address significant trade finance gaps..
With its strong commitment to providing banking services that are compatible with the principles and provisions of Islamic Sharia, Palestine Islamic Bank is a leading player on the digital transformation map within the Islamic financial services sector in the region. The bank has succeeded in establishing the largest Islamic banking network in Palestine, including 43 branches and more than 100 ATMs..
“DMCC’s partnership with Palestine Islamic Bank is another milestone in our efforts to promote and support Islamic finance in the region. With over 164,000 Islamic transactions recorded on DMCC’s Tradeflow platform last year, with a total value of AED 1.91 trillion, we are committed to providing safe, Shariah-compliant trade finance solutions that empower businesses, drive sustainable growth and enhance financial inclusion in collaboration with Palestine Islamic Bank. We are excited to explore new opportunities and create sustainable economic value in Palestine and beyond,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.».
The agreement was signed at DMCC’s headquarters in Dubai, in the presence of Patrick Gata, Head of DMCC’s Tradeflow Platform; Dr. Imad Al-Saadi, General Manager of Palestine Islamic Bank; Bashar Yassin, General Manager of the Association of Banks in Palestine; and Amjad Nasr, Islamic Finance Consultant.
For his part, Dr. Imad Al-Saadi, General Manager of the Palestine Islamic Bank, said: “Despite all the difficult circumstances and challenges we are going through in Palestine, we continue to implement the bank’s strategic plan with confident steps, as many Islamic digital services and products have recently been launched to enhance the banking experience for our customers. Certainly, these achievements would not have been possible without the directives of the Board of Directors and the strategic plans prepared in advance and their efficient implementation by all administrative ranks in the bank and under the supervision of the Sharia Supervisory Board, which maintains the compliance of all the bank’s activities with the provisions and principles of Islamic Sharia.”».
In turn, Bashar Yassin, General Manager of the Association of Banks in Palestine, said: “Strengthening the partnerships of the Palestinian banking sector at the local and international levels contributes to enhancing its stability and sustaining its growth and development. The Palestine Islamic Bank has achieved many accomplishments in this regard through distinguished partnerships that contribute to advancing Islamic banking in Palestine and meeting the needs and aspirations of its audience for Islamic banking services and products.”».
