Deutsche Bank and Dubai Islamic Bank (DIB) today announced the signing of a Memorandum of Understanding which will allow DIB to utilise the Bank’s euro cross-border payment clearing solutions and its European trade expertise to facilitate letters of credit into Europe. DIB is broadening its existing relationship with Deutsche Bank to include payments and trade due to the Bank’s strength as the world’s largest euro clearer and as a leading trade services provider.
Dubai Islamic Bank pioneered the concept of Islamic banking by becoming the first modern commercial Islamic bank in the world. A leader since its establishment in 1975, DIB has set the standards for other Islamic banks to follow, as the concept of Islamic banking has gathered momentum around the Arab world and internationally. Today, DIB is the largest Islamic bank in the UAE and is able to compete with many of the world’s largest financial institutions.
Commenting on the agreement, Dr. Adnan Chilwan, Chief Executive Officer, at Dubai Islamic Bank, said: “With economic activity in the UAE continuing to accelerate at a strong pace, companies are increasingly looking beyond traditional borders to business opportunities across the world. In this regard, trade flows have become a critical component of this growth as has the provision of trade finance activities for businesses. Through this strategic partnership, DIB can help fuel this economic growth and serve our customers across the world who require these services.”
Stefan Bender, Head of Global Transaction Banking Europe, Middle East & Africa, at Deutsche Bank, said, “We are pleased to support DIB’s efforts to maximize and extend their payments reach and trade finance capabilities for their client franchise. DIB will be able to leverage our leading Euro clearing position and our depth of experience in letters of credit to enhance its offering into Europe.”