DMCC’s
Tradeflow to enhance Islamic finance solutions in Palestine, supporting
businesses and individuals in need of secure financing options
The MoU
reflects DMCC’s broader commitment to fostering innovation, sustainable growth
and financial inclusion across markets
Dubai, UAE:
DMCC – the world’s flagship free zone and Government of Dubai Authority on
commodities trade and enterprise – has signed a Memorandum of Understanding
(MoU) with the Palestine Islamic Bank (PIB). This partnership will facilitate
secure Shariah-compliant transactions through the DMCC Tradeflow platform,
addressing the growing demand for Islamic finance solutions in Palestine.
Through this
partnership, DMCC aims to extend its Tradeflow platform’s capabilities to
provide tailored financial products that are Shariah-compliant. This agreement
not only supports DMCC’s broader mission to expand its trade finance offerings
globally but also addresses critical trade finance gaps.
With a strong
focus on Shariah-compliant banking, PIB is a prominent leader in the digital
transformation of Islamic financial services in the region. The bank has
established the largest Islamic banking network in Palestine, comprising 43
branches and over 100 ATMs.
Ahmed Bin
Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said: “DMCC’s
partnership with Palestine Islamic Bank marks another major step in our efforts
to advance and support Islamic finance in the region. With over 164,000 Islamic
transactions recorded last year through DMCC’s Tradeflow platform holding an
underlying value of AED 1.91 trillion, we remain committed to delivering secure
Shariah-compliant trade finance solutions that empower businesses, drive
sustainable growth and boost financial inclusion. Together with the Palestine
Islamic Bank, we are excited to unlock new opportunities and create lasting
economic value in Palestine and beyond.”
The signing
ceremony took place at the DMCC headquarters in Dubai, with Patrick Ghata, Head
of DMCC Tradeflow, Dr. Imad Al Sadi, General Manager of Palestine Islamic Bank,
Bashar Yasin, General Manager of the Association of Banks in Palestine, and
Islamic finance advisor Amjad Nasr in attendance.
Dr. Imad Al
Sadi, General Manager of Palestine Islamic Bank, commented: "Despite the
difficult circumstances we face in Palestine, we remain unwavering in executing
our strategic vision with confidence. We have rolled out recently a number of
innovative digital Islamic services that have transformed the banking
experience for our customers. These achievements are a result of the strategic
guidance from our Board of Directors, the thorough planning and the dedicated
execution by our management teams, all under the supervision of our Shariah
Supervisory Board, ensuring that every aspect of our operations is fully
aligned with Islamic principles."
Bashar Yasin,
General Manager of the Association of Banks in Palestine, added: "Forging
strong partnerships, both locally and internationally, is vital to the
resilience and sustained growth of the Palestinian banking sector. The
Palestine Islamic Bank has made significant strides in this regard, developing
key partnerships that elevate the standards of Islamic banking in Palestine and
meet the growing needs of its customers."
DMCC Tradeflow
provides a range of online services specifically designed to facilitate
collateral financing, jewellery financing, and in the case of PIB and other
similar partners, provide enhanced Islamic finance solutions. DMCC Tradeflow
offers Murabaha transactions in physical commodities and the ability to
undertake multi-commodity and multi-currency trades from all around the world,
supported by UAE-based assets that conform with Shariah compliance criteria.