Dubai Islamic Bank has a crucial role in promoting Shari’ah-compliant financial services through a number of markets across the globe
Dubai Islamic Bank PJSC, the second-largest Islamic bank in the world and the largest in the United Arab Emirates enter into a partnership with Al Ramz Corporation PJSC, which is a leading capital market financial institution in UAE that provides a wide variety of financial solutions and services. The main goal of the partnership between financial institutions is to enlarge their financial offerings to customers and leverage capital market surveys.
Dubai Islamic Bank has a crucial role in promoting Shari’ah-compliant financial services through a number of markets across the globe. The bank has established a subsidiary in Pakistan known as DIB Pakistan Limited which is a completely owned subsidiary and progressed to become the first Islamic bank in Pakistan to offer Priority and Platinum banking along with an innovative and wide-ranging group of Alternative Distribution Channels.
Dubai Islam Bank’s first venture in the East could be traced back to the launch of Panin Dubai Syariah Bank in Indonesia in the early months of the year 2017, owing around 25% stake in the Indonesian bank. Dubai Islamic Bank’s PJSC was granted the license by the Central Bank of Kenya to operate its division, DIB Kenya Ltd. In early 2020, Dubai Islamic Bank also completed the acquisition of Noor Bank and hardened its position as the top bank in the Islamic finance industry.
As the financial firms confirmed their partnership, Dubai Islamic Bank will provide brokerage and related services to its clients through Al Ramz Capital, which is a branch of the Al Ramz Corporation. The bank will also offer its banking services to its customers as part of the present arrangement. The brokerage service during the earlier stages was provided through its affiliate Dubai Islamic Financial Services (DIFS).
Group Chief Executive Officer at Dubai Islamic Bank, Dr. Adnan Chilwan stated that the firm was pleased to conclude this agreement with Al Ramz, which is one of the leading national institutions in the financial sector, having more than 25 years of experience that provides variety of services while adhering to the highest governance standards.
“At DIB, we have always believed in the effectiveness of creating synergies and unlocking potential through strategic partnerships and alliances, to help both parties grow further and expand towards progressively prosperous frontiers,” says Dr. Adnan Chilwan. He further adds that the brokerage business is one of the central parts of the firm that is keen to leverage and enhance its potential in this space.
“This partnership will empower our customers and enable them to access specialized and diversified securities solutions in local, regional & international markets. As DIB and Al Ramz Group work together, we look forward to a fruitful and profitable journey ahead, that will help us further solidify UAE’s financial sector in the years ahead,” adds Dr. Adnan Chilwan
In accordance with the regulatory approvals, the new partnership will see cooperation on various initiatives that include the advancement of capital market offerings as well as brokerage. Al Ramz and Dubai Islamic Bank are hoping for future releases of further collaboration between the parties.
Chairman of the Board of Directors of Al Ramz Group, Mr. Dhafer Sahmi Al Ahbabi, adds that the institution is pleased to be partnering with Dubai Islamic Bank, which is one of the most highly regarded financial institutions in the United Arab Emirates and an established financial solutions pioneer. “This partnership reflects a desire to leverage the respective strengths of the parties to enhance the customer value proposition. Such strategic alliances reflect a new direction to provide specialized services efficiently”, says Mr. Dhafer Sahmi Al Ahbabi
DIB’s aim is to make Islamic finance the norm, rather than just being an alternative to conventional banking worldwide. The bank has won a range of honors that are an indication of these efforts across differentiated areas, that includes corporate, retail, and investment banking.