Year 2013

September 16, 2013

Dubai Islamic Bank chooses Deutsche Bank for euro clearing and European trade finance

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.”
 
 
For further information, please contact:
Michael Lermer
Deutsche Bank AG
Press & Media Relations
Phone: + 971 (0) 44283 860
E-mail: michael.lermer@db.com
 
Mohanad Nahas
Deutsche Bank AG
Press & Media Relations
Phone: +971 (0) 43611 754
E-mail: mohanad.nahas@db.com

About Deutsche Bank Global Transaction Banking

Through our wide range of cash management, trade finance, trust and securities services, our Global Transaction Banking business helps companies all over the world to focus on achieving their business goals. Every day, in multiple locations, we process and clear domestic and cross-border payments, facilitate transactions for global trade and act as trustee, agent and custodian for clients.  In transaction banking, the visibility we gain on our clients’ financial landscape puts us in a unique position to identify risks as well as opportunities for bottom line growth. By working in close partnership with the rest of the Bank, we help our clients optimise every opportunity.
www.gtb.db.com

About Dubai Islamic Bank

Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 82 branches in the UAE.



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Last Update: September 19, 2013
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