PIB Signs MoU with Dubai Multi Commodities Centre (DMCC)
Palestine Islamic Bank (PIB) has signed a Memorandum of Understanding (MoU) with the Dubai Multi Commodities Centre (DMCC) to enhance Islamic finance in Palestine through innovative Shari'a-compliant financial solutions.
The MoU was signed at the DMCC headquarters in Dubai in the presence of the General Manager of PIB, Dr. Imad Al-Sadi, Mr. Patrick Ghata, representing DMCC, the Director General of the Association of Banks in Palestine, Mr. Bashar Yassin, and the Advisor in Islamic Finance, Mr. Amjad Nasr.
Al-Sadi said that the signing of this MoU comes within the framework of the bank's efforts to strengthen partnerships at the regional and international levels with the aim of upgrading the Islamic finance industry in Palestine by activating and launching innovative financial solutions that keep pace with the rapid development in Islamic banking and related financial and investment solutions worldwide.
Al-Sadi added: "Despite all the difficult circumstances and challenges we are going through in Palestine, we continue to implement the bank's strategic plan at a confident pace, as many Islamic digital services and products have recently been launched to enhance the banking experience for our customers. These achievements would not have been achieved without the guidance of the Board of Directors and our strategic plans and efficient implementation by all administrative levels in the bank. This was all done under the supervision of the Sharia Supervisory Board, which ensures the bank’s business compliance with the provisions and principles of Islamic Sharia."
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.”
For his part, the Director General of the Association of Banks in Palestine, Mr. Bashar Yassin, said that strengthening the partnerships of the Palestinian banking sector at the local and international levels contributes to enhancing its stability and the sustainability of its growth and development despite all circumstances and challenges. He stressed that PIB had many achievements in this aspect through distinguished partnerships that contribute to the advancement of Islamic banking in Palestine and meet the needs and aspirations of its customers in terms of Islamic banking services and products.