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Dubai - Emirates Islamic, one of the leading Islamic financial institutions in the UAE, was recognised among Global Finance's 2016 'The Innovators' of Islamic Finance for EI trade, the world's first of its kind Shari'a-compliant online Trade Finance and Supply Chain platform.
EI trade was launched in November 2015 to offer the bank's corporate and business customers an electronic platform to initiate trade finance transactions, such as LC issuance, amendments, decision on discrepancies and Murabaha financing, on a secured system available 24/7. Fully customisable, the secure portal was designed by Emirates Islamic's team of trade finance and Shari'a experts using state-of-the-art technology.
Commenting on the award win, Jamal Bin Ghalaita, CEO, Emirates Islamic said: "As leaders in the Islamic finance sector, Emirates Islamic has always taken the lead in advancing excellence in Islamic banking through product and service innovation. EI trade is a great example of this effort and we would like to thank Global Finance for recognising our contribution."
Emirates Islamic's trade finance portal was implemented as part of the bank's transformation strategy that commenced in 2011. The EI trade portal can be used to submit, process and monitor various types of trade-related transactions including Letters of Credit issuances/amendments, Promise to Purchase, Murabaha Sales Contract, Wakala Contracts, Master Agreements, including various types of advices at a click of a button in a paperless environment.
Bin Ghalaita added: "As the UAE continues to rapidly expand its logistics and trade infrastructure, we have seen a high uptake of the platform's services among our customer base with outstanding feedback on the service it provides. We are confident that innovations such as EI trade will provide a major thrust to the overall Islamic banking sector as we continue to support the region's growing Islamic economy, in line with the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the global capital of Islamic economy."
The Innovators 2016 - Islamic Finance is Global Finance's first annual listing of sharia-compliant financial institutions and service providers that have fully recognised the critical importance of product and service innovation together with technology enhancement and investment. Awardees were voted by the editorial board of Global Finance. The board considered nominations and submissions, key research and the input of experts in evaluating those banks and service providers that stand out for their transformative products and solutions based on four types of innovation: product innovation; process innovation; marketing innovation and organisational innovation.
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About Emirates Islamic:
Established in 2004, as Emirates Islamic Bank, Emirates Islamic is one of the fastest growing banks in the UAE. Combining the best in Shari'a compliant services with the strongest levels of customer care and efficiency, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Offering products and services developed in line with the highest ethical standards, Emirates Islamic gives customers the transparency they seek in a strong, honest financial partner.
Emirates Islamic offers a comprehensive range of products and services across the Personal, Business and Corporate banking spectrum with a network of 61 branches and 199 ATMs/CDMs across the UAE. In the fast growing area of online and mobile banking, the bank has the reputation as an innovator, and was the first Islamic bank to launch a mobile banking app and the first bank in the Middle East to launch an App on the Windows 8 mobile platform.
Emirates Islamic has consistently received local and international awards, an acknowledgement of the bank's strong record of performance, growth and market leading banking practices. The bank was named 'Best Islamic Bank in the UAE' at the 2015 World Finance Awards and also won the prestigious Euromoney Award for Innovation in Islamic Finance 2015. In the Islamic Business & Finance Awards 2015, the bank was named 'Best Retail Bank, UAE'; 'Best Commercial Bank, UAE'; and 'Best Wealth Management, ME' . The bank also won 'Best Savings Account' for its popular Kunooz Savings Account and 'Best New SME Product' for its Business Banking Packages at the Banker Middle East Product Awards 2015.
For further information please visit www.emiratesislamic.ae
Or please contact:
Amina Al Zarooni
Media Relations Manager, Emirates Islamic
Tel: 971 4 4397430; Mob: 971 56 6405080
Email: AminaAlZarooni@emiratesislamic.ae
Tricia Kaul | Hiba Moussa
ASDA'A Burson-Marsteller, Dubai, UAE
Tel: 971-4-4507600, Fax: 971-4-4358040
Email: tricia.kaul@bm.com | hiba.moussa@bm.com
© Press Release 2016
