Abu Dhabi, UAE: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has announced its partnership with the Arab Monetary Fund's Buna system, marking a significant milestone in its efforts to provide money transfer solutions for cross-border transactions within Arab countries.

The Buna system, hailed as the first regional platform specialized in clearing and settlement services for payments in multiple currencies across the Arab region, offers modern payment solutions that adhere to international standards and compliance requirements. By joining forces with Buna, ADIB aims to not only improve its payment capabilities but also contribute to the economic and financial integration of the region while strengthening investment relations with trading partners.

Mohammed Ali AlFahim, Acting Global Head of Wholesale Banking at ADIB, emphasized the strategic importance of this collaboration, stating: "ADIB's partnership with Buna reflects our commitment to enhancing cross-border payments and unlocking new opportunities to empower Arab economies. This collaboration underscores ADIB's dedication to staying at the forefront of financial innovation and delivering seamless and efficient services to its customers. With this partnership, ADIB aims to streamline cross-border payments, providing its customers with faster, more secure, and cost-effective transaction solutions."

Faisal Al Hijawi, Chief of Strategy and Development at Buna said: "We are pleased to welcome Abu Dhabi Islamic Bank (ADIB) to Buna's network of participants. The collaboration with ADIB in cross-border payments demonstrates Buna’s fit for addressing the business needs of wide spectrum of banking segments by enriching their customers’ experience and maximizing operational efficiency for the bank, in compliance with the highest international standards. Together with ADIB we will ensure we provide seamless cross-border payments that support the growth of trade and remittances in the Arab world.”

He added: "On this occasion, I would also like to thank the Central Bank of the UAE for its continuous support to Buna."

The Buna system's establishment represents a significant stride towards bolstering economic connectivity within the Arab region. Through streamlined cross-border payments, Buna aims to promote trade, investment, and economic cooperation among Arab countries, ultimately contributing to the region's economic development and prosperity.

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About ADIB

ADIB is a leading bank in the UAE with AED 193 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day.

ADIB provides Retail, Corporate, Business, Private Banking and Wealth Management Solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).

ADIB has a strong presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, and Iraq.

Named World’s Best Islamic Bank by The Financial Times - The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products.

Buna

Buna is the cross-border payment system operated by the Arab Regional Payments Clearing and Settlement Organization “ARPCSO,” which is owned by The Arab Monetary Fund “AMF.” Buna aim to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost-effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system, Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region, advancing financial Inclusion, and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.

For more information, please visit www.buna.co and follow our page on LinkedIn or contact:

Lara Makhoul
Communications Specialist

For media information, please visit www.adib.ae or contact:

ADIB 
Lamia Khaled Hariz       
Head of Public Affairs                                                         

Edelman 
Simon Hailes 
Director of Financial Communications