Dubai: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced its partnership with the Arab payment system Buna, to enhance and facilitate cross-border transactions in the Arab region. Buna is operated by the Arab Regional Payments Clearing and Settlement Organization “ARPCSO,” a subsidiary of the Arab Monetary Fund (AMF).

In line with the bank’s commitment to drive innovation in the Islamic banking sector, the milestone collaboration with Buna will help Emirates Islamic’s clients to make payments and transfers within the region, in a rapid, efficient and safe manner. Aimed at encouraging greater economic integration through amplified trade and investment opportunities, Buna’s cross-border payment platform offers seamless clearing and settlement services in multiple currencies across the Arab region.

Mohammad Kamran Wajid, Deputy Chief Executive Officer at Emirates Islamic, commented: “As part of our digital transformation and innovation strategy, Emirates Islamic is continuously working towards strengthening and growing our digital offerings to customers, especially in the payment domain. With this collaboration with Buna, we look forward to empowering our customers by giving them access to a smooth, simplified and secure payments experience.

He added, “In line with our vision to be the most innovative Shariah-compliant bank for our customers, people, and communities, Emirates Islamic will continue to forge such partnerships, to deliver innovative products and enhance customer experience.”

Mehdi Manaa, Chief Executive Officer of Buna, said: "We are pleased to welcome Emirates Islamic in Buna's network of participants. We look forward to working closely with Emirates Islamic to facilitate seamless, efficient, and compliant cross-border payments.”

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

About Emirates Islamic:

Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is one of the fastest growing banks in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. 

Emirates Islamic offers a comprehensive range of Shariah-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 42 branches and 209 ATMs/CDMs across the UAE. In the fast-growing area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking services for customers via WhatsApp. 

Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. Emirates Islamic won recognition in 2022 for its financial performance, innovative products and customer experience. The bank won three awards at the World Finance Islamic Finance Awards - namely “Best Islamic Bank in UAE”; “Best Islamic Bank in Customer Experience, UAE” and “Best Credit Card in UAE” for its Etihad Guest Credit Cards - a range of exclusive, co-branded credit cards with Etihad Airways. The bank was also named ‘Best Islamic Bank for SMEs’ at the MEA Finance Awards, recognised for its innovative proposition for small and medium enterprises (SMEs) and its status as a preferred bank for entrepreneurs seeking Shariah -compliant products and services for their businesses. Emirates Islamic was named the UAE’s most valuable Islamic banking brand and MENA’s sixth most valuable Islamic banking brand, with a value of USD 325 million, in The Banker’s 2022 brand valuation.

For further information please visit

Or please contact:
Amina Al Zarooni
Media Relations Manager, Emirates Islamic
Tricia Kaul
asda’a bcw, Dubai, UAE