Dubai, April 8, 2009: Dubai Islamic Bank (DIB) announced today the launch of its payment facility for the Federal Electricity and Water Authority (FEWA) via the bank's Al Islami online banking service. Launched in cooperation with the FEWA, this new service allows FEWA customers to make bill payments and enquire about their FEWA account balances. This service, which offers real-time payment solutions, is available in both Arabic and English.

This launch followed the a cooperation agreement between DIB and FEWA signed in February 2009.

Musabah Al Qaizi, Head of Electronic Banking Service Department, DIB, said: "As part of DIB's commitment to providing high-quality and convenient customer service, we are pleased to introduce this new facility, which allows FEWA customers to manage their accounts online simply and conveniently. This service makes FEWA account management as trouble-free and transparent as possible."

He added: "DIB already provide many payment facilities, including Salik Recharge Facility, credit card, utility, Etisalat bill payments, Al Wasl line recharge, charity payments, funds transfers and other services through the bank's electronic banking services through ATM machines and Al Islami phone banking among others. The new online FEWA payment service comes in line with the bank's continued commitment to assist and collaborate with all federal authorities."

This is the first agreement singed by FEWA with a bank, and the second agreement signed by the utility provider in general; the other agreement was signed with Emirates Post to facilitate the same services at over 95 of its offices across the UAE. FEWA aims from those agreement to open new channels for its customers to pay their electricity and water bills.

Dubai Islamic Bank is a Sharia-compliant financial institution. As such, please refrain from using any of the following terms in reference to the bank and its activities:

  • Loan

  • Lender / Lending / Lend

  • Borrower / Borrowing / Borrow

  • Credit facility

  • Advance

  • Interest

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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. DIB is a public joint stock company and its share is quoted 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. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.

DIB set a world record by raising a US$3.52 billion sukuk for the Nakheel Group. This sukuk adopted an innovative structure never used before in Islamic or conventional banking history.

The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB has adapted an ambitious expansion strategy, which started with the establishment of DIB Pakistan Limited (a wholly owned subsidiary of DIB). DIB has a representative office in Turkey, a fully operating office in Iran and has obtained approval for establishment of an Islamic Bank in Syria. Additionally, Dubai Islamic Bank, Dubai International Capital and Jordan Dubai Capital are also set to acquire a controlling stake in Industrial Development Bank of Jordan. These steps mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan. Built on solid commitment to Islamic Banking principles, DIB aims to maintain its position as the world leader in Islamic banking.

DIB has won the respect of its peers around the world. The bank was recently named "Best Islamic Bank" for the fourth consecutive year by Banker Middle East magazine. DIB has also received many awards from international organisations, such as the prestigious "Bank of the Year" award from The Banker (Financial Times), along with prestigious accolades from UK-based Euromoney and NY-based Global Finance magazines.

For further information, please contact:
Nicholas Nesson / Ghaleb Zeidan
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com / g.zeidan@asdaa.com
 

© Press Release 2009