Dubai: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and a leading powerhouse in the world of Islamic Finance, hosted the 2022 Trade Club Alliance (TCA) General Assembly at an exclusive event, held on the 14th and 15th of November 2022 at the Sofitel Dubai The Obelisk.
As the exclusive banking partner of the TCA in the UAE, DIB hosted the event - held for the first time in Dubai - in support of the organization’s aim of simplifying international trade by improving connectivity between importers and exporters. More than 13 international banks participated in the general assembly, with senior representatives from seven banks attending physically and others joining virtually to discuss ways in which TCA collaboration can be further strengthened.
DIB’s role as host of the TCA General Assembly and as a member of the TCA itself complements the bank’s commitment to boosting international trade through the Transaction Banking division of its corporate banking business.
Geared towards supporting large and mid-sized corporate clients - as well as wider UAE economic growth - DIB provides corporate and commercial clients with trade services, real estate, foreign exchange, money markets, business finance, Islamic Sukuk, hedging solutions, and structured investment solutions to accelerate growth.
Commenting on this initiative, Dr. Adnan Chilwan, Group Chief Executive Officer at DIB said: “International trade is integral to socioeconomic development. As a TCA member and exclusive banking partner to this year’s General Assembly in UAE, we are proud to play a part in advancing dialogue and collaboration on trade development initiatives that make a real and lasting difference to businesses and economies around the world. The work we are doing with the TCA also serves to complement our own trade support programs that are helping SMEs and growing firms to expand overseas, access new markets and secure trade finance solutions.”
Naveed Ali, Chief of Corporate Banking at DIB, commented: “We are incredibly excited to have been able to host the 2022 Trade Club Alliance General Assembly as its exclusive banking partner in the UAE and to play a vital role in enhancing collaboration across TCA partner banks. Holding the assembly for the first time in UAE is a reflective of the global recognition UAE enjoys today as one of the open economies in the world. Running such key initiatives should help advancing business growth and enhancing relationships between those involved in international trade.”
Ehsaan Ahmed, Head of Transaction Banking at DIB, stated: “Our focus is on the development of innovative, Sharia-compliant, and value-added trade solutions that have a clear ability to support the growth of corporate clients looking for competitive trade solutions. We share in the TCA’s commitment to enhancing international trade through the delivery of seamless customer services through both physical and digital channels.”
DIB’s membership of TCA is closely aligned to the bank’s market-leading digitization strategy, offering unique services and functionality to DIB’s trade clientele via end-to-end global trade support from partner banks. It is anticipated that joining TCA will increase DIB’s trade volumes, deepen relationships with existing customers and attract new ones.
Start exploring now; visit www.dibtrade.ae
About Dubai Islamic Bank:
Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the second largest Islamic bank in the world. With Group assets in excess of USD 80bln and market capitalization of nearly USD 10bln, the group operates with a workforce of more than 10,000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa. Serving over 3 million customers across the Group, DIB offers an increasing range of innovative Shariah compliant products and services to retail, corporate and institutional clients.
In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shari’ah-compliant financial services across a number of markets worldwide. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, as well as the most extensive and innovative portfolio of Alternate Distribution Channels. The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns a nearly 25% stake in the Indonesian bank. Additionally, in May 2017, Dubai Islamic Bank PJSC was given the license by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd. DIB has been designated as D-SIB (Domestic Systemically Important Bank) in 2018 in UAE. In early 2020, DIB completed the acquisition of Noor Bank, which solidifies its position as a leading bank in the global Islamic finance industry.
The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. DIB has been named the Best Islamic Bank in various prestigious ceremonies and recognized for its outstanding performance amongst the world’s Islamic Banks, marking it a clear indication of the bank’s leadership position in the Islamic finance sector.
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