Dubai :  Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and the second-largest Islamic bank in the world, has announced today that it has become an official member bank of UAE Trade Connect (UTC).

UTC is the first commercialised blockchain platform of its kind in the UAE built on advanced technologies; launched commercially on 19 April 2021, the platform was co-created by Etisalat Digital, seven leading UAE banks and Avanza Innovations.

UTC is a ‘cloud native’ solution running on Etisalat’s E1 Cloud, underpinned by distributed ledger technology and built around artificial intelligence capabilities. The platform prevents fraud and duplication, detects dubious transactions and supports multiple types of trade-related documents that must be inspected and validated for authenticity. Combined, its technologies ensure trust, transparency, and privacy between multiple organisations.

Commenting on the partnership, Dr. Adnan Chilwan, Group Chief Executive Officer at Dubai Islamic Bank, said: “Joining UAE Trade Connect as a member bank is an important milestone for Dubai Islamic Bank as we set out to mitigate the risk of fraud and safely move towards a fully digitised trade finance ecosystem. UAE banks work hand in hand to promote financial stability in the nation’s financial system and contribute to UAE’s robust economy. Hence, becoming part of UTC Digital Trade Platform is one of the major steps we have taken in achieving this milestone. The distributed ledger technology used to create UTC provides DIB and other UAE banks with a decentralised, immutable, and completely transparent way of organising data that reduces the risk of fraudulent transactions.

“Until now, a centralised risk mitigation mechanism of this nature was non-existent systemically in the UAE banking sector. The benefits that UTC deliver will not only serve to protect DIB’s customers and the wider banking system but also enhance global trade. It is a milestone in the digitisation space that has the capacity to make trade financing more accessible, affordable and equitable. At DIB, we are focused on providing value-added transaction banking solutions and look forward to supporting our clients in the safest way possible.”

Salvador Anglada, CEO Etisalat Enterprise Digital further commented: “We are excited to have Dubai Islamic Bank, the largest Islamic bank in the country, partner with us, thus strengthening the UTC consortium. This reflects the banking sector’s commitment to accelerate the digital transformation process and prepare the UAE to enter into the new digital banking era. UTC is recognised as one of the most successful use cases for blockchain technology today, and a multi-award-winning platform that leads the way to digitise trade finance in one of the world’s most important trading hubs.”

DIB will also join the UTC steering committee comprising the Central Bank of the UAE and seven leading UAE banks. With many more banks already planning to join the platform, UTC is fast becoming the national trade finance platform of the UAE.

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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 75bln and market capitalization of more than 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 5 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 Shariah-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 over 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. In 2021, DIB increased its foreign ownership limit to 40% reflecting the increasing confidence of global investors towards the bank.

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.

For more information, please visit us at www.dib.ae 

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For more PR information, please contact:Dubai Islamic Bank
Kashif Moosa
Head of Investor Relations & Strategic Communication
Email: kmoosa@dib.ae
Weber Shandwick
David Ross
Senior Account Director
Email: DRoss@webershandwick.com
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