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DUBAI / WAM
DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has signed a memorandum of understanding with the Palestine Islamic Bank (PIB).
This partnership will facilitate secure Shariah-compliant transactions through the DMCC Tradeflow platform, addressing the growing demand for Islamic finance solutions in Palestine.
The signing ceremony took place at the DMCC headquarters in Dubai, with Patrick Ghata, Head of DMCC Tradeflow, Dr Imad Al Sadi, General Manager of Palestine Islamic Bank, Bashar Yasin, General Manager of the Association of Banks in Palestine, and Islamic finance advisor Amjad Nasr in attendance.
Through this partnership, DMCC aims to extend its Tradeflow platform’s capabilities to provide tailored financial products that are Shariah-compliant. This agreement not only supports DMCC’s broader mission to expand its trade finance offerings globally but also addresses critical trade finance gaps.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said, “DMCC’s partnership with Palestine Islamic Bank marks another major step in our efforts to advance and support Islamic finance in the region. With over 164,000 Islamic transactions recorded last year through DMCC’s Tradeflow platform holding an underlying value of AED1.91 trillion, we remain committed to delivering secure Shariah-compliant trade finance solutions that empower businesses, drive sustainable growth and boost financial inclusion.”