Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and the second-largest Islamic bank in the world has reinforced its position as the region's most progressive Islamic financial institution, today announces that in line with its digital transformation strategy, it will become the first Islamic bank in the UAE to go live with the Arab Monetary Fund's Buna system.
Buna is the foremost regional cross-border payment platform for the Arab Region, that will enable financial institutions and Central Banks to send and receive cross-border multicurrency payments in a safe, cost-effective, risk-controlled and transparent manner.
Incorporated in the UAE and operated by the Arab Regional Payments, Clearing and Settlement Organization, a subsidiary of the Arab Monetary Fund, Buna offers to its participants modern payment solutions that comply with international requirements against financial crime and adhere to the highest standards of information security and data protection. It aims to be the payment platform of choice, across the Arab world and beyond, by providing real-time payment solutions that empower Arab economies and promote greater regional integration.
By joining the platform, Buna will offer DIB a unique value proposition, notably safe and affordable products, including retail and interbank transfers and remittances.
Commenting on the initiative, Dr. Adnan Chilwan, Group Chief Executive Officer at Dubai Islamic Bank, said 'We are proud to be the first Islamic Bank to join Buna Platform. This platform, which is progressing towards achieving its objectives and has forged alliances with Arab and international trade partners, reinforces DIB's commitment to be part of strategic initiatives that provide a seamless payment infrastructure. Through this partnership, we promise our customers a unique experience by offering modern payment solutions that are aligned to the highest standards of information security and international compliance.'
'The UAE leadership's vision for a world-leading digital economy inspires us, driving our commitment to innovation and the economic growth it creates. Being the first Islamic bank to partner with 'Buna' underscores our focus on making Islamic finance a key facet of the country's strategic directions.'
Mehdi Manaa, Chief Executive Officer of Buna said: 'We are pleased to welcome Dubai Islamic Bank in Buna's network of participants. Buna caters equally for the needs of different types of financial institutions, including Islamic banks, with its safe, secure, and efficient cross-border payment solutions. We look forward to collaborating with DIB and the Islamic Banking industry to continue enhancing cross-border payments for individuals and corporates and jointly contribute to the economic development in the Arab region and beyond. At this occasion, I would also like to thank the Central Bank of UAE for its continuous support to Buna.'
Operating to global compliance standards Buna will be transparent, low cost and affordable, offering a single-entry point to dynamic markets, with real-time settlement, 24/7 payment submission and multicurrency support.