DMCC partners with Palestine Islamic Bank to facilitate Islamic finance solutions

DMCC, a Dubai-based free zone, has signed a preliminary agreement with Palestine Islamic Bank (PIB) to address rising demand for Islamic finance solutions in Palestine. 

The partnership will facilitate Shariah-compliant transactions through the DMCC Tradeflow platform, addressing financing needs of businesses and individuals. 

Established in 1995, Palestine Islamic Bank maintains a Islamic banking network consisting of 43 branches and over 100 ATMs in Palestine. 

Ahmed Bin Sulayem, executive chairman and CEO of DMCC, said that the partnership with Palestine Islamic Bank marks another major step in their 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.” 

Dr. Imad Al Sadi, general manager of Palestine Islamic Bank added that despite difficult circumstances in Palestine, the bank remains unwavering in executing its strategic vision. 

DMCC’s platform offers a range of online services designed to facilitate collateral financing, jewellery financing, and in the case of PIB, provide enhanced Islamic finance solutions. It also offers Murabaha transactions in physical commodities.