Dubai Multi Commodities Centre (DMCC) has signed a Memorandum of Understanding (MoU) with the Palestine Islamic Bank (PIB) to facilitate secure Shariah-compliant transactions through the DMCC Tradeflow platform, addressing the growing demand for Islamic finance solutions in Palestine.
Through this partnership, DMCC Tradeflow platform aims to extend its 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.
With a strong focus on Shariah-compliant banking, PIB is a prominent leader in the digital transformation of Islamic financial services in the region. The bank has established the largest Islamic banking network in Palestine, comprising 43 branches and over 100 ATMs.
Ahmed Bin Sulayem Executive Chairman and CEO, DMCC
“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 Tradeflow platform holding an underlying value of AED 1.91 trillion ($520 billion), we remain committed to delivering secure Shariah-compliant trade finance solutions that empower businesses, drive sustainable growth and boost financial inclusion. Together with the Palestine Islamic Bank, we are excited to unlock new opportunities and create lasting economic value in Palestine and beyond.”
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.
Dr. Imad Al Sadi, General Manager of Palestine Islamic Bank, commented that, “Despite the difficult circumstances we face in Palestine, we remain unwavering in executing our strategic vision with confidence. We have recently rolled out a number of innovative digital Islamic services that have transformed the banking experience for our customers. These achievements are a result of the strategic guidance from our Board of Directors, the thorough planning and the dedicated execution by our management teams, all under the supervision of our Shariah Supervisory Board, ensuring that every aspect of our operations is fully aligned with Islamic principles.”
Bashar Yasin, General Manager of the Association of Banks in Palestine, stated that, “Forging strong partnerships, both locally and internationally, is vital to the resilience and sustained growth of the Palestinian banking sector. The Palestine Islamic Bank has made significant strides in this regard, developing key partnerships that elevate the standards of Islamic banking in Palestine and meet the growing needs of its customers.”
DMCC Tradeflow provides a range of online services specifically designed to facilitate collateral financing, jewelry financing, and in the case of PIB and other similar partners, provide enhanced Islamic finance solutions.
It offers Murabaha transactions in physical commodities and the ability to undertake multi-commodity and multi-currency trades from all around the world, supported by UAE-based assets that conform with Shariah compliance criteria.
