- Khalid Al Jarwan: “We are committed to enhancing Dubai’s position as a global business hub, attracting investments, and facilitating the expansion of Dubai-based companies into international markets.”
- Sanjay Malhotra: “As the only Islamic institution in this partnership, we are proud to offer Sharia-compliant trade finance and banking solutions that support business growth both locally and globally.”
- The agreement will provide businesses access to value-added banking services, supporting companies looking to establish or grow their presence in Dubai.
Dubai, UAE – 10 October 2024: Dubai Chambers has signed a Memorandum of Understanding (MoU) with Dubai Islamic Bank (DIB) to enhance banking services for the local business community and support Dubai-based companies’ global expansion.
This strategic collaboration will see Dubai Islamic Bank providing value-added trade finance services and facilitating the bank account set-up process for multinational companies and SMEs. It will also support companies seeking to establish or grow their operations in Dubai. The agreement aligns with the objectives of the Global Partnerships Programme, launched by Dubai Chambers to enhance the emirate’s business environment and foster economic growth through international collaborations.
As part of the MoU, DIB will offer its extensive global branch network and Sharia-compliant banking solutions to local companies expanding internationally. Dubai Chambers, in turn, will support DIB customers worldwide who wish to invest in Dubai, fostering stronger economic ties and business growth.
Khalid Al Jarwan, Vice President of Operations and Acting Vice President of Digital and Commercial Sectors at Dubai Chambers, emphasized the significance of the partnership: “This MoU strengthens our efforts to position Dubai as a leading global business hub. By leveraging DIB’s global expertise, we will help local companies expand internationally while also attracting foreign companies to establish operations in Dubai.”
Sanjay Malhotra, Chief Consumer Banking Officer at DIB, added: “As the UAE’s largest Islamic bank, we are proud to support this partnership by offering tailored Sharia-compliant trade finance solutions to meet the evolving needs of businesses. Our collaboration with Dubai Chambers will unlock new growth opportunities, streamline market entry, and reinforce Dubai’s status as a global business hub.”
The agreement will also play a crucial role in advancing the objectives of the Dubai Global initiative, which focuses on attracting foreign direct investment (FDI) and supporting the global expansion of Dubai-based companies in priority markets. Additionally, the MoU supports the Dubai Economic Agenda (D33), which aims to double the size of Dubai’s economy over the next decade and solidify its status as one of the top three global cities.
The Global Partnerships Programme, which now includes DIB, supports the efforts of Dubai Chambers’ 31 international representative offices, driving Dubai’s economic ambitions and supporting sustainable business growth in both local and global markets.
