Funds can be transferred to ICICI bank accounts in India within 60 seconds and any other bank in India within 1 hour

Zero processing fee valid until October 2017 and competitive exchange rates

Dubai, 18 June 2017

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, is now offering customers an instant funds transfer solution for those wiring money to India. Its new service ‘DIB Express Transfer’ guarantees that funds can be wired to any ICICI bank account in India within 60 seconds and any other bank in India within 1 hour.

Developed with the aim of streamlining cross-border remittances, the service is set to allow DIB customers to instantly send money to other bank accounts in India. The service is seamless and available at key customer touch points including DIB branch kiosks and through online and mobile banking portals. Other highlights include a zero processing fee until October 2017 and attractive exchange rates. Additionally, once the money is accepted by the receiving ICICI bank, customers can also then transfer funds to any other bank in India within one hour.

Sanjay Malhotra, Chief of Consumer Banking at DIB commented: “Many of our customers are Non Resident Indians (NRIs), so DIB Express Transfer will simplify the process of transferring money back home. Having a service as fast and efficient as DIB Express Transfer means customers can manage their remittances for planned or emergency transfers and know their money will be received immediately. . One of the attractive features of this product is that even if a customer’s money ultimately needs to go to another bank in India, this can be done within as little as one hour, so the service really is giving customers an extensive reach across the country. We are confident that DIB Express Transfer will give people more comfort and security, knowing they have a service they can rely on.”

Mr. Malhotra added: “At DIB, we are committed to making our services more convenient and reliable through a variety of touch points to continually meet customer needs in both the UAE and their home country. Providing innovative solutions through strategic partnerships, such as the one with ICICI Bank, is ultimately key to achieving this goal.”

India was the number one beneficiary of financial flows in 2016, as remittances saw significant spikes during special occasions and after the Indian government took out of circulation some old rupee notes. According to the World Bank, the UAE comes in third as one of the largest outward remittance markets in the world, with cash remittances estimated to have reached AED 77 billion in 2016. The top beneficiaries of money transfers were India, Pakistan, Philippines and Bangladesh, with a 12% increase from 2015. These numbers are forecasted to grow further, in the lead up to Dubai’s Expo 2020.

For more than four decades, DIB has leveraged its unrivalled financial expertise and a relentless focus on innovation to deliver the highest quality of banking services to its customers. DIB is continually developing diverse solutions to meet the evolving financing needs of individuals, corporations and governments

-Ends-

About Dubai Islamic Bank:
Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the fourth largest Islamic bank in the world. The Bank currently operates 90 branches across the UAE, is present in seven markets worldwide and is expanding its global footprint to further grow and develop the industry. Serving close to 1.7 million customers, DIB offers its growing consumer base an increasing range of innovative Sharia compliant products and services.

DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of more than 243 branches across 62 major cities in Pakistan. DIB also received regulatory approval to increase its shareholding in PT Bank Panin Syariah in Indonesia to 40 percent.

Embarking on a newly established growth agenda in 2014, the Bank has been a leading performer in the UAE financial sector over the last three years with record breaking performance despite volatile market conditions. The massive growth has seen DIB’s market share cross over 6%, the financing book nearly doubling and deposits growing by over 50% during the same period. Even more impressive is the more than 100% growth in profits in the last three years as DIB joined the exclusive USD 1 bln profit club in the country.

The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking for businesses and consumers worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. Consequently, DIB has been recognized as “Best Islamic Bank in the UAE" at the 2016 World Finance – Islamic Finance Awards, and has received four major accolades at the 11th Islamic Business and Finance Awards 2016, including “Best Retail Bank in the UAE, Best Corporate Bank in the UAE, Best Sukuk Arranger and Best Islamic Bank”. In addition to the “Best Sukuk House” awarded at the EMEA Middle East Banking Awards 2016, DIB was also honored with record twelve accolades at the Islamic Finance News Awards 2016, receiving among the awards “Best Overall Islamic Bank” and “Best Islamic Bank in the UAE” for the second consecutive year. These awards were in addition to the eight landmark transactions the Bank was recognized for at the 2016 IFN “Deals of the Year” Awards including “UAE Deal of the Year”.

For more information, please visit us at www.dib.ae.

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For more PR information, please contact:
Dubai Islamic Bank            
Nicole Hayde       
Head of Strategic Communication     
Direct: +971 4 207 5251  
Email: jawaher.alshamsi@dib.ae                                                                                     

Weber Shandwick
Grace Wittenberg
Senior Account Manager
Direct: +971 4 445 4254
Email: GWittenberg@webershandwick.com   

© Press Release 2017