• Khalid Al Jarwan: “We are committed to strengthening Dubai’s position as a leading global business hub, attracting investments to the emirate, and supporting the expansion of companies from Dubai into new international markets.”
  • Sanjay Malhotra: “As the only Islamic institution in this collaboration, we are proud to partner with Dubai Chambers to provide Sharia-compliant trade finance and banking solutions that support the growth of businesses both locally and globally.”
  • The agreement will enable access to value-added banking services for companies seeking to establish a presence in Dubai as well as the local business community.

Dubai, UAE – Dubai Chambers has signed a Memorandum of Understanding (MoU) with Dubai Islamic Bank (DIB) to enhance the banking services available to the business community and support the local and global expansion of Dubai-based companies.

Under the terms of the MoU, the two parties will cooperate to provide value-added banking services to the local business community, as well as international companies establishing their operations in Dubai with the support of Dubai Chambers. The agreement will contribute to supporting the growth and expansion of Dubai-based and international companies operating in the emirate in both local and global markets.

DIB will provide trade finance services to local companies wishing to expand into international markets through its global branch network, in addition to streamlining bank account set-up services for multinational companies and SMEs. Dubai Chambers will also support DIB branch customers around the world who wish to invest in Dubai and grow their business from the emirate.

The agreement was signed as part of the Global Partnerships Programme, an initiative launched to accelerate the chambers’ business expansion and attraction efforts through collaborations with world-class service providers across eight trade categories. The Global Partnership Programme supports the objectives of the ‘Dubai Global’ initiative led by Dubai International Chamber, which aims to attract foreign direct investment and support the global expansion of Dubai-based companies across 30 priority markets.

Khalid Al Jarwan, Vice President of Operations and acting Vice President of Digital and Commercial Sectors at Dubai Chambers, commented: “Dubai Chambers is dedicated to strengthening Dubai’s position as a leading global business hub, attracting investments to the emirate, and supporting the expansion of companies from Dubai into new international markets. Our partnership with DIB contributes to these goals and will leverage the bank's extensive global network and financial expertise to streamline the international expansion process for Dubai-based companies, as well as businesses from overseas seeking to enter Dubai. This collaboration comes as part of our ongoing commitment to mutually beneficial partnerships that support sustainable economic growth.”

Sanjay Malhotra, Chief Consumer Banking Officer at DIB, said: “As the largest Islamic bank in the UAE, our partnership with Dubai Chambers reflects Dubai Islamic Bank’s enduring legacy as a pioneer in Islamic banking. Being the only Islamic institution in this collaboration, we are proud to offer a comprehensive range of Sharia-compliant trade finance solutions tailored to meet the unique needs of businesses both locally and internationally. Our commitment to supporting businesses through customised banking solutions, along with our global reach and robust trade finance capabilities, positions us as a key enabler of economic growth. Our partnership with Dubai Chambers will transform the banking landscape for businesses in Dubai, driving both local and global growth through enhanced access to essential banking services. Together, we aim to streamline market entry for businesses and empower companies to thrive in Dubai’s dynamic economy, while reinforcing Dubai’s status as a global business hub.”

The MoU with DIB will support the Global Partnership Programme across the chamber’s 31 international representative offices around the world. This growing network will play a key role in achieving the ambitions outlined in the Dubai Economic Agenda (D33), which seeks to double the size of the emirate’s economy over the coming decade and consolidate Dubai’s position among the top three global cities.

About Dubai Chambers:

Dubai Chambers is a non-profit public entity that supports Dubai’s vision as a global player by empowering businesses, providing innovative value-added services and access to influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber and the formation of three chambers for the emirate, namely, Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under Dubai Chambers.

Follow us on:
facebook.com/dubaichambers
twitter.com/dubaichambers
linkedin.com/company/dubai-chambers
youtube.com/@dubaichamberstv
instagram.com/dubaichambers

For more information, please contact:
Mohamad Mouzehem
PR & Corporate Communications
Email: mohamad.mouzehem@dubaichamber.com

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 amongst the largest Islamic banks in the world.  With Group assets almost reaching USD90 billion and market capitalisation of nearly USD 9bln, the group operates with a workforce of more than 10,000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa. Serving over 5 million customers across the Group, DIB offers an increasing range of innovative Shariah compliant products and services to retail, corporate and institutional clients.

In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shariah-compliant financial services across a number of markets worldwide. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, as well as the most extensive and innovative portfolio of Alternate Distribution Channels. The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns a nearly 25% stake in the Indonesian bank. Additionally, in May 2017, Dubai Islamic Bank PJSC was given the license by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd. DIB has been designated as D-SIB (Domestic Systemically Important Bank) in 2018 in UAE. In early 2020, DIB completed the acquisition of Noor Bank, which solidifies its position as a leading bank in the global Islamic finance industry. In 2023, DIB entered Turkey through a 20% acquisition of T.O.M. Group which provides digital banking services.

DIB is committed to leading the way in sustainable Islamic financing, with a total sustainable sukuk issuances of USD 2.75 billion to date and strategic involvement in green and sustainable capital markets, reflecting the bank’s ongoing dedication to ESG principles and a sustainable future.

The bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking 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. DIB has been named the Best Islamic Bank in various prestigious ceremonies and recognised for its outstanding performance amongst the world’s Islamic Banks, marking it a clear indication of the bank’s leadership position in the Islamic finance sector.

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

Please follow us on DIB’s social channels:
   https://www.facebook.com/dib.uae/
   https://www.linkedin.com/company/dubai-islamic-bank
   https://www.instagram.com/dubai_islamic_bank/
   https://x.com/dibtoday
  https://www.youtube.com/user/DubaiIslamicBank