Dubai, United Arab Emirates - MasterCard has entered into a strategic partnership with Dubai Islamic Bank to launch cross-border payment services for transferring money between two parties and from one company to another. This partnership takes advantage of MasterCard's cross-border services to enable the bank to provide money transfer services through its digital channels in real time in more than 40 countries around the world. The money transfer solution powered by MasterCard provides individuals and organizations with the ability to send and receive money instantly around the world.

MasterCard's cross-border services facilitate the movement of funds and their arrival anywhere in more than 140 countries around the world, through a secure and integrated communication network, which provides many features that include providing competitive exchange rates, transferring the full amount without discounts, and the ability to track the status of the transfer, as well as About 95% of bank accounts around the world. This solution, tailored to the local market, offers many innovative payment options, including payment via bank accounts, mobile wallets or cards. This solution also meets the needs of groups not covered by banking services, by providing the ability to receive cash at an increasing number of locations, currently reaching 350,000 locations around the world.

Dr. stated. Adnan Chilwan, CEO of Dubai Islamic Bank Group: “We, at Dubai Islamic Bank, are keen to contribute effectively to building a seamless payment infrastructure by offering more innovative and unique solutions to the market, in line with the highest international standards. This partnership contributes to In enriching the cross-border payment services provided by Dubai Islamic Bank, it integrates MasterCard solutions with mobile applications and platforms that we provide to online customers, to provide highly efficient and secure transfers across the extensive MasterCard network. We believe that MasterCard will contribute to improving the offers and products that we provide to our customers. And to enhance our presence at the global level by taking advantage of its advanced technologies, extensive global expertise, and strong and growing presence in the money transfer market.”

For his part, Dimitros Dosis, President of the Eastern Europe, Middle East and Africa Region at MasterCard, said: “Remittances are a way for many to stay connected to their communities, and we are keen to empower them with safe, fast and affordable ways to transfer money internationally. We are pleased to launch the first innovative business project with a bank.” Dubai Islamic, and we hope that this will be the starting point towards a fruitful partnership in the long term.”

It is noteworthy that MasterCard has worked to improve its cross-border services in line with the accelerating pace of our contemporary world, to make money transfers faster and more efficient, and customers can now complete transfers in an instant, in a way that meets their urgent financial needs. This solution enhances transparency levels through the ability to track the transfer status in real time, and enables users to follow the progress of their transactions.

#Corporate data
- I finish -

About MasterCard

MasterCard (NYSE: MA), www.mastercard.com, is a global payment technology company. Our mission is to connect and enable an inclusive digital economy that benefits everyone, everywhere by enabling safe, simple and smart transactions with ease. Using secure data and networks and fostering partnerships built on passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their full potential. Our culture and all the work we do inside and outside the company are based on our Ditty Quotient, or DQ. Through our network spanning more than 210 countries and regions, we are building a sustainable world that provides invaluable potential for everyone.

About Dubai Islamic Bank

Dubai Islamic Bank, established in 1975, is the largest Islamic bank in the United Arab Emirates in terms of assets and a public joint stock company listed on the Dubai Financial Market. The bank is leading the development of the global Islamic finance sector, and is also the first full-service Islamic bank and the second largest Islamic bank in the world. The group has assets exceeding 70 billion US dollars, a market capitalization exceeding 10 billion US dollars, a workforce of more than 10,000 employees and approximately 500 branches within a global network extending across the Middle East, Asia and Africa. The bank provides its services to more than 5 million customers across the group, and provides its customer base, which includes individuals, companies and institutions, with a growing range of innovative products and services compatible with the provisions of Islamic Sharia.

In addition to being the first and largest Islamic bank in the UAE, Dubai Islamic Bank has a strong global presence as a major player in promoting Sharia-compliant financial services across various markets around the world. He established Dubai Islamic Bank Pakistan Limited, a wholly owned company of Dubai Islamic Bank and the first Islamic bank in Pakistan to offer Platinum and Priority Banking services, in addition to a wide and diversified portfolio of alternative distribution channels. The launch of Panin Dubai Sharia Bank in Indonesia in early 2017 represents the bank's first entry into the Far East region, and the bank owns more than 25% of the shares of the Indonesian bank. In May 2017, the Central Bank of Kenya granted Dubai Islamic Bank a license to establish a subsidiary in Kenya, under the name Dubai Islamic Bank Kenya Limited. The bank was classified as an important local bank for the financial system (D-SIB) in 2017, and in 2018 it completed the acquisition of Noor Bank, which confirms Dubai Islamic Bank’s position as a leading banking institution in the Islamic finance sector globally. In 2021, Dubai Islamic Bank raised the foreign ownership limit to 40%, which reflects the growing confidence of global investors in the bank.

The bank's main goal is to make Islamic finance a standard, rather than an alternative to conventional banking services around the world. The bank has received many prestigious awards that are considered solid evidence of its efforts in various fields, including retail banking, corporate banking, and investment banking, as well as consulting services and its contributions in the field of social responsibility. Evidence of its leading position in the Islamic finance sector is that Dubai Islamic Bank was awarded the title of “Best Islamic Bank” in many prestigious occasions and honoring forums in recognition of the bank’s exceptional performance among Islamic banks in the world.

For more information, you can visit: www.dib.ae

© Press Release 2023