EMIRATES ISLAMIC LAUNCHES 'EI TRADE', THE WORLD'S FIRST FULLY-INTEGRATED ONLINE ISLAMIC TRADE FINANCE PLATFORM
18 November 2015
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced the launch of EI trade, a first of its kind Shari'a-compliant online Trade Finance and Supply Chain platform.
EI trade will offer the bank's corporate and business customers an electronic platform to initiate trade finance transactions, such as LC issuance and amendments, on a secured system available 24/7.
Furthermore, the new platform offers a breakthrough in the Islamic trade & supply chain industry by enabling the financing part of trade transactions to be also done electronically, rendering a much more efficient financing process for corporates and businesses, as compared to the manual multi-step method widely used by the Industry. Commenting on the launch, Jamal Bin Ghalaita, CEO, Emirates Islamic stated: "EI trade is a revolutionary innovation that will transform and catalyse Islamic trade finance transactions in the country and the wider region. As the UAE continues to rapidly expand its logistics and trade infrastructure, banks have to think outside of the box to provide creative solutions to organisations.
"We are confident that this innovative solution will provide a major thrust for Islamic trade finance activities in the UAE, and thus contribute to Dubai's plan of becoming the global capital of the Islamic Economy," added Bin Ghalaita.
The EI trade portal can be used to submit, process and monitor various types of trade-related transactions including Letters of Credit issuances/amendments, Promise to Purchase, Murabaha Sales Contract, Wakala Contracts, Master Agreements, including various types of advices, etc., online at a click of a button. Organisations using EI trade can customise the portal to their specific requirements by creating personalised dashboards, tracking requests, generating reports and enabling notifications for completed transactions via email and SMS. All necessary paperwork can be completed conveniently online, thus reducing administrative time drastically. Customers' authorised staff can securely initiate and submit transactions from anywhere in the world via mobile, tablet or computer, eliminating the hassle of manual process. The portal is equipped with multi-step security features to ensure data integrity and safety. Abdulla Showaiter � Deputy CEO, Wholesale Banking, Emirates Islamic said, "At Emirates Islamic, we are always innovating to add value to our customers' business requirements. EI trade will hugely benefit our Corporate and Business customers, allowing them to focus on their actual business and taking away the hassle of complex banking transactions, which will now be just a click away."
Yakub Bobat, Head of Corporate Banking at Emirates Islamic stated: "Our business is already playing a proactive role in connecting the various sectors of the Islamic Economy such as halal food, pharmaceutical, retail, hospitality, etc. in line with Dubai's aspirations to become the Global Islamic Economy hub. We will continue to strengthen our product proposition, invest in our technology and focus on delivering best-in-class customer experience as the key differentiators to help position the Islamic Finance Industry as the premier choice for all of our customers."