Emirates Islamic’s ‘EI trade’ portal awarded for product innovation by Global Finance
June 06, 2016
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, was recognised among Global Finance’s 2016 ‘The Innovators’ of Islamic Finance for EI trade, the world’s first of its kind Shari’a-compliant online Trade Finance and Supply Chain platform.
EI trade was launched in November 2015 to offer the bank’s corporate and business customers an electronic platform to initiate trade finance transactions, such as LC issuance, amendments, decision on discrepancies and Murabaha financing, on a secured system available 24/7. Fully customisable, the secure portal was designed by Emirates Islamic’s team of trade finance and Shari’a experts using state-of-the-art technology.
Commenting on the award win, Jamal Bin Ghalaita, CEO, Emirates Islamic said: “As leaders in the Islamic finance sector, Emirates Islamic has always taken the lead in advancing excellence in Islamic banking through product and service innovation. EI trade is a great example of this effort and we would like to thank Global Finance for recognising our contribution.”
Emirates Islamic’s trade finance portal was implemented as part of the bank’s transformation strategy that commenced in 2011. 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 at a click of a button in a paperless environment.
Bin Ghalaita added: “As the UAE continues to rapidly expand its logistics and trade infrastructure, we have seen a high uptake of the platform’s services among our customer base with outstanding feedback on the service it provides. We are confident that innovations such as EI trade will provide a major thrust to the overall Islamic banking sector as we continue to support the region’s growing Islamic economy, in line with the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the global capital of Islamic economy.”
The Innovators 2016 – Islamic Finance is Global Finance’s first annual listing of sharia-compliant financial institutions and service providers that have fully recognised the critical importance of product and service innovation together with technology enhancement and investment. Awardees were voted by the editorial board of Global Finance. The board considered nominations and submissions, key research and the input of experts in evaluating those banks and service providers that stand out for their transformative products and solutions based on four types of innovation: product innovation; process innovation; marketing innovation and organisational innovation.