Dubai Islamic Bank offers brokerage services to customers via Al Ramz

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and the second-largest Islamic bank in the world, and Al Ramz Corporation, a leading UAE capital markets financial institution, have entered a strategic partnership to leverage capital markets services and expand financial offerings to customers.

Under this partnership, Dubai Islamic Bank will now provide brokerage and related services to its clients through Al Ramz Capital, a subsidiary of the Al Ramz Corporation, where the bank will also offer its banking services to its customers as part of this arrangement. The brokerage service was earlier provided through its subsidiary Dubai Islamic Financial Services (DIFS).

“At DIB, we have always believed in the effectiveness of creating synergies and unlocking potential through strategic partnerships and alliances, to help both parties grow further and expand towards progressively prosperous frontiers. Our brokerage business is one of the key aspects we are keen to leverage and enhance the potential in this space. This partnership will empower our customers and enable them to access specialized and diversified securities solutions in local, regional & international markets.”

Mr. Dhafer Sahmi Al Ahbabi, Chairman of the Board of Directors of Al Ramz Group added that “We are delighted to be partnering with Dubai Islamic Bank, one of the most reputable financial institutions in UAE and an established financial solutions pioneer. This partnership reflects a desire to leverage the respective strengths of the parties to enhance the customer value proposition. Such strategic alliances reflect a new direction to provide specialized services efficiently. This landmark deal signifies an important milestone in the development of UAE financial markets through specialized service partnerships.”

Related: CBB-licensed Spare & EazyPay partner to enhance open banking service