Dubai Islamic Bank (DIB), UAE’s largest Islamic bank, has become the first Islamic bank in the country to go live with the Arab Monetary Fund’s (AMF) Buna system, a clearing and settlement payment system, a move that is strongly in line with DIB’s digital transformation strategy.
Buna is the foremost regional cross-border payment platform for the Arab Region, that will enable financial institutions and Central Banks to send and receive cross-border multicurrency payments in a safe, cost-effective, risk-controlled and transparent manner.
Incorporated in the UAE and operated by the Arab Regional Payments, Clearing and Settlement Organization, a subsidiary of AMF, Buna offers its participant members modern payment solutions that comply with international requirements against financial crime and adhere to the highest standards of information security and data protection.
Buna aims to establish itself as the payment platform of choice, across the Arab world and beyond, by providing real-time payment solutions that empower Arab economies and promote greater regional integration.
By joining the platform, Buna will offer DIB a unique value proposition, notably safe and affordable products, including retail and interbank transfers and remittances.
“We are proud to be the first Islamic bank in the UAE to join the Buna platform. This platform, which is progressing towards achieving its objectives and has forged alliances with Arab and international trade partners, reinforces DIB’s commitment to be part of strategic initiatives that provide a seamless payment infrastructure. Through this partnership, we promise our customers a unique experience by offering modern payments solutions that are aligned to the highest standards of information security and international compliance.”
“The UAE leadership’s vision for a world-leading digital economy inspires us, driving our commitment to innovation and the economic growth it creates. Being the first Islamic bank to partner with Buna underscores our focus on making Islamic finance a key facet of the country’s strategic directions,” added Dr. Chilwan.
Mr. Mehdi Manaa, CEO of Buna said that “We are pleased to welcome Dubai Islamic Bank into Buna’s network of participants. Buna caters equally to the needs of different types of financial institutions, including Islamic banks, with its safe, secure, and efficient cross-border payment solutions. We look forward to collaborating with DIB and the Islamic banking industry to continue enhancing cross-border payments for individuals and corporates and jointly contribute to the economic development in the Arab region and beyond. On this occasion, I would also like to thank the CBUAE for its continuous support to Buna.”
Operating to global compliance standards, Buna will be transparent, low cost and affordable, offering a single-entry point to dynamic markets, with the real-time settlement, 24×7 payment submission and multicurrency support.