Emirates Islamic & Buna partner to enhance cross-border payments in Arab region

By Arya M Nair, Official Reporter
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Emirates NBD_Buna partnership

Emirates Islamic, one of the four Islamic banks in Dubai, part of Emirates NBD Group, has partnered with the Arab payment system Buna, to enhance and facilitate cross-border transactions in the Arab region.

Buna is operated by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO), a subsidiary of the Arab Monetary Fund (AMF).

In line with the bank’s commitment to driving innovation in the Islamic banking sector, the collaboration with Buna will help Emirates Islamic’s clients to make payments and transfers within the region, in a rapid, efficient and safe manner.

Mohammad Kamran Wajid_Emirates Islamic_Buna partnership
Mohammad Kamran Wajid
Deputy CEO
Emirates Islamic

“As part of our digital transformation and innovation strategy, Emirates Islamic is continuously working towards strengthening and growing our digital offerings to customers, especially in the payment domain. With this collaboration with Buna, we look forward to empowering our customers by giving them access to a smooth, simplified and secure payments experience. In line with our vision to be the most innovative Shariah-compliant bank for our customers, people, and communities, Emirates Islamic will continue to forge such partnerships, to deliver innovative products and enhance customer experience.”

Aimed at encouraging greater economic integration through amplified trade and investment opportunities, Buna’s cross-border payment platform offers seamless clearing and settlement services in multiple currencies across the Arab region.

Mr. Mehdi Manaa, Chief Executive Officer of Buna, said that “We are pleased to welcome Emirates Islamic to Buna’s network of participants. We look forward to working closely with Emirates Islamic to facilitate seamless, efficient, and compliant cross-border payments. On this occasion, I would also like to thank the Central Bank of the UAE (CBUAE) for its continuous support of Buna.”

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