Mastercard collaborates with Dubai Islamic Bank to introduce cross-border payment services

Mastercard has initiated a strategic partnership with Dubai Islamic Bank (DIB) to launch cross-border payment services for peer-to-peer (P2P) and business-to-business (B2B) fund transfers. The collaboration leverages Mastercard Cross-Border Services to enable the bank to provide real-time remittances Mastercard Cross-Border Services facilitate the movement of funds to any end point across over 140 countries through one secure connection and through rich features such as guaranteed exchange rates, full value transfers without deductions and transaction status tracking, reaching 95% of bank accounts worldwide. The highly localized solution offers multiple payout options, including bank account, mobile wallet and card.

To address the needs of the unbanked and underbanked, cash payout is also an option through a continuously expanding global network of cash pickup locations, whose number currently stands at approximately 350,000. “At DIB, we are committed to making an active contribution to building a seamless payment infrastructure through bringing unique, state-of-art solutions to the market in line with the highest international standards. This partnership further enriches DIB cross-border payment services through an integration between customer facing mobile apps and online platforms with Mastercard, ensuring secure and efficient transfers to a vast network of geographies that the latter operates in.

With its advanced technology, global expertise and ever-growing remittance footprint, Mastercard will significantly enhance our customer offering and allow us to achieve further global reach,” said “For many people, remittances are a way to stay connected to their communities. At Mastercard, we are dedicated to providing them with fast, convenient, secure and affordable ways to transfer funds internationally. We are delighted to launch our first innovation-driven business venture with DIB, and hope this will be the start of a long and productive partnership,” said Recognizing the need for speed in today’s fast-paced world, Mastercard Cross-Border Services have been optimized for quick and efficient fund transfers.

This ensures that customers can complete their desired transactions promptly, which is particularly advantageous for urgent financial needs. To promote transparency, the solution is equipped with a real-time tracking feature, so users can stay informed about the progress of their transactions. END Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint-stock company listed on the Dubai Financial Market.

Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full-service Islamic bank and the second-largest Islamic bank in the world. With Group assets over USD 80bln and a market capitalization of more than USD 10bln, the group operates with a workforce of more than 10,000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa. Serving over 5 million customers across the Group, DIB offers an increasing range of innovative Shariah-compliant products and services to retail, corporate and institutional clients.

In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shariah-compliant financial services across several markets worldwide. The bank has established DIB Pakistan Limited, a wholly-owned subsidiary that is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, as well as the most extensive and innovative portfolio of Alternate Distribution Channels. The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns over 25% stake in the Indonesian bank.

Additionally, in May 2017, Dubai Islamic Bank PJSC was given the license by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd. DIB has been designated as D-SIB (Domestic Systemically Important Bank) in 2018 in UAE. In early 2020, DIB completed the acquisition of Noor Bank, which solidifies its position as a leading bank in the global Islamic finance industry.

In 2021, DIB increased its foreign ownership limit to 40% reflecting the increasing confidence of global investors towards the bank. The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services.

DIB has been named the Best Islamic Bank in various prestigious ceremonies and recognized for its outstanding performance amongst the world’s Islamic Banks, marking it a clear indication of the bank’s leadership position in the Islamic finance sector. .