Emirates Islamic and Arab payment system Buna partner to facilitate payments and transfers within the Arab region
Dubai, 7 June 2023: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced its partnership 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 drive innovation in the Islamic banking sector, the milestone collaboration with Buna will help Emirates Islamic’s clients to make payments and transfers within the region, in a rapid, efficient and safe manner. 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.
Mohammad Kamran Wajid, Deputy Chief Executive Officer at Emirates Islamic, commented: “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.
He added, “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.”
Mehdi Manaa, Chief Executive Officer of Buna, said: “We are pleased to welcome Emirates Islamic in Buna’s network of participants. We look forward to working closely with Emirates Islamic to facilitate seamless, efficient, and compliant cross-border payments.” He added: “On this occasion, I would also like to thank the Central Bank of the UAE for its continuous support to Buna.”