CBD partners with DMCC to become the first bank in the region to enable Murabaha commodity trading through CBD Mobile App
Commercial Bank of Dubai, one of the leading banks in the UAE, has become the first bank in the region to enable customers to process Murabaha commodity trading through its CBD Mobile App, in collaboration with the DMCC Tradeflow platform.
The alliance of the new facility with DMCC (Dubai Multi Commodities Centre) enables CBD customers to get the commodity sales proceeds instantly credited into their accounts upon completing the DMCC trading cycle, as per the Shariah guidelines.
The agreement was signed by Dr. Bernd van Linder, Chief Executive Officer, Commercial Bank of Dubai and Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, Dubai Multi Commodities Centre, in attendance of Fahad Al Muhairi, General Manager - Islamic Banking at CBD, Amit Malhotra, General Manager – Personal Banking Group at CBD and Sanjeev Dutta, Executive Director – Commodities and Financial Services at DMCC.
Dr. Bernd van Linder, Chief Executive Officer, Commercial Bank of Dubai, said, “We are delighted to partner with the DMCC and be the first bank in the region to enable customers to conduct Murabaha commodity trading through the Mobile App. This initiative also aligns perfectly with our vision of becoming ‘default digital’ to offer a convenient and seamless banking experience.”
Fahad Al Muhairi, General Manager, Islamic Banking, Commercial Bank of Dubai, said, “We are proud to launch this service to our customers which will significantly reduce the time needed to conduct Murabaha commodity transactions and getting the finance directly credited into their account. CBD has been a key player in transforming the financial sector in the UAE and we will continue to innovate and offer services to enhance customer convenience.”
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Our collaboration with the Commercial Bank of Dubai now enters its seventh year, which highlights the strength of our platform, and longevity of our relationship. Since CBD’s first transaction in 2014, we have ensured the DMCC Tradeflow platform offers bank customers a secure, innovative and efficient way to conduct Murabaha transactions. Transferring this cumulative knowledge into a new mobile app and allowing customers to transact, real-time at a click of a button, will add further speed and security to the commodity trading cycle. As a global financial hub, we will continue to work with partners to develop its financial products and in turn, cement Dubai’s growing reputation.”
DMCC's online Tradeflow platform enables banks, financiers and suppliers to manage sharia-compliant commodity trade by providing a transparent, regulated platform for registering possession of commodities stored in DMCC-approved facilities in the UAE.