Dubai: Department of Economic Development (DED) with the support of Dubai Islamic Economy Development Centre (DIEDC) is in discussions with the UAE Central Bank for the establishment of Emirates Trade Bank, specializing in international trade and commodity financing.
Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Executive Council, has nominated a founding committee comprising Mohammad Al Gergawi, Minister of Cabinet Affairs and The Future (Chairman); Sami Al Qemzi, Managing Director of Dubai Department of Economic Development and Deputy Chairman of DIEDC; Essa Kazim, Governor of Dubai International Financial Centre and Secretary General of DIEDC; Hussain Al Qemzi, Board Member of DIEDC and CEO of Noor Bank; Dr Ahmad Al Janahi, Deputy CEO of Noor Bank, and Saeed Al Awadi, CEO of Dubai Export Development Corporation (DEDC). for the establishment of the bank.
The committee is in discussion with the Central Bank of the UAE, regarding provisional approval for an Islamic wholesale banking licence for Emirates Trade Bank, specialising in international trade and commodity financing.
Emirates Trade Bank will be the first of its kind global Sharia compliant bank, exclusively offering integrated trade and international commodity financing solutions, through leveraging and mobilising the infrastructure and logistics ecosystem of the UAE.
The bank will fulfil Dubai’s strategic goal of supporting the Islamic financial sector and integrating investments from this domain towards doubling UAE trade flows (about Dh1.4 trillion in 2014) by 2020.
“The UAE in general and Dubai in particular are privileged to have a diversified, open, and flexible economy capable of addressing international and regional challenges. Emirates Trade Bank is set to reap synergies from the strategic positioning and advanced technical and logistics’ infrastructure of Dubai, in its efforts to finance international trade and commodity flows, particularly through the UAE,” said Sami Al Qemzi.
