Award for Emirates Islamic’s ‘EI trade’ portal

 

Emirates Islamic has been recognised among Global Finance’s 2016 ‘The Innovators’ of Islamic Finance for EI trade, the world’s first of its kind Shari’a-compliant online Trade Finance and Supply Chain platform. 

 

 

EI trade was launched to offer the bank’s corporate and business customers an electronic platform to initiate trade finance transactions, such as LC issuance, amendments, decision on discrepancies and Murabaha financing, on a secured system available 24/7. Fully customisable, the secure portal was designed by Emirates Islamic’s team of trade finance and Shari’a experts using state-of-the-art technology. 

 

 

According to Jamal Bin Ghalaita, CEO, Emirates Islamic, Emirates Islamic has always taken the lead in advancing excellence in Islamic banking through product and service innovation and EI trade is a great example of this effort. 

 

 

Emirates Islamic’s trade finance portal was implemented as part of the bank’s transformation strategy that commenced in 2011. The EI trade portal can be used to submit, process and monitor various types of trade-related transactions including Letters of Credit issuances/amendments, Promise to Purchase, Murabaha Sales Contract, Wakala Contracts, Master Agreements, including various types of advices at a click of a button in a paperless environment. 

 

 

The Innovators 2016 – Islamic Finance is Global Finance’s first annual listing of sharia-compliant financial institutions and service providers that have fully recognised the critical importance of product and service innovation together with technology enhancement and investment. 

 

 

The board considered nominations and submissions, key research and the input of experts in evaluating those banks and service providers that stand out for their transformative products and solutions based on four types of innovation: product innovation; process innovation; marketing innovation and organisational innovation.

 

 

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