Dubai Islamic Bank has entered into a strategic alliance with Al Ramz Corporation. Credit: Dubai Islamic Bank Public Joint Stock Company.

Dubai Islamic Bank has entered into a strategic alliance with Al Ramz Corporation to offer its clients access to specialised and diversified capital markets services.

Under the arrangement, Al Ramz Capital, a subsidiary of the Al Ramz Corporation, will offer the customers of Dubai Islamic Bank brokerage and related services.

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Earlier, Dubai Islamic Bank offered the brokerage service through its subsidiary Dubai Islamic Financial Services (DIFS).

Al Ramz Corporation will also offer banking services to Dubai Islamic Bank’s customers.

Commenting on the partnership, Dubai Islamic Bank group CEO Dr. Adnan Chilwan said: “Our brokerage business is one of the key aspects we are keen to leverage on and enhance the potential in this space.

“This partnership will empower our customers and enable them to access specialised and diversified securities solutions in local, regional & international markets. As DIB and Al Ramz Group work together, we look forward to a fruitful and profitable journey ahead, that will help us further solidify UAE’s financial sector in the years ahead.”

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The new strategic partnership is subject to receipt of regulatory nods.

The strategic partnership will also lead to the two banks partnering on a wide array of initiatives including brokerage as well as the advancement of capital market offerings.

Al Ramz Group chairman of the Board of Directors Dhafer Sahmi Al Ahbabi said: “This partnership reflects a desire to leverage respective strengths of the parties to enhance customer value proposition. Such strategic alliances reflect a new direction to provide specialized services efficiently. “This landmark deal signifies an important milestone in the development of UAE financial markets through specialized service partnerships.”