Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has signed an agreement with The Western Union Company (NYSE: WU), the leading money transfer and global payment service provider, to enable its customers to send or receive money domestically and internationally through Western Union’s global network. The agreement was signed recently by Dr. Adnan Chilwan, Deputy Chief Executive Officer, DIB and Jean Claude Farah, Senior Vice President, Middle East and Africa, Western Union in the presence of senior executives from both organisations.
Initially, using the bank’s Al Islami Online, Mobile and Express banking services, DIB customers will be able to instantly transfer funds from their accounts to more than 494,000 Western Union® Agent locations in more than 200 countries and territories. At a later stage, DIB account holders will be able to receive Western Union transfers instantly into their accounts.
Speaking at the signing ceremony, Dr. Chilwan commented, “DIB continuously innovates and improves to meet the needs of our large, loyal and diverse customer base of more than 1.4 million customers. With customers hailing from countries across the globe, fast and convenient money transfers are an essential requirement. The introduction of Western Union money transfers will add significantly to the functionality of our alternative banking channels and will provide customers with a speedy and dependable way to transfer money anywhere in the world.”
“At Western Union, we recognize the growing technology demands of our consumers around the world”, added Mr. Farah. “We are delighted to announce this alliance with Dubai Islamic Bank, which enables us to further extend our innovative account-based money transfer footprint across the UAE. This agreement is in line with our efforts to provide our consumers with more choices and convenience, and to expand the company's business to new consumer and Agent segments in the UAE.”
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