Abu Dhabi, UAE: 5 May 2024: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has announced its partnership with the Arab Monetary Fund's Buna system, marking a significant milestone in its efforts to provide
money transfer solutions for cross-border transactions within Arab countries.
The Buna system, hailed as the first regional platform specialized in clearing and settlement services for payments in multiple currencies across the Arab region, offers modern payment solutions that adhere to international standards and compliance requirements. By joining forces with Buna, ADIB aims to not only improve its payment capabilities but also contribute to the economic and financial integration of the region while strengthening investment relations with trading partners.
Mohammed Ali AlFahim, Acting Global Head of Wholesale Banking at ADIB, emphasized the strategic importance of this collaboration, stating: "ADIB's partnership with Buna reflects our commitment to enhancing cross-border payments and unlocking new opportunities to empower Arab economies. This collaboration underscores ADIB's dedication to staying at the forefront of financial innovation and delivering seamless and efficient services to its customers. With this partnership, ADIB aims to streamline cross-border payments, providing its customers with faster, more secure, and cost-effective transaction solutions."
Faisal Al Hijawi, Chief of Strategy and Development at Buna said: "We are pleased to welcome Abu Dhabi Islamic Bank (ADIB) to Buna's network of participants. The collaboration with
ADIB in cross-border payments demonstrates Buna's fit for addressing the business needs of wide spectrum of banking segments by enriching their customers' experience and maximizing operational efficiency for the bank, in compliance with the highest international standards. Together with ADIB we will ensure we provide seamless cross-border payments that support the growth of trade and
remittances in the Arab world."
He added: "On this occasion, I would also like to thank the Central Bank of the UAE for its continuous support to Buna."
The Buna system's establishment represents a significant stride towards bolstering economic connectivity within the Arab region. Through streamlined cross-border payments, Buna aims to promote trade, investment, and economic cooperation among Arab countries, ultimately contributing to the region's economic development and prosperity.