May 26, 2024

ADIB And Buna System Alliance To Boost CBP In Arab Nations

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Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has announced its partnership with the Arab Monetary Fund's Buna system. 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
ADIB joins Buna System to revolutionize cross-border payments in Arab countries Image Courtesy-ADIB

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has announced its partnership with the Arab Monetary Fund’s Buna system, displaying a huge milestone in its efforts to offer money transfer solutions for cross-border transactions or payments (CBP) within Arab countries.

Industry sources added that 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 global standards and compliance requirements. By pairing up with Buna, ADIB focuses on enhancing its payment capabilities and contributing to the region’s economic and financial integration while boosting investment relations with trading partners.

From L To R – Mohammed Ali AlFahim, Acting Global Head of Wholesale Banking at ADIB And Faisal Al Hijawi, Chief of Strategy and Development at Buna

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 a 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.”

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