Dubai Islamic Bank (DIB) has introduced Al Islami Salam Finance, a new Sharia-compliant product that offers liquidity through personal financing to its customers.
Al Islami Salam Finance offers a complete suite of personal, business and corporate finance solutions. The product is based on the Islamic financing structure of Salam, which is a sale contract whereby the bank pays the cash price in advance, and the customer agrees to deliver goods with certain specifications and quantity on agreed future dates.
The product was developed by the bank with the assistance of its subsidiary, Dar Al Sharia Legal & Financial Consultancy, and approved by its Sharia supervisory board as well as by the United Sharia Committee of UAE Islamic financial institutions.
Abdulla Al Hamli, CEO of DIB, said: “Al Islami Salam Finance represents a milestone in Islamic banking. It is set to revolutionise the future of Sharia-compliant banking in the region, and we are certain that it will prove extremely popular within our diverse customer base.”