Emirates Islamic has launched EI trade, a first-of-its kind Shariah-compliant online trade finance and supply chain platform. 

In a statement, the UAE bank says EI trade will offer corporate and business customers an electronic platform for trade finance transactions, such as LC issuance and amendments, on a secured system available 24/7. 

The new platform also offers a breakthrough in the Islamic trade and supply chain industry by enabling the financing part of trade transactions to be also done electronically, rendering a much more efficient financing process for corporates and businesses, as compared to the manual multi-step method widely used by the Industry.

 

Commenting on the launch, Jamal Bin Ghalaita, CEO, Emirates Islamic says: "EI trade is a revolutionary innovation that will transform and catalyze Islamic trade finance transactions in the country and the wider region. As the UAE continues to rapidly expand its logistics and trade infrastructure, banks have to think outside of the box to provide creative solutions to organisations. 

"We are confident that this innovative solution will provide a major thrust for Islamic trade finance activities in the UAE," adds Bin Ghalaita. 

The EI trade portal can be used to submit, process and monitor various types of trade-related transactions including letters of credit issuances/amendments, promise to purchase, Murabaha sales contract, Wakala contracts, master agreements, including various types of advice online at a click of a button.

 

Organizations using EI trade can customize the portal to their specific requirements by creating personalized dashboards, tracking requests, generating reports and enabling notifications for completed transactions via email and SMS. All necessary paperwork can be completed conveniently online, thus reducing administrative time drastically. Customers' authorized staff can securely initiate and submit transactions from anywhere in the world via mobile, tablet or computer, eliminating the hassle of a manual process. The portal is equipped with multi-step security features to ensure data integrity and safety.