UAE-based bank Emirates Islamic has launched an online shariah-compliant trade finance and supply chain platform called EI trade.

EI trade is an electronic platform available 24/7 which allows the bank’s corporate and business customers to initiate and finance Islamic trade finance transactions, increasing the efficiency of the process.

“EI trade is a revolutionary innovation that will transform and catalyse 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,” says Jamal Bin Ghalaita, CEO of Emirates Islamic.

“We are confident that this innovative solution will provide a major thrust for Islamic trade finance activities in the UAE, and thus contribute to Dubai’s plan of becoming the global capital of the Islamic economy,” he adds.

Other types of trade-related transactions supported by the platforms include letters of credit issuances/amendments, promise to purchase, murabaha sales contract, wakala contracts, master agreements, and various types of advice. The portal is equipped with multi-step security features to ensure data integrity and safety.