Air Arabia and Dubai Islamic Bank launch electronic ticket payment service

About Air Arabia: Air Arabia (PJSC), listed on the Dubai Financial Market, is the Middle East and North Africa's leading low-cost carrier (LCC). Air Arabia commenced operations in October 2003 and currently operates a fleet of 16 new Airbus A320 aircraft, serving 44 destinations across the Middle East, North Africa, South Asia and Central Asia through its main hub in Sharjah, United Arab Emirates.

Air Arabia is modeled after leading American and European low-cost airlines, and its business model is customised to accommodate local preferences. Its main focus is to make air travel more convenient through Internet bookings and offering the lowest fares in the market along with the highest levels of safety and service standards.

About Dubai Islamic Bank: Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. DIB is a public joint stock company and its shares are quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.

DIB set a world record by raising a US$3.52 billion Sukuk for the Nakheel Group. This Sukuk adopted an innovative structure never used before in Islamic or conventional banking history.

The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB has adapted an ambitious expansion strategy, which started with the establishment of DIB Pakistan Limited (a wholly owned subsidiary of DIB). DIB has a representative office in Turkey, a fully operating office in Iran and has obtained approval for establishment of an Islamic Bank in Syria. Additionally, Dubai Islamic Bank, Dubai International Capital and Jordan Dubai Capital are also set to acquire a controlling stake in Industrial Development Bank of Jordan. These steps mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan. Built on solid commitment to Islamic Banking principles, DIB aims to maintain its position as the world leader in Islamic banking.

DIB has won the respect of its peers around the world. The bank was recently named "Best Islamic Bank" for the fourth consecutive year by Banker Middle East magazine. DIB has also received many awards from international organisations, such as the prestigious "Bank of the Year" award from The Banker (Financial Times), along with prestigious accolades from UK-based Euromoney and NY-based Global Finance magazines.

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