DIB offers E-Murabaha online finance

The service promises an immediate response and offers preferential profit rates. By opting for E-Murabaha, DIB's customers avoid the need to visit their branch yet still complete their transactions. The service reduces the time and resources taken up in evaluating and processing Murabaha applications, thus cutting costs allowing surpluses to be used to develop and enhance the service.

Abdulla Al Shamsi, Vice President - Sales, DIB said: "E-Murabaha is a new facility provided by DIB which will pave the way for increasing both our services to our customers and the benefits that flow to them. This service cuts operational costs and the resources that are usually devoted to evaluating and processing customer applications. Consequently, efficiency is increased and cost is reduced for DIB, which generates a benefit that can be passed on as discounted profit rates to our customers."

The E-Murabaha customer interface is built using state-of-the-art web technology. It is integrated with various communication channels such as e-mail, SMS, and Fax. Additionally, DIB plans to offer this service through hand held devices such as PDAs.

Mosabeh Al Qaizi, Vice President - Information Technology, DIB said: "This highly flexible concept can easily extend to providing services to other Murabaha products. It also guarantees customer satisfaction since it reduces waiting time and prevents the inconvenience of having to come to the bank to submit applications. Such a process abolishes physical applications, which drastically reduces document circulation time and so raises the service level and quality to a higher degree."