In an exciting strategic move, Mastercard has partnered with Dubai Islamic Bank (DIB) to bring innovative
financial solutions to Muslim consumers around the world. With a shared vision of enhancing the banking experience
for the Muslim community, this collaboration promises to deliver cutting-edge services that comply with Islamic
principles.
Mastercard, a global leader in digital payments, aims to leverage DIB’s extensive expertise in Islamic finance to
introduce Shariah-compliant solutions that cater to the unique needs of Muslim customers. This partnership represents
a significant step towards the development of a comprehensive Islamic banking ecosystem on a global scale.
“We are pleased to join hands with Dubai Islamic Bank to develop innovative payment products and services
designed specifically for the Islamic banking sector. This collaboration will enable us to provide our Muslim
customers with tailored solutions that align with their values and beliefs.” – said Michael Miebach, Chief
Executive Officer of Mastercard.
The partnership will focus on birthing new offerings in key areas such as digital payment technology, contactless
payments, and e-commerce solutions. Both Mastercard and DIB are committed to empowering Islamic banking customers
worldwide, ensuring they have access to secure, convenient, and ethical financial services.
Islamic banking, which adheres to the principles of Islamic law (‘Shariah’), prohibits the earning or charging of
interest. Consequently, financial products tailored to this market must adhere to strict ethical guidelines. As a
renowned international financial institution, Dubai Islamic Bank possesses vast knowledge of Shariah-compliant
banking practices, making it an ideal partner for Mastercard.
This collaboration between Mastercard and Dubai Islamic Bank comes at a time when the Islamic finance industry is
experiencing rapid growth. According to a report by the Islamic Financial Services Board, the global Islamic finance
market is estimated to reach a value of $3.69 trillion by 2024.
As consumers become increasingly conscious about their financial choices, the partnership’s focus on providing
innovative and responsible Islamic banking solutions is anticipated to create a positive impact and drive further
developments in the industry. Mastercard’s global presence and DIB’s strong position in the Islamic banking sector
ensure that this partnership will significantly contribute to the growth and modernization of Shariah-compliant
financial services.
In the coming years, customers can look forward to Islamic banking solutions that seamlessly integrate with digital
platforms, offering enhanced security features, personalized experiences, and greater convenience. This collaboration
between Mastercard and Dubai Islamic Bank is poised to accelerate the advancement of Islamic finance, providing a
benchmark for future partnerships and industry collaborations.
To stay updated on the latest developments in Mastercard’s partnership with Dubai Islamic Bank, visit the official
Mastercard website or follow them on
Twitter and
LinkedIn.