Dubai Department of Economic Development (DED) and Dubai Islamic Bank (DIB) have signed a co-operation agreement to facilitate electronic payment of new trade licenses fees, as well as renewed and amended licenses through DIB's branches in Dubai.

The initiative is part of DED and DIB efforts to enhance productivity and save time and efforts for investors. As per the agreement, Dubai Islamic Bank will provide DED with electronic systems services to facilitate the review of banking settlement and also present a weekly detailed report covering all transactions and procedures that took place during the preceding week.

Sami Al Qamzi, director general of DED, said: “We are pleased to sign the agreement with Dubai Islamic Bank, which will contribute in enhancing the level of services provided to customers and enable them to process their documents electronically without having to visit DED offices.”

Abdulla Al Hamli, CEO of Dubai Islamic Bank, said: “Through our line of innovative electronic banking services, we are pleased to offer a convenient payment solution to entrepreneurs and investors seeking to establish their businesses here. We are confident that our electronic payment services will further add to the ease of doing business in Dubai. We encourage investors and customers to benefit from this service.”