Dubai Islamic Bank in Strategic Partnership with Tejari JAGGAER to Enhance Procurement Operations
- Banking, Insurance and Financial Services
- Press Release
Dubai, United Arab Emirates, 14 October 2019: Tejari/JAGGAER, the world’s leading independent spend management company, has announced a three-year partnership with Dubai Islamic Bank to help digitally transform their procurement processes with the JAGGAER ONE spend management platform.
Dubai Islamic Bank is actively working to stay true to its vision of being the most progressive Islamic financial institution in the world and convert its aspirations of being a digitally intelligent bank into reality with a suite of fantastic digitally enabled products and services to unfold in the near future. This partnership is a testament to the innovation that lies in the bank’s DNA and will help achieve greater efficiency and most importantly, savings.
The innovative smart management solution will help DIB lead in automating standard procurement processes and cycle-time reduction.
Commenting on the partnership, Obaid Al Shamsi, Chief Operating Officer of Dubai Islamic Bank, said: “We are very proud of this strategic agreement with Tejari, a leading Spend Management Company and are confident that this tie-up will contribute a great deal in providing efficient and prudent procurement management solutions. Effective management and governance is an integral part of procurement in DIB and digital technology solutions will only enhance this further. We look forward to a solid partnership with Tejari.”
“Tejari/JAGGAER is delighted to be working with an innovative customer like Dubai Islamic Bank, that understands the power of a digital transformation initiative,” said Abdulla Ali Al Janahi, Chairman of the Tejari Board of Directors. “Procurement has become a critical driver for global competitiveness and cutting-edge technology like JAGGAER ONE will help provide visibility, control and governance across all levels of the organization steering strategic decision making and the flow of information”.
Tejari operates as an integral part of the JAGGAER company with an exclusive focus on the Middle East and North Africa, with over 2000 customers connected to a network of 4 million suppliers in 70 countries, served by offices located in the Americas, APAC, Asia and EMEA. JAGGAER offers complete SaaS-based Source to Pay eProcurement solutions with advanced Spend Analytics, Sourcing, Supplier Management, Contract Lifecycle Management, Savings Tracking, and intelligent workflow capabilities all on a single platform, JAGGAER ONE. JAGGAER has pioneered spend solutions for over two decades and continues to lead the innovation curve by listening to customers and stakeholders in all industry sectors, public services and academia. Additionally, JAGGAER holds 37 patents–more than any other spend management company.
About Dubai Islamic Bank
Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the second largest Islamic bank in the world. The Bank currently operates around 70 branches and more than 550 ATMs across the UAE, is present in seven markets worldwide and is expanding its global footprint to further grow and develop the industry. Serving close to 1.9 million customers, DIB offers its growing consumer base an increasing range of innovative Sharia compliant products and services.
In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shari’ah-compliant financial services across a number of markets worldwide. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, as well as the most extensive and innovative portfolio of Alternate Distribution Channels. The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns a nearly 40% stake in the Indonesian bank. Additionally, in May 2017, Dubai Islamic Bank PJSC was given the license by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd.
The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. A clear indication of the bank’s leadership position in the Islamic finance sector, DIB has been named the Best Islamic Bank in the various prestigious ceremonies. Recognizing its outstanding performance amongst the world’s Islamic retail banks, the bank was recently named as the “Strongest Islamic Bank in the World” during the Islamic Retail Banking Awards 2018. Reflective of its leadership in the global Islamic finance industry, DIB has also been recognized with a number of accolades including Banker Middle East Awards, Dubai Service Excellence Scheme, Global Finance, The Banker and Islamic Finance News Awards.
For further information, please contact:
Regional Marketing Manager, MENA
Phone: : +971 (0) 4 360 1300