Dubai Islamic Bank (DIB) said it has purchased an integrated Anti-Money Laundering and compliance solution from Norkom Technologies, the leading provider of financial crime and compliance solutions for the global financial services industry.

DIB will implement Norkom's sophisticated suite of solutions across its operations in the United Arab Emirates and Pakistan.

This advanced software will enable DIB to monitor and analyse transactions and customer interactions across its entire customer base in order to identify and investigate suspicious and criminal behaviour.

Waheed Rathore, head of Group Compliance at Dubai Islamic Bank, said: 'This initiative demonstrates DIB's commitment to improve its defences against money laundering and terrorist financing.

'It also reflects DIB's belief that sustainable growth can only be achieved by maintaining high standards of regulatory compliance.

'Norkom was a natural selection for us not only for its proven technological and international capability, but its excellent business acumen and approach to cultivating close customer relationships.'

Paul Kerley, Norkom's chief executive officer, said: 'We are delighted to welcome Dubai Islamic Bank as our first Middle Eastern and Islamic banking customer.

'Dubai Islamic Bank selected Norkom after an extensive market review process, which included consultation with existing Norkom clients. Norkom invests as much time and effort in building close relationships with all its customers as it does in developing the best-of-breed financial crime and compliance software solutions.

'This deal represents a significant milestone for Norkom. Having achieved market leadership in Europe, the Middle East is the next logical step towards becoming a truly globalised provider of financial crime and compliance solutions.' - TradeArabia News Service