The shearlet transform is a recent sibling in the family of geometric image representations that provides a traditional multiresolution analysis combined with a multidirectional analysis. In this paper, we present a fast DFT-based analysis and synthesis scheme for the 2D discrete shearlet transform. Our scheme conforms to the continuous shearlet theory to high extent, provides perfect numerical reconstruction (up to floating point rounding errors) in a non-iterative scheme and is highly suitable for parallel implementation (e.g. FPGA, GPU). We show that our discrete shearlet representation is also a tight frame and the redundancy factor of the transform is around 2.6, independent of the number of analysis directions. Experimental denoising results indicate that the transform performs the same or even better than several related multiresolution transforms, while having a significantly lower redundancy factor.