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Sharjah Islamic Bank joins 'haifin' platform to combat fraud, support digital transformation in banking sector

Sharjah Islamic Bank joins 'haifin' platform to combat fraud, support digital transformation in banking sector
19 May 2024 19:15


In a move to enhance efforts to combat fraud and continue digital transformation plans in the banking sector, aligning with the digital goals of the United Arab Emirates, Sharjah Islamic Bank (SIB) announced its joining of the haifin platform alliance, becoming the fourteenth member, demonstrating its commitment to accelerating the collective banking sector efforts to improve risk management procedures and reinforce trust in lending practices.

By joining the haifin platform alliance, SIB emphasises the importance of mutual cooperation in combating challenges through the haifin" digital trade platform, supported by blockchain technology and artificial intelligence from "e& Enterprise Fintech," a subsidiary of e&, and is steadfastly expanding in adopting innovative practices and working to increase the level of security, transparency, and efficiency in its financial operations by verifying commercial financing deals in real-time and preventing potential fraud through duplicative transactions.

COO of Sharjah Islamic Bank, Hakam Abu Zarour, said, "Joining the haifin platform alliance aligns with our commitment to leverage technology to enhance risk management, as we strive to adopt the best technologies to deliver an unparalleled customer experience, considering it the optimal way to succeed in the bank's growth plans and ensure their continuity."

Abu Zarour, also noted that "As part of our long and medium-term strategy, the SIB invests significantly in acquiring new technologies in banking services for its corporate clients, aiming to provide neutral and safe services, recognizing the escalating pace of fraud threats facing the banking industry. Therefore, the haifin platform offers innovative collaborative solutions that bridge the gap in commercial financing and enhance trust in lending for our customers."

The CEO of haifin, Zulqarnain Javaid, said, "We are thrilled to welcome Sharjah Islamic Bank to the haifin Consortium. Together, we are poised to drive meaningful change and propel digital innovation across the banking sector. They will make a meaningful contribution to the Consortium’s expansion while strengthening the security and transparency of the banking ecosystem by de-risking trade finance and driving digital solutions.

He added that "Through collaboration and technology, haifin continues to pave the way for a digital future, setting global standards for secure and transparent financial transactions."

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