Sharjah Islamic Bank (SIB) has announced its joining of the ‘haifin’ platform alliance, becoming the fourteenth member, 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 UAE.
This move demonstrates 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 emphasizes 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.
Hakam Abu Zarour, COO of Sharjah Islamic Bank, said that, “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.
On his part, Zulqarnain Javaid, the CEO of haifin, stated that, “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.
Javaid further 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.”
