Sharjah Islamic Bank (SIB) has received the Wells Fargo Operational Excellence Award 2018-2019. The award is granted for banks that achieve over 95 per cent straight through processing (STP) rate of their payments through Wells Fargo money transfer systems.

Winners of the Operational Excellence Awards were judged based on several criteria’s. SIB as an entity was acknowledged for consistently demonstrating improvement in the quality of their operational service levels in their payments, which resulted in an outstanding STP rate of 98.7 per cent and very low inquiry ratio throughout the year.

SIB is the only bank in the UAE this year to win this award, which recognizes its superior transaction processing quality. In recognition of their accomplishments, a certificate of honor was presented to the bank’s Deputy CEO, Ahmed Saad, by Wells Fargo, at SIB’s head office.

In the award letter, Wells Fargo said “We are pleased to provide Sharjah Islamic Bank with the Wells Fargo Operational Excellence award. Recipients of this award have demonstrated superior transaction processing quality resulting in higher efficiencies, cost reduction, and most importantly, honored commitments to operational excellence to their own customers. This award recognizes your exceptional dedication to excellence to serving the needs of your customers”.

Commenting on their win, Ahmed Saad said, “This award highlights our commitment towards achieving excellence whilst catering to the diverse needs of our customers.”

“The world of international payments continues to be more complex with the challenges faced in relation to compliance, regulations and changing technologies, while our goal has always been to provide quality services and solutions to our customers, by adopting the latest strategies and policies. Over the years the bank has successfully diversified the offerings to its customers through broad range of Sharia-compliant retail, corporate and investment products and services, that emulate international standards of banking,” he added.