Sharjah Islamic Bank (SIB) has announced that it has won the Straight Through Processing (STP) Excellence Award for the second time, granted by Wells Fargo. This award is given to banks with the best capabilities in automatic and direct processing of foreign payments and transfers from customer accounts in US dollars without the need for external manual intervention.

The announcement was made during the ceremony held at Sharjah Islamic Bank Head Quarters where HE Ahmed Saad, DCEO of Sharjah Islamic Bank (SIB), received the certificate of appreciation from MsMaha Salem, Head Middle East, Turkey & Africa, Global Treasury Management, Banks, in the presence of Mr. Hakam Abu Zarour, COO of Sharjah Islamic Bank and Operation Team.

Affirming Leadership in Banking Services

In this regard, HE Ahmed Saad, DCEO of Sharjah Islamic Bank (SIB), stated, “Sharjah Islamic Bank continues to affirm its advanced position in the integrated banking services sector and its ongoing leadership by committing to adopting and using the best technological innovations. This ensures the provision of these financial services smoothly and efficiently for the benefit of our institutional and individual clients, in partnership and cooperation with other banks and electronically connected financial institutions.”

Enhancing Customer Trust

He pointed out that Wells Fargo awarding this prestigious annual prize to Sharjah Islamic Bank for the second time reflects a credible acknowledgment of its advanced performance in straight-through processing for payments and the execution of commercial and financial banking transactions in US dollars specifically, alongside other major currencies. This guarantees that customers enjoy a safe, easy, and high-quality banking experience free from any data or procedural errors.

Maha Salem, Head Middle East, Turkey & Africa, Global Treasury Management, Banks, stated: “This award honors those top customers who have consistently demonstrated significant improvements in the quality of operational service levels within the global payments community, showcasing superior transaction processing capabilities. Sharjah Islamic Bank has been recognized for its exceptional transaction processing quality and unwavering commitment to operational excellence, with a particular focus on high Straight Through Processing (STP). This results in greater efficiencies and cost reductions. Only a select few clients in the region achieved the outstanding level of performance necessary to earn this award during the relevant period, and SIB is among them.”

Operational Efficiency and Robust Technical Infrastructure

Sharjah Islamic Bank has successfully made significant strides in enhancing its operational efficiency, strengthening its institutional capabilities, and reinforcing its IT infrastructure. These efforts aim to maintain the highest standards and performance levels associated with interbank financial transactions, facilitating their completion and execution at all payment stages automatically and through innovative electronic channels. This approach saves customers considerable time and effort while minimizing banking risks.

It is worth mentioning that SIB has achieved a success rate of 99.2% in executing accurate transfers and straight-through processing of foreign payments, which qualified it deservedly to win this important banking award.