Ajman Bank Awarded Internal Audit Quality Assurance Certification

Press release
Published November 22nd, 2022 - 07:21 GMT
Ajman Bank Awarded Internal Audit  Quality Assurance Certification
During the event
Ajman Bank has been awarded the Quality Assurance Certification for Internal Audit Function by KPMG.

Ajman Bank has been awarded the Quality Assurance Certification for Internal Audit Function by KPMG. This new milestone comes following a rigorous external and independent evaluation of Internal Audit in accordance with the requirements of international standards. These professional practices of internal auditing and code of ethics issued by IIA, USA and mandated by Central Bank of UAE, state that an internal audit activity must obtain an external assessment at least every five years by an independent reviewer. 

‘Full conformance to all international Standards’ was given to Internal Audit Department of Ajman bank by KPMG based on the assessment which was concluded in October 2022.

Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, said, “We are extremely proud of this achievement which has been awarded to us based on the effectiveness, reliability and adequacy of our policies, procedures and processes. Empowering Internal Audit is one of the top priorities of Executive Management as per the directives of the Board. A strong and independent Internal Audit Function at Ajman Bank has enhanced the control environment and governance processes across the bank to mitigate the key risks which contributed to improvement in confidence of all stakeholders.”

Mr. Amiri further stated that Internal Audit Function’s role has recently changed as a strategic partner and trusted advisor in the organization to participate in improving the operations while adding value. 

Mr. Majdi Darwish, Chief Internal Auditor, Ajman Bank, said, “Conformance to all international standards was a big challenge for us. We received this award in line with our vision and strategic plan to be accredited as trusted function in accordance with the directives of the Board Audit Committee and Management support.

Background Information

Ajman Bank

Ajman Bank is a young, agile Islamic commercial bank that provides a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with Shariah principles. Ajman Bank seeks out the market’s best products, people and technology in order to deliver what customers want, how they want it, delivering real value and recreating that human touch lost in modern banking. 

Headquartered in Ajman and strongly supported by its government, Ajman Bank is the keystone of the emirate’s economic development strategy and is in a position to benefit from its growth and potential like no other. Ajman Bank is committed to becoming a sustainable organisation in its truest sense, balancing care for the community and employees with the business of delivering value to its shareholders and customers.

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