Ajman Bank Wins the Best Professional Practices for Internal Audit Award at the 9th International Conference of Audit

Press release
Published December 13th, 2020 - 06:49 GMT
Ajman Bank Wins the Best Professional Practices for Internal Audit Award at the 9th International Conference of Audit
Mr. Mohamed Amiri.
Highlights
Ajman Bank has been declared the winner of the Best Professional Practice Award in the internal audit category of the private sector (Fraud Category).

 

Ajman Bank has been declared the winner of the Best Professional Practice Award in the internal audit category of the private sector (Fraud Category). The announcement was made at the 9th International Conference of Chief Audit Executives held this week under the kind patronage of His Excellency Abdullah bin Touq al-Marri, Minister of Economy of the UAE and organized by the Institute of Internal Auditors. Ajman Bank bagged the coveted award in a closely contested competition pitched against other banks and institutions in the UAE.

Making the announcement, Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, said, “We greatly value the recognition of our efforts to excel in the Governance space through a strategic audit framework. We are proud to win this honor that is yet another addition to our accomplishments and reflects our commitment to comply with the highest global standards in internal auditing. It contributes to strengthening the trust of our associates and customers while keeping pace with stakeholder expectations through risk management in a continuously evolving business environment.”

Mr. Magdi Darwish, Chief Audit Executive at Ajman Bank, stated, “This award is testament to the fact that our professional practice was well received and liked by the jury through coordination, continuous interaction and complete harmony between the three lines of defense of the bank. The adoption of an effective methodology contributed to minimize risk and spread awareness within the bank while building a culture of proactive identification of embezzlement and fraud indicators.”

Mr. Darwish further commented, “Winning this international award was not an easy task. It was a result of adopting the Internal Audit Department of the international audit standards. It was crucial to combine methodology of modern risk-based audit and best professional practices with a clear vision and strategy. This facilitated strategic partnership with the bank’s executive management that in turn contributed to strengthening of the control environment and corporate governance within the bank.”

He also pointed out that the selection of the winner was made by an independent panel of expert juries specialized in Internal Audit, who assessed during the conference all the presented professional practices provided by various banks and institutions and evaluated each practice prior to choosing the winner according to criteria predetermined by them. Mr. Darwish stressed, “It emphasizes with no doubt about the value and importance and professionalism of the internal audit department of Ajman Bank and the trust of officials with audit staff in addition to the continuous and unlimited support for internal audit by the Board of Directors of the Bank and the Executive Management.”

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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