Sharjah Islamic Bank joins "Haifin" platform to combat fraud and support digital transformation in banking sector

Dubai, United Arab Emirates, 19 May 2024
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 United Arab Emirates, Sharjah Islamic Bank (SIB) announced its joining of the "haifin" platform alliance, becoming the fourteenth member, demonstrating 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.

Adopting the best technologies to deliver an exceptional customer experience
Hakam Abu Zarour, COO of Sharjah Islamic Bank, said: "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."

Hakam 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."

Making a significant contribution and strengthening our efforts to identify negative actors in the environmental trade finance system
On his part, Zulqarnain Javaid, the CEO of "haifin," said: "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. 

He 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."

Exploring mutually beneficial business opportunities

Sharjah Islamic Bank is assessing areas of cooperation and partnership with (e& Enterprise), stemming from a common scope between both parties as "Etisalat" is the leading company in the field of telecommunications business and services in the UAE, and SIB is the pioneer in transforming its business from a traditional bank to a full-fledged Islamic bank in the world, which embodies the SIB's aspirations to enter into new alliances and explore mutually beneficial business opportunities for both.

It is worth mentioning that since its launch in 2021, the haifin platform quickly succeeded in enhancing its strength and gaining wide recognition, previously known as (UAE Trade Connect), and has recently renamed itself as part of its goals towards expanding the scope of its innovative solutions and global spread outside the UAE.