Sharjah Islamic Bank Receives J.P. Morgan’s 2025 “Elite Quality Recognition Award”

Sharjah Islamic Bank (SIB) has announced that it has been awarded the 2025 “Elite Quality Recognition Award” by J.P. Morgan, one of the world’s largest and most established financial and investment institutions. The award recognizes the Bank’s exceptional Straight Through Processing (STP) rate of 99.77% for MT103 payments, underscoring the strength of its payments infrastructure and its ability to execute transactions with high levels of reliability, speed, and operational excellence in line with international best practices.

Discussion of Global Payments Developments

HE Ahmed Saad, Deputy CEO of Sharjah Islamic Bank, received the award during a visit by a senior delegation from J.P. Morgan to SIB’s headquarters, in the presence of Hakam Abu Zarour, Chief Operating Officer at SIB. The delegation met with the Bank’s executive management and key leaders responsible for payments and settlement operations.

The J.P. Morgan delegation included Christopher Davey, Executive Director and Head of EMEA Global Clearing Product Specialists; Gurpreet Saluja, Executive Director – FIG Sales; Elena Deeva, Vice President – Global Clearing Product Specialist; and Sachin Jadhav, Client Service Account Manager.

The meeting discussed the latest developments in the global payments sector and explored mechanisms to advance cross-border payment solutions, in addition to reviewing opportunities to enhance collaboration between both parties in line with their future strategic priorities.

Reaffirming Technological Strength and Operational Excellence

On this occasion, HE Ahmed Saad, Deputy CEO of Sharjah Islamic Bank, stated:
"Receiving this global award reaffirms the strength of our technological infrastructure, the expertise of our specialized payments teams, and our continued ability to maintain an exceptional operational performance that matches leading international banking institutions. Achieving an STP rate of 99.77% reflects our commitment to providing fast, secure, and reliable services that enhance customer experience and ensure seamless transaction execution."

He added: "We are proud of our long-standing partnership with J.P. Morgan and look forward to further strengthening our collaboration across global payments and clearing. This supports the Bank’s strategy to deliver innovative banking solutions that contribute to the national economy and reinforce the UAE’s position as a leading regional financial hub."

A Prestigious Global Award Recognizing the Highest Standards

J.P. Morgan has been presenting this prestigious award since 1997 to honor financial institutions that achieve the highest levels of accuracy, efficiency, and quality in their international payment processing. This recognition places Sharjah Islamic Bank among a select group of global banks known for their superior operational performance in cross-border payments.