No hidden fees....we are committed to our customers and take pride in transparency
In compliance with Central Bank of UAE regulations, we are pleased to inform you that Sharjah Islamic Bank has successfully applied the International Bank Account Number (IBAN) for all your Sharjah Islamic Bank accounts, which will be used for all inward and outward remittances from and to the UAE and salary payments through WPS.
International Bank Account Number (IBAN) is an international standard for identifying bank accounts (excluding credit cards). The main purpose of IBAN is to facilitate the automatic processing of money transfers, to improve the speed and accuracy of your payment transactions.
The Central Bank regulation is effective from 19th November 2011, whereby all banks in the UAE are required to accept and process payment instructions with IBAN. Consequently, you will be required to provide an IBAN for all instructions for value date on or after 19th November 2011 when making payment from or receiving payments to your account. Please ensure that the IBAN for your account is communicated to all parties from whom you are expecting a remittance to your account.
In case the IBAN is not used, the processing of both Inward and Outward payment in your account is likely to be rejected or may be delayed with additional processing charges as may be prescribed by Central Bank from time to time.
If you have standing orders for effecting payments from your account to beneficiary accounts held in banks within the UAE other than Sharjah Islamic Bank, then you will need to amend the same, by providing the IBAN equivalent for the beneficiary account.
The IBAN(s) for Sharjah Islamic Bank account(s) has been sent to all our customers via direct mailer.
New Central Bank UAEFTS Purpose code for AED payments (local and international)
In line with UAE Central Bank revised guidelines, UAEFTS Payment purpose codes (transaction codes) are being modified for both local and international payments in AED Currency effective from 30th September 2017