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Sharjah Islamic Bank (SIB) honoured at 2nd Cycle of the Mohammed Bin Rashid Al Maktoum Business Innovation Award
The Bank was honoured with the award for attaining excellence in in developing innovative products and processes
Sharjah Islamic Bank (SIB) was declared as a winner at the 2nd Cycle of the Mohammed Bin Rashid Al Maktoum Business Innovation Award held on February 26th, 2019 at Dubai Opera, under the patronage of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai. The Bank was honoured with the award for attaining excellence in developing innovative products and processes.
“We are honoured to receive this award. Winning this award is a testament of our commitment to UAE Vision 2021 and National Innovation Strategy, that aims to transform UAE into a hub for innovative practices,” said HE Mohammed Abdullah, CEO of Sharjah Islamic Bank.
“At SIB, innovation is at the core of our operations. We understand the significance of providing unique experiences to our customers to be able to attract and retain them, thereby contributing to our success story. This uniqueness is expressed through new products and services, process improvements that improve customer experience, reduce costs, and make work easier and faster as well as new marketing tools that engage our customers better. We also know that to foster a culture of innovation, risk taking, as well as supporting research and development are crucial. As such, we link our innovative approaches with several leading organisations that help us achieve our goals,” added HE Mohammed Abdullah.
While SIB continues to raise industry standards with the development of innovative products and processes, the Bank has also enhanced its reputation through investments in technological infrastructure, partnerships with universities, sponsorships and training on education programs related to innovation. In addition, SIB is the first Bank in the world to convert to an Islamic banking model, as well as issue a rated Sukuk in the GCC. The Bank is also the first to issue Islamic Credit card, embrace Samsung Pay, offer ATM services for the blind and the handicapped, link debit card rewards to the treatment of cancer patients and offer zero percent profit facilities to students and pilgrims, making it a robust fit for the award.
With innovation at its heart, SIB also adopts a proactive approach with Information Technology (IT) practices to foster growth and a culture of excellence in the region. The Bank has embarked in pioneering the introduction of latest Robotic Process Automation (RPA) technology to revolutionise the way banking processes are executed, free up resources to engage more with customers, increase throughput and achieve drastic reduction in turnaround times leading to increase customer satisfaction. Through this implementation, SIB is positioned to be a pioneer of this technology, setting a benchmark for others to follow.