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Sharjah Islamic Bank partners with ‘haifin’ to counter fraud, support digital evolution in banking sector

Mon 20 May 2024    
The Brew News Team | 2 min read

Dubai: In an effort to intensify the fight against fraud and advance digital transformation within the banking sector, Sharjah Islamic Bank (SIB) has joined the “haifin” platform alliance, marking its membership as the fourteenth participant. This move underscores SIB’s dedication to accelerating collective endeavors within the banking sector aimed at refining risk management protocols and bolstering confidence in lending practices, aligning with the digital aspirations of the United Arab Emirates.

By aligning with the “haifin” platform alliance, SIB underscores the significance of collaborative action in addressing challenges through the “haifin” digital trade platform. This platform leverages blockchain technology and artificial intelligence from “e& Enterprise Fintech,” a subsidiary of e&, to enhance security, transparency, and efficiency in financial operations. SIB is committed to adopting innovative strategies, including real-time verification of commercial financing deals and the prevention of potential fraud through duplicate transactions.

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.”

Abu Zarour, also noted: “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.”

On his part, Zulqarnain Javaid, the CEO of “haifin,” stated: “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, “Through collaboration and technology, haifin continues to pave the way for a digital future, setting global standards for secure and transparent financial transactions.”

Also read: Sharjah Airport welcomes over 4.2 million passengers in first quarter of 2024

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