Sharjah Islamic Bank (SIB) announced its joining of the ‘haifin’ platform alliance – an initiative formed to accelerate the collective banking sector efforts to improve risk management procedures and reinforce trust in lending practices.
SIB is the fourteenth member on the platform.
The platform is aimed to enhance efforts to combat fraud and continue digital transformation plans in the banking sector.
Hakam Abu Zarour, COO of Sharjah Islamic Bank, said joining the platform alliance aligns with the bank’s commitment to leverage technology to enhance risk management.
“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,” he said.
Zarour said the haifin platform offers innovative collaborative solutions that bridge the gap in commercial financing and enhance trust in lending for the bank’s customers.
Zulqarnain Javaid, the CEO of ‘haifin’ said SIB joining the haifin platform 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.
“Through collaboration and technology, haifin continues to pave the way for a digital future, setting global standards for secure and transparent financial transactions,” he said.
The ‘haifin’ digital trade platform is supported by blockchain technology and artificial intelligence from e& Enterprise fintech, a subsidiary of e&.
The platform 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.
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