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Sharjah / Emirates Business
Sharjah Islamic Bank (SIB), voted “Best Islamic Bank in the UAE†at the World Finance Awards 2016, has has announced that more honours have been bestowed as it has received the “First Successful Data Submission Award†from Al Etihad Credit Bureau (AECB).
AECB provides world-class services on creditors to help financial institutions and credit providers make quicker and more accurate credit decisions. The result being that better risk management practices are observed and better debt management, for consumers, is provided.
In a highly attended award ceremony, held on June 13, SIB was recognized among selected UAE-based banks for the successful implementation of AECB processes.
Mohamed Abdalla, Chief Executive Officer at SIB said: “Shajah Islamic Bank has been involved with the AECB, since the initiation of this project. As one of the 12 member banks nominated for the working group, we were given specific responsibilities to focus and agree upon final data requirements and report layouts. We are proud to say that SIB was able to accomplish this successfullyâ€.
Key responsibilities of the working Group was to identify data to be supplied to AECB and to present identity data in a way that it could be matched, along with common data standards and definitions covering various customers’ accounts, contracts, and financial institutions. The project began with the submission of data information by SIB, mandated by Federal Law No. 6, for Retail and Corporate Customers.