Sharjah: SIB (Sharjah Islamic Bank) has announced its membership in the ‘haifin’ platform alliance, becoming the fourteenth member. This move aims to enhance efforts to combat fraud and advance digital transformation in the banking sector, aligning with the United Arab Emirates’ digital goals. By joining the alliance, SIB is committed to improving risk management and reinforcing trust in lending practices.
The ‘haifin’ platform, supported by blockchain technology and artificial intelligence from e& Enterprise Fintech, enables SIB to increase security, transparency, and efficiency in financial operations. The platform allows real-time verification of commercial financing deals, preventing potential fraud through duplicative transactions.
![Sharjah Islamic Bank Joins 'Haifin' to Enhance Fraud Prevention](https://cdn.emiratitimes.com/wp-content/uploads/2024/05/19211120/Sharjah-Islamic-Bank-Joins-Haifin-to-Enhance-Fraud-Prevention-1.jpg)
Hakam Abu Zarour, COO of Sharjah Islamic Bank, stated, “Joining the haifin platform alliance aligns with our commitment to leverage technology to enhance risk management. We strive to adopt the best technologies to deliver an unparalleled customer experience, essential for the bank’s growth and continuity.”
Abu Zarour also highlighted that SIB’s long and medium-term strategy involves significant investment in new technologies for corporate banking services. This investment aims to provide safe and neutral services, recognizing the increasing threat of fraud in the banking industry. The haifin platform offers innovative solutions that enhance trust in lending and bridge gaps in commercial financing.
![Sharjah Islamic Bank Joins 'Haifin' to Enhance Fraud Prevention](https://cdn.emiratitimes.com/wp-content/uploads/2024/05/19211751/Sharjah-Islamic-Bank-Joins-Haifin-to-Enhance-Fraud-Prevention-2.jpg)
Zulqarnain Javaid, CEO of ‘haifin,’ welcomed SIB to the consortium, emphasizing that their participation will drive meaningful change and digital innovation in the banking sector. He noted that collaboration and technology through haifin are setting global standards for secure and transparent financial transactions.