Dubai Islamic Bank wins JP Morgan Chase Quality Award

Mr. Butti Khalifah bin Darwish, Chief Executive Officer Dubai Islamic Bank received the award on behalf of DIB from Mr. Chris Meritzis, Senior Country Officer and Treasury Services Area Manager for Middle East, Central and Eastern Europe and Africa, JP Morgan Chase Bank, at a special event organised at the bank. The award ceremony was attended by top executives and officials from both DIB and JP Morgan Chase Bank.

"We are extremely happy and honoured to receive this prestigious award from JP Morgan Chase Bank," said Mr. Butti bin Darwish. "Dubai Islamic Bank has always striven for quality and believes in working on continuously developing its services in order to facilitate the customer at every step. We do this through special focus on our internal operations and processes at the bank," he added.

The JP Morgan Chase Quality Award is an annual award given by the bank to high quality institutions among its clients base, that have achieved high operational efficiency in fund transfers. Award winners comprised less than one per cent last year of the 30,000 banks and financial institutions that form JP Morgan's clients worldwide.

"Recognising a quality operation is an affirmation of the high standards and excellence attained by operation management and their staff in the institution," said Mr. Meritzis, as he presented the award to Mr. Butti bin Darwish. "For the past ten years JP Morgan Chase has awarded Service Excellence Recognition awards to those institutional and corporate clients who achieve a specific level of operating excellence. It is our objective to recognise the best operations and keep the criteria high," he added.

"JP Morgan Chase and Dubai Islamic Bank have worked together over the past seven years to build up a significant working relationship," said Mr. Meritzis. "We have often worked together to organise joint training seminars and workshops. This award has been given to DIB as a result of the dedicated effort on the part of the bank, in modernising and upgrading its Central Operations department," he added.

JP Morgan Chase Bank has defined specific standards with relevance to the transfer of funds in US dollars, the quality of Swift fund transfers, the knowledge and experience in the area and the processing of payment, which need to be fulfilled by banks and corporate institutions in order to qualify for the award.

"This award for JP Morgan Chase is extremely prestigious because of the strict standards employed by the bank in evaluating procedures," said Mr. Mohammed Amiri Vice President for Central Operations, DIB. "The main criterion for evaluation states that the percentage of Straight Through Rate (no operator interference) of US dollar transfers should be more than 94 per cent and DIB has more than exceeded the required rate," he added.