Sharjah Islamic Bank receives the Wachovia Best Bank in UAE Award

Wachovia Bank provides correspondent banking services to a number of financial institutions in the United Arab Emirates. The award, recognising the highest level of accuracy in payment transfers, was given to SIB in recognition of their accurate funds transfer services.

"It is with great pleasure that I present Sharjah Islamic Bank with Wachovia Bank's award recognizing them as the best STP bank in the UAE for 2005. This is the second year running that Sharjah Islamic Bank has won this award which goes to highlight the strength and fluency of their payment services. To achieve such a high level of accuracy in payment execution requires a number of departments such as, operations, IT, communications and customer services to work closely together, "says Mr. Chafic V. Haddad, Vice President and Regional Manager, Wachovia Bank, NA.

"Reduced operational costs, increased efficiency, and the ability to integrate a variety of back- and front-office systems are among the benefits offered by Straight through Payment (STP)", added Mr. Haddad.

"To receive this award again this year is a delight and we are thankful to Wachovia Bank for appreciating the expertise and professionalism of all SIB staff who have contributed to this success. This has been a dedicated team effort with the aim of providing our customers with unsurpassed service and quality. SIB has achieved a reliable and integrated platform for Straight Through Payments,"

says Mr. Ahmed Saad, Chief Operating officer, Sharjah Islamic Bank.

"The banking sector in the UAE is extremely competitive and it is only through delivery of high quality banking services that we are able to differentiate ourselves from the rest in the industry. The Wachovia Award is a testament of the competitive edge of SIB," concludes Mr. Saad.