Sharjah Islamic Bank And Alawneh Exchange Sign Strategic Agreement To Enhance Cross-Border Remittance Solutions

Sharjah Islamic Bank (SIB) has entered into a strategic cooperation agreement with Alawneh Exchange, a prominent exchange company in Jordan. This partnership aims to enhance regional collaboration and improve cross-border remittance solutions between Jordan and the UAE. The focus is on making these transactions faster, more secure, efficient, and cost-effective.

The agreement was formalised by Hakam Abu Zarour, COO of Sharjah Islamic Bank, and Ayman Alawneh, CEO of Alawneh Exchange. The signing ceremony was attended by Hamad Abdullah Al Matroushi from the UAE Embassy in Jordan, Saeed Al Ameri from SIB, representatives from the Central Bank of Jordan, and senior executives from both organisations.

This collaboration marks a significant milestone as Alawneh Exchange becomes the first Jordanian exchange company to establish a direct agreement with an Islamic bank in the UAE. This move strengthens Sharjah Islamic Bank's role in promoting financial integration and cross-border cooperation between the GCC and the Levant region.

The partnership aims to streamline capital flow between the two countries for individuals and businesses. It provides smoother transfer channels by opening an AED account at Sharjah Islamic Bank for Alawneh Exchange. This account will facilitate secure settlement of personal and commercial transfers.

Hakam Abu Zarour commented on the agreement: "This agreement reflects SIB’s firm commitment to expanding its network of regional partnerships. It is a strategic milestone aligned with our vision to facilitate capital flows and provide Sharia-compliant financial services to support the growing commercial and financial activities between the UAE and Jordan."

He further stated that this partnership aligns with SIB's strategy to innovate in digital financial services. It aims to accelerate cross-border transactions by offering efficient remittance channels while supporting sustainable development goals and promoting financial inclusion.

Benefits for Clients

Ayman Alawneh expressed pride in signing this agreement with Sharjah Islamic Bank. He noted that it represents a major step forward in expanding regional partnerships and enhancing remittance services between Jordan and the UAE. This collaboration promises faster, safer solutions for individual and corporate clients.

Alawneh added that this agreement builds on efforts to improve remittance systems using Sharjah Islamic Bank's advanced banking infrastructure. He expressed confidence that this partnership will support financial inclusion, facilitate capital movement, benefit national economies, and meet client needs in both countries.

This strategic cooperation agreement signifies a crucial step towards strengthening financial ties between Jordan and the UAE. By simplifying capital flows and enhancing banking experiences, both institutions aim to contribute positively to economic growth in their respective regions.

With inputs from WAM