Sharjah Islamic Bank (SIB) has announced that it has received the 2025 Quality Recognition Award from J.P. Morgan, one of the world’s largest and most reputable financial and investment institutions. The award highlights SIB’s outstanding straight-through processing (STP) performance, with the bank achieving an impressive 99.77% STP rate for MT103 money transfers. This achievement reflects the strength of SIB’s payments infrastructure and its ability to deliver fast, accurate and reliable transactions in line with global standards.
The award was presented to Ahmed Saad, Deputy CEO of Sharjah Islamic Bank, during a visit by a high-level delegation from J.P. Morgan to the bank’s headquarters. The meeting was also attended by Hekam Abu Zaarour, Chief Operating Officer at SIB, along with members of the executive management and the bank’s payments and settlement teams. The J.P. Morgan delegation included Christopher Davey, Executive Director and Head of Global Clearing Product Specialists for EMEA; Gurbreet Saluja, Executive Director for Financial Institutions Sales; Elena Diva, Vice President and Global Clearing Product Specialist; and Sachin Jadhav, Customer Service Accounts Manager.
During the meeting, both parties discussed recent developments in the global payments sector and explored ways to advance cross-border payment solutions. They also addressed potential opportunities to strengthen collaboration in areas that align with the future priorities of both institutions.
Commenting on the recognition, Ahmed Saad said that receiving the award reaffirms the strength of SIB’s technological infrastructure and the expertise of its specialised payment teams. He emphasised that achieving a 99.77% STP rate demonstrates the bank’s commitment to providing fast, secure and reliable services that enhance the customer experience and build confidence in every transaction. Saad also highlighted the bank’s long-standing partnership with J.P. Morgan and expressed SIB’s commitment to further strengthening cooperation in global payments and settlement. This, he stated, supports the bank’s efforts to develop innovative banking services, contribute to the national economy and reinforce the UAE’s position as a leading financial hub.
Since 1997, J.P. Morgan has presented its Quality Recognition Awards to financial institutions that demonstrate exceptional accuracy and efficiency in processing international transfers. By earning this recognition, Sharjah Islamic Bank joins a select group of global banks known for delivering high-quality operational performance in international payments.