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28
Dec '15

Sharjah Islamic Bank wins award for the Best Professional Practices in Internal Audit in the UAE

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In recognition of its compliance with the highest international governance standards

Sharjah Islamic Bank wins award for the Best Professional Practices in Internal Audit in the UAE

 

Sharjah, 28thof December, 2015

 

The 5th Chief Audit Executive Conference announced that Sharjah Islamic Bank was the winner of the Best Professional Practices in Internal Audit in the Private Sector, in the “Governance, Risks and Control” Category at the closing ceremony of the Conference, recently held in Dubai. 

 

This award was given in recognition of the outstanding efforts made by the Internal Audit Department in order to excel on an innovative, creative, and excellence level, as well as showing the department's commitment to upkeep the highest global standards in the fields of corporate governance and internal auditing. The award is proof of the department's continuous journey, one that is characterised by excellence and is filled with accomplishments. The department also recently gained a certificate from US.-based Institute of Internal Auditors, celebrating its quality assurance and full commitment to various standards of internal auditing and professional ethics.

 

The award was hotly contested with many institutions from both the private sector competing. Of the seven institutions picked as the competition's finalists, it was the Sharjah Islamic Bank's idea, entitled "Excellence and Creativity in the Internal Audit Department," that received acclaim from the panel of judges and the participants in the conference.

 

On this occasion, Khalaf Abdullah, Head of Internal Audit department,said, "This reward is yet another addition to our record which is full of accomplishments in different fields, including the internal auditing. The members of the board of directors and the executive management spared no efforts in supporting the Internal Audit Department in its mission to comply with the highest international internal audit standards. Winning this award, as well as winning the quality and excellence award from the Institute of Internal Auditors last year, further pushes us to apply and implement globally-acknowledged practices and standards that bring about efficiency and high, professional effectivity. Winning these awards contribute to the establishment of a strong control environment that keeps its balances in check and lowers risks of banking, thus strengthening the trust of customers and interested parties."

 

The idea that was presented by the Sharjah Islamic Bank looks to employ the principles and concepts of factories: five groups and internal work committees have been established, each of which is made up of three employees of the Internal Audit Department. These committees are in constant cooperation to achieve, implement, and observe the strategies of internal auditing. The committees include strategic committees, a research and development committee, an ongoing quality review committee, a periodic quality assessment committee, and a marketing committee.

 

Sharjah Islamic Bank has won many prestigious awards this year, including the Best Interactive Voice Response at the Insights Middle East Call Centre Awards, the annual Mohammed bin Rashid Al Maktoum Business Award in the Financial Services category, the Best Islamic Bank in the Sukuk Structuring category of the Arab Banking Excellence and Achievement Awards, in recognition of its achievements in the Islamic banking sector in the Middle East and the Customer Experience Benchmarking Index Award for Most Improved Online Experience in the UAE

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