Accuracy is what IBAN means to me...
In compliance with Central Bank of UAE regulations, we are pleased to inform you that Sharjah Islamic Bank has successfully applied the International Bank Account Number (IBAN) for all your Sharjah Islamic Bank accounts, which will be used for all inward and outward remittances from and to the UAE and salary payments through WPS.
What is IBAN and why do I need it?
International Bank Account Number (IBAN) is an international standard for identifying bank accounts (excluding credit cards). The main purpose of IBAN is to facilitate the automatic processing of money transfers, to improve the speed and accuracy of your payment transactions. The Central Bank requires all banks in the UAE to accept and process payment instructions with IBAN. Consequently, you will be required to provide an IBAN for all instructions when making or receiving payments from or to your account.
In case the IBAN is not used, the processing of both Inward and Outward payment in your account is likely to be rejected or may be delayed with additional processing charges as may be prescribed by Central Bank from time to time.
If you have standing orders for effecting payments from your account to beneficiary accounts held in banks within the UAE other than Sharjah Islamic Bank, then you will need to amend the same, by providing the IBAN equivalent for the beneficiary account.