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Sharjah Islamic Bank Completes Integrated Connectivity Through Buna Platform
(25 October 2023)


The Sharjah Islamic Bank (SIB) announced the completion of the integration process for its financial and banking operations in the field of payments with the Arab Regional Payments Clearing and Settlement Organization (Buna), a centralised cross-border payment system owned by the Arab Monetary Fund.

Hakam Abu Zarour, COO of Sharjah Islamic Bank, said: "We at SIB, are committed to actively contributing to the establishment of a strong digital economy within the UAE and supporting its financial strategies. The achievement of integration with the Buna platform represents a new milestone on our path to enhancing our efforts in meeting the needs of our individual and corporate customers and fulfilling their financial ambitions through our integrated system of services and products, providing an exceptional customer experience, expanding the scope of payment and settlement solutions utilizing the latest digital solutions and capabilities”.

Hakam emphasized that the integration with the platform will enable the SIB's customers to send and receive international payments and transfer their funds in various Arab and international currencies, easily, quickly, and securely. This can be done by utilizing the platform as a regional payment system provided by the clearing and settlement services for financial and investment inter-Arab across Arab countries and the world. He also mentioned that the service will be cost-effective and will adhere to the highest standards and conditions of information security, data protection, and privacy.

Mehdi Manaa, Chief Executive Officer of Buna, stated: "We are pleased to welcome Sharjah Islamic Bank to Buna's network of participants. We look forward to continuing the collaboration with Sharjah Islamic Bank to develop efficient cross-border payment solutions that facilitate international trade and ensures a seamless experience to the users. This achievement contributes to our continuous efforts to enhance cross-border payments in the Arab region and beyond, fostering stronger economic and commercial ties. "

He added: “On this occasion, I would also like to thank the Central Bank of the UAE for its ongoing support to Buna.”
Sharjah Islamic Bank has made a remarkable stride in digital transformation, enabling it to launch many smart banking services through its website and its smart apps. In addition to providing qualitative solutions to its corporate clients, helping individual and corporate clients to conduct transactions remotely without the need to visit branches.

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