Sharjah Islamic Bank wins award for internal auditing practices
SIB was selected above six other finalists based on a proposal titled “Excellence and Creativity in the Internal Audit Department." The proposal outlined a structure for internal controls based on a series of overlapping, collaborating committees.
“This reward is yet another addition to our record, which is full of accomplishments in different fields, including the internal auditing," an SIB official said. "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."
Collectively, the proposed committees address strategy, research and development, quality control, quality assessment and marketing.
"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," the official said. "Winning these awards contributes 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."
SIB has also received acknowledgement for its call center, financial services, online presence and overall operation.