Sharjah24: Sharjah Islamic Bank has announced its win of the 2025 Quality Recognition award granted by J.P. Morgan, one of the world’s largest and most established financial and investment institutions. The bank achieved an exceptional straight-through processing (STP) rate of 99.77% for MT103 money transfers, reflecting the advanced level of its payments infrastructure and its ability to execute transactions with high reliability, speed and efficiency in line with leading global standards.
Discussing global payments developments
The award was received by 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 attended by Hekam Abu Zaarour, Chief Operating Officer at Sharjah Islamic Bank, alongside the executive management and payments and settlement leaders.
The J.P. Morgan delegation included Christopher Davey, Executive Director and Head of Global Clearing Product Specialists for Europe, the Middle East and Africa; Gurbreet Saluja, Executive Director for Financial Institutions Sales; Elena Diva, Vice President and Global Clearing Product Specialist; and Sachin Jadhav, Customer Service Accounts Manager.
Discussions covered developments in the global payments sector, ways to advance cross-border payment solutions, and opportunities to strengthen collaboration in line with both parties’ future priorities.
Strength of technology and specialised payment teams
Saad said: “Receiving this international award reaffirms the strength of our technological infrastructure and the competence of our specialised payment teams, as well as our continued ability to deliver high-level operational performance that matches the world’s best banking institutions. Achieving an STP rate of 99.77% reflects our commitment to providing fast, secure and reliable services that enhance customer experience and enable them to conduct their transactions with full confidence.”
He added: “We value our long-standing partnership with J.P. Morgan and aim to deepen cooperation in global payments and settlement, supporting the bank’s plans to develop innovative banking services that contribute to the national economy and strengthen the UAE’s position as a leading financial hub.”
A global award for top-performing institutions
J.P. Morgan has presented this award since 1997 to recognise financial institutions that achieve the highest levels of accuracy and efficiency in executing financial transfers, placing Sharjah Islamic Bank among the elite global banks known for high-quality operational performance in international payments.
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