Sharjah Islamic Bank wins the ‘Best Professional Practices Award for Internal Audit in the Private Sector’ for the 2nd consecutive year

Sharjah Islamic Bank was presented the ‘Best Professional Practices in Internal Audit in the Private Sector’ award under the “Governance, Risks and Control” Category. At the closing ceremony of the 6^th Chief Audit Executive Conference in Abu Dhabi,

This award was given in recognition of the outstanding efforts made by the Internal Audit Department to excel on an innovative and creative level, as well as showcasing the department's commitment to meeting the highest global standards in the fields of corporate governance and internal auditing.

On this occasion, Khalaf Abdullah, Head of Internal Audit department at the Sharjah Islamic Bank, said, "This reward, which we have received for the second consecutive year, is yet another addition to our record, which is full of accomplishments in different fields, including creativity in internal auditing. The members of the board of directors and the executive management have spared no effort in supporting the Internal Audit Department in its mission to comply with the highest international internal audit standards.

He added: “Winning this award for two consecutive years – as well as winning the quality and excellence award from the Institute of Internal Auditors – further pushes us to apply and implement globally-acknowledged practices and standards that bring about professional efficiency. Winning these awards contributes to the establishment of a strong, stable environment that keeps its balances in check and lowers risks of banking, thus strengthening the trust of customers and interested parties."

Khalaf Abdullah clarified: “The idea presented by SIB was based on adopting the management methodology derived from the aviation industry in performing tasks, conducting character analysis for internal auditors and designing development programs to improve productivity. These efforts are aimed at meeting strategic goals, as there is only one common goal: safety. It is the safety of passengers in the aviation industry, while in the banking industry, it is the safety of all stakeholders such as the board of directors, shareholders and clients through governance, risk management and compliance.” 

The award proves department's continuous journey, one that is characterised by excellence and is filled with accomplishments. The department also recently gained a certificate from the US-based Institute of Internal Auditors, celebrating its quality assurance and full commitment to various standards of internal auditing and professional ethics. The SIB’s Internal Audit Department is one of the selected few departments in the world to get this certificate from the institute.

There was great competition for the award, with many banks from both the private sector and semi-government institutions. Out of the three finalists, it was SIB’s idea of "Adopting Aviation Industry Management Methodology in the Internal Audit" that received acclaim from the panel of judges and the participants in the conference.

Sharjah Islamic Bank has won many prestigious awards in the last few years, including the Sheikh Khalifa Excellence Award, Dubai Quality Award, Sheikh Mohammed bin Rashid Al Maktoum Business Award, Dubai Human Development Award, Sharjah Economic Excellence Award, Best Islamic Bank in Sukuk Structuring, World Finance Award for Best Islamic Bank in the UAE 2016 and many more local, regional and international awards.