Sharjah Islamic Bank partners with Noqodi for digital payment services

Tuesday 30 January 2024 08:30 CET | News

Sharjah Islamic Bank has partnered with Noqodi, a financial technology firm and payment gateway owned by Emaratech Group, to improve its digital payment services. 


The partnership aims to provide SIB's corporate and individual business customers with a broader range of digital payment solutions for fee payments across various services and products. 

According to the official press release, the agreement was signed at SIB headquarters by SIB and Noqodi, 's executives. This collaboration aims to simplify day-to-day commercial operations and provide customers with fast and convenient payment options. Moreover, both organisations are committed to improving financial services for businesses through strategic collaborations.

Sharjah Islamic Bank has partnered with Noqodi, a financial technology firm and payment gateway owned by Emaratech Group, to improve its digital payment services


As per SIB's official statement, this contributes to the continuous support of our customers to facilitate their access to innovative digital solutions and simplify their day-to-day commercial operations. Moreover, in collaboration with companies and platforms with expertise in this field, the bank also aims to provide its customers with a wide array of fast and convenient payment options which allow them to manage and easily track their payments. In response, Noqodi said that the partnership with Sharjah Islamic Bank represents a significant step towards upgrading financial services for businesses in the area.

Sharjah Islamic Bank's developments in digital banking

Sharjah Islamic Bank is keen to provide security in its modern digital banking services based on biometrics technology that allows the possibility of identifying the user through fingerprints or facial recognition. The bank has also developed an interactive model for customers.

Its first step in digital banking was made in September 2021, when it announced the launch of its corporate digital banking services, providing an integrated banking experience. The launch is part of the bank’s efforts to help companies obtain an integrated digital banking experience, allowing them to benefit better and more easily in accessing services, without the need to visit branches, such as completing transactions electronically with multi-step authentication. Thus, by launching new digital services for the corporate sector, the bank has expanded its range of services to provide an integrated digital experience for the bank’s current and future customers via the Internet and mobile phones. 

The corporate digital banking solution introduced many services that can be accessed around the clock, such as current accounts, term deposits, trade finance, documentary credits and guarantees as well as remittances, bill payments, commercial licence updates, salary transfers, approvals, cheque book requests, commercial facilities, and other requests.

Following this upgrade, the SIB has diversified its financing portfolio across various economic sectors. Currently, according to a WAM report, Sharjah Islamic Bank registered robust growth, achieving a 31% surge in net profits in 2023, compared to 2022. Moreover, the net income resulting from financing and investment products witnessed a significant increase of 20%. 

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Keywords: Islamic banking, partnership, digital banking, payments , financial services
Categories: Banking & Fintech
Companies: noqodi, Sharjah Islamic Bank
Countries: Middle East
This article is part of category

Banking & Fintech



Sharjah Islamic Bank

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