Sharjah Islamic Bank (SIB) has signed a strategic cooperation agreement with Alawneh Exchange, one of the largest exchange companies in the Hashemite Kingdom of Jordan.
This milestone agreement marks a significant step in enhancing regional partnerships and advancing cross-border remittance solutions between Jordan and the UAE, making them faster, more secure, efficient, and cost-effective.
The agreement was signed by Hakam Abu Zarour, COO of Sharjah Islamic Bank, and Ayman Alawneh, CEO of Alawneh Exchange.
Under this agreement, Alawneh Exchange becomes the first Jordanian exchange company to sign a direct agreement with an Islamic bank in the UAE, reinforcing Sharjah Islamic Bank’s position as a leading institution in driving financial integration and cross-border cooperation.
The partnership positions the Bank as a vital link in strengthening financial and trade connectivity between the GCC and the Levant region.
The agreement aims to simplify and optimize capital flow between the two countries, for both individuals and businesses, by providing smoother and more cost-effective transfer channels, and enhancing the banking experience through the opening of an AED account at Sharjah Islamic Bank on behalf of Alawneh Exchange. This account will enable secure and direct settlement of both personal and commercial transfers.
Hakam Abu Zarour COO – Sharjah Islamic Bank
“This agreement reflects SIB’s firm commitment to expanding its network of regional partnerships. It is a strategic milestone aligned with our vision to facilitate capital flows and provide Sharia-compliant financial services to support the growing commercial and financial activities between the UAE and Jordan. The partnership also aligns with the Bank’s broader strategy to drive innovation in digital financial services and accelerate cross-border transactions by offering more efficient and flexible remittance channels.”
Ayman Alawneh, CEO of Alawneh Exchange, commented that, “We are proud to sign this strategic agreement with Sharjah Islamic Bank, which represents a major step forward in our journey to expand our regional partnerships and enhance remittance services between Jordan and the UAE. This collaboration will allow us to deliver faster, safer, and more efficient solutions to our individual and corporate clients.”
Ayman added that, “The agreement builds upon our ongoing efforts to improve remittance systems and leverage the advanced banking infrastructure offered by Sharjah Islamic Bank. We are confident this partnership will support financial inclusion and facilitate capital movement in a way that benefits the national economy and meets the needs of our clients in both countries.”
