SIB Signs Agreement With Alawneh Exchange To Strengthen Financial Connectivity Between UAE, Jordan

SHARJAH, (UrduPoint / Pakistan Point News / WAM - 23rd Jul, 2025) Sharjah Islamic Bank (SIB) has announced the signing of 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, in the presence of Hamad Abdullah Al Matroushi, Acting Head of the UAE Embassy in Jordan; Saeed Al Ameri, head of investments, treasury and financial institutions at SIB; representatives from the Central Bank of Jordan; senior executives from both parties; and a select group of professionals from the banking and financial sector.

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 optimise 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.

Commenting on the agreement, Hakam Abu Zarour, COO of Sharjah Islamic Bank, stated, "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."

He added, "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. It also supports our contribution to sustainable development goals and promotes financial inclusion, helping to stimulate economic growth and enhance the regional business environment."

For his part, Ayman Alawneh, CEO of Alawneh Exchange, commented, “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.”

He added, “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.”