In a move aimed at strengthening regional financial ties, Sharjah Islamic Bank (SIB) has signed a landmark cooperation agreement with Alawneh Exchange, one of Jordan’s largest exchange companies. The partnership is set to transform cross-border remittance solutions between the UAE and Jordan, making them faster, more secure, efficient, and cost-effective.
The agreement was formalised at a high-profile ceremony attended by Mr. Hakam Abu Zarour, Chief Operating Officer of SIB, and Mr. Ayman Alawneh, CEO of Alawneh Exchange. Also present were H.E. Hamad Abdullah Al Matroushi, Acting Head of the UAE Embassy in Jordan, along with senior officials from both organisations and representatives from the Central Bank of Jordan.
This deal marks a first-of-its-kind arrangement, as Alawneh Exchange becomes the first Jordanian exchange house to directly partner with an Islamic bank in the UAE. The initiative underscores Sharjah Islamic Bank’s growing role in facilitating cross-border financial integration across the Gulf and Levant regions.
Strengthening Financial Connectivity
Under the agreement, a dedicated AED account will be opened at SIB on behalf of Alawneh Exchange. This will streamline the settlement of personal and commercial transfers, enabling both individuals and businesses to benefit from a simplified and enhanced remittance experience.
“This agreement reflects our commitment to expanding our regional partnerships and providing innovative, Sharia-compliant financial solutions,” said Hakam Abu Zarour. “It supports capital flows and enhances financial inclusion while aligning with our mission to support sustainable economic growth.”
He noted that the collaboration is also part of SIB’s wider vision to drive digital transformation and foster financial innovation, particularly in cross-border transactions. The bank aims to improve efficiency and flexibility in remittance channels, leveraging its technological infrastructure.
A Milestone for Remittance Innovation
Alawneh Exchange CEO Ayman Alawneh praised the agreement as a significant achievement in his company’s strategic vision.
“We are proud to collaborate with Sharjah Islamic Bank to improve remittance services between Jordan and the UAE,” he said. “This step will provide enhanced services to our retail and corporate clients while supporting broader economic goals.”
Alawneh also highlighted the role of technology and advanced banking infrastructure in elevating the client experience. “This partnership allows us to utilise SIB’s robust systems to offer faster and safer transactions, contributing to greater financial inclusion and improved capital movement.”
The initiative is expected to bolster trade and financial ties between the two countries, opening the door to further regional cooperation. As both institutions commit to innovation and inclusion, the agreement is seen as a model for modern Islamic banking partnerships in the Middle East.
