SIB signs strategic agreement with 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.
Enhancing Banking Experience and Facilitating Transfers
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.
Driving Innovation in Digital Financial Services
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.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Web Release
2 hours ago
- Web Release
US Investment Bank H.C. Wainwright Reiterates Buy Rating on IHC Portfolio Company, Phoenix Group, with AED 3.00 Target
Phoenix Group PLC (ADX: PHX), an IHC portfolio company and a global leader in blockchain and digital asset infrastructure, has been featured in a new research report from H.C. Wainwright & Co. Independent equity analysts at H.C. Wainwright & Co. have assigned Phoenix Group a Buy rating and AED 3.00 price target, recognizing its evolution beyond mining into high-growth AI and HPC infrastructure. Based on the August 4, 2025, closing price of AED 1.48, the report states an enormous upside potential in excess of 102% for the shares. The positive assessment is underpinned by Phoenix Group's strategic expansion and its forward-looking ambitions in high-growth technology sectors. The report, titled 'Re-Energized Sites and AI/HPC Feasibility Prime Upside; Reit. Buy,' underscores Phoenix Group's strong position for meaningful growth in both the near and long term. The reaffirmed Buy rating is supported by a shift to higher-margin self-mining, expanding operational capacity, and significant digital asset holdings of BTC and Solana in excess of 150 million USD. The analysis highlights Phoenix's diversified strategy, which balances efficient digital asset mining with strategic investment in next-generation sectors such as Artificial Intelligence (AI) and High-Performance Computing (HPC). It also notes the company's ability to attract ongoing capital support amid broader industry trends that favour advanced connectivity and compute infrastructure. With new sites expected to come online, Phoenix is well-positioned to meet growing demand for AI workloads and unlock additional revenue streams. Central to this momentum is Phoenix's established partnership with IHC (IHC: ADX), the Abu Dhabi-based diversified investment firm. As a valued IHC portfolio company, Phoenix leverages shared expertise and resources to scale operations and execute on innovative projects, bolstering its resilience in a dynamic market. 'We are delighted that H.C. Wainwright sees the significant value and enormous potential in our strategy,' said Munaf Ali, CEO and Co-founder of Phoenix Group. 'This report validates our team's hard work to expand our core mining operations efficiently while boldly moving into the AI and HPC space. As an IHC portfolio company, we are committed to driving innovation and delivering superior returns for our shareholders, and this report confirms we are on the right path.'
Gulf Today
4 hours ago
- Gulf Today
US investment Bank H.C. wainwright reiterates buy rating on IHC portfolio company, Phoenix Group, with AED 3.00 Target
Phoenix Group PLC (ADX: PHX), an IHC portfolio company and a global leader in blockchain and digital asset infrastructure, has been featured in a new research report from H.C. Wainwright & Co. Independent equity analysts at H.C. Wainwright & Co. have assigned Phoenix Group a Buy rating and AED 3.00 price target, recognizing its evolution beyond mining into high-growth AI and HPC infrastructure. Based on the August 4, 2025, closing price of AED 1.48, the report states an enormous upside potential in excess of 102% for the shares. The positive assessment is underpinned by Phoenix Group's strategic expansion and its forward-looking ambitions in high-growth technology sectors. The report, titled 'Re-Energized Sites and AI/HPC Feasibility Prime Upside; Reit. Buy,' underscores Phoenix Group's strong position for meaningful growth in both the near and long term. The reaffirmed Buy rating is supported by a shift to higher-margin self-mining, expanding operational capacity, and significant digital asset holdings of BTC and Solana in excess of 150 million USD. The analysis highlights Phoenix's diversified strategy, which balances efficient digital asset mining with strategic investment in next-generation sectors such as Artificial Intelligence (AI) and High-Performance Computing (HPC). It also notes the company's ability to attract ongoing capital support amid broader industry trends that favour advanced connectivity and compute infrastructure. With new sites expected to come online, Phoenix is well-positioned to meet growing demand for AI workloads and unlock additional revenue streams. Central to this momentum is Phoenix's established partnership with IHC (IHC: ADX), the Abu Dhabi-based diversified investment firm. As a valued IHC portfolio company, Phoenix leverages shared expertise and resources to scale operations and execute on innovative projects, bolstering its resilience in a dynamic market. 'We are delighted that H.C. Wainwright sees the significant value and enormous potential in our strategy,' said Munaf Ali, CEO and Co-founder of Phoenix Group. 'This report validates our team's hard work to expand our core mining operations efficiently while boldly moving into the AI and HPC space. As an IHC portfolio company, we are committed to driving innovation and delivering superior returns for our shareholders, and this report confirms we are on the right path.' While the report acknowledges sector-specific risks, including digital asset market volatility, it expresses confidence in Phoenix's strategic trajectory and competitive positioning. Full details of Phoenix Group's Q2 2025 results and the analyst report are available on the company's Investor Relations page. Phoenix Group PLC , an IHC Portfolio Company, is a multi-billion-dollar global technology leader headquartered in Abu Dhabi, UAE. As one of the world's top ten Bitcoin miners, it operates over 500 megawatts across the UAE, U.S., Canada, Oman, and Ethiopia, running the biggest mining farm in MENA. Phoenix Group is the first crypto and blockchain conglomerate in the region to be listed on the Abu Dhabi Securities Exchange (ADX). Media Enquiries: [email protected]
Sharjah 24
6 hours ago
- Sharjah 24
Retirees' Supplementary Grants Committee reviews 42 applications
Approval of 28 Eligible Applications During the meeting, 28 new applications from eligible retirees were approved, after meeting the required eligibility criteria. The total annual cost of these grants amounted to AED 1,123,537.68, and the amounts will be deposited into the beneficiaries' accounts during August 2025. Ongoing Efforts to Support Retirees' Welfare This approval comes as part of the ongoing efforts to develop the social support system for retirees and to enhance their living stability through the provision of supplementary grants that help cover their essential living needs. Commitment to Efficiency and Social Justice The committee continues to carry out its duties through systematic mechanisms that ensure the efficient review of applications and the swift issuance of decisions. This approach reinforces the principle of social justice and aligns with the vision of the Emirate of Sharjah in supporting all segments of society .
