Sharjah Islamic Bank partners with SunTec to manage VAT for its customers
Dubai, United Arab Emirates, 23 January 2018 – SunTec, the leader in revenue management and customer experience orchestration, today, announced its partnership with Sharjah Islamic Bank (SIB), the national bank of the emirate of Sharjah. Through this affiliation, SunTec will facilitate in computing and invoicing of the newly introduced Value Added Tax for SIB in the Gulf region.
HE Mohammed Abdullah, Chief Executive Officer of Sharjah Islamic Bank, said “SIB has always been at the forefront in ensuring compliance with all regulatory bodies and VAT is no exception. We will establish this in accordance with the National imperative, and we are very happy to partner with SunTec ensuring VAT compliance. Through adopting visionary strategies and upholding policies, it is crucial for us to be ready and transparent in the way we tax our customers. I believe Xelerate will help us move forward in this direction.”
Commenting on the win, Amit Dua – President and Global Head, Client Facing Group at SunTec, said, “We are proud to partner with Sharjah Islamic Bank in their journey towards VAT compliance. Xelerate for VAT has been designed specifically to ensure that our clients are proactive, find it convenient to become VAT compliant and carry on with their business operations with least amount of interference to their existing technology infrastructure.”
SunTec’s Xelerate for VAT has been specifically developed for the GCC countries to adhere to the newly added complexity of VAT. It is uniquely designed to be an over-the-top (OTT) solution that will cause minimal disruptions to bank’s existing technology landscape. This ‘out-of-the-box’ pre-configured product will integrate multiple back-end systems and ensure banks’ smooth journey towards VAT compliance.
Agility is the driving force of all digital transformation journeys and SunTec’s Xelerate has been built to deliver the best digital experience which banks can provide to its customers. With this partnership, SunTec will be able to work closer with BIAN and create a standard that will help banks overcome current business challenges around legacy modernization and work in a smarter way to
provide innovative services by putting the customer at the center to build solutions that are open, intelligent and connected.
About Sharjah Islamic Bank
Established in 1975, Sharjah Islamic Bank (SIB) is one of the leading national banks in the UAE with an excellent reputation of embracing ground-breaking initiatives and applying the latest technology systems in the banking sector. It offers modern Sharia’a services in compliance with the highest international standards to its clientele. SIB adopts clear and prudent corporate strategy and policy, particularly in terms of risk management and investment diversification.
At SunTec, we help our clients increase the lifetime value of their customer relationships through effective revenue management and real-time customer experience orchestration. Our low risk digital transformation approach enables clients to own the customer experience by enhancing their value-based engagement. With 100+ clients in 45+ countries, SunTec is a trusted partner of leading organizations across Banking, Financial services, Insurance, Telecom and Travel industries. Headquartered in India, we have operations in USA, UK, Germany, UAE, Singapore and Australia. With a team of highly skilled folks and our highly innovative product development models, we help our clients to always remain at the cutting edge of technology. A stable, mature and flexible product suite, Xelerate is benchmarked regularly for optimum performance. Coupled with insights from our industry experts and a robust future-ready roadmap, Xelerate continues to develop along with the market. Able to seamlessly integrate with any ecosystem, it is one of the fastest products to implement.
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