Ajman Bank has been declared the winner of the Best Professional Practice Award in the internal audit category of the private sector (Fraud Category). The announcement was made at the 9th International Conference of Chief Audit Executives held this week under the kind patronage of His Excellency Abdullah bin Touq al-Marri, Minister of Economy of the UAE and organized by the Institute of Internal Auditors. Ajman Bank bagged the coveted award in a closely contested competition pitched against other banks and institutions in the UAE.
Making the announcement, Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, said, “We greatly value the recognition of our efforts to excel in the Governance space through a strategic audit framework. We are proud to win this honor that is yet another addition to our accomplishments and reflects our commitment to comply with the highest global standards in internal auditing. It contributes to strengthening the trust of our associates and customers while keeping pace with stakeholder expectations through risk management in a continuously evolving business environment.”
Mr. Magdi Darwish, Chief Audit Executive at Ajman Bank, stated, “This award is testament to the fact that our professional practice was well received and liked by the jury through coordination, continuous interaction and complete harmony between the three lines of defense of the bank. The adoption of an effective methodology contributed to minimize risk and spread awareness within the bank while building a culture of proactive identification of embezzlement and fraud indicators.”
Mr. Darwish further commented, “Winning this international award was not an easy task. It was a result of adopting the Internal Audit Department of the international audit standards. It was crucial to combine methodology of modern risk-based audit and best professional practices with a clear vision and strategy. This facilitated strategic partnership with the bank’s executive management that in turn contributed to strengthening of the control environment and corporate governance within the bank.”
He also pointed out that the selection of the winner was made by an independent panel of expert juries specialized in Internal Audit, who assessed during the conference all the presented professional practices provided by various banks and institutions and evaluated each practice prior to choosing the winner according to criteria predetermined by them. Mr. Darwish stressed, “It emphasizes with no doubt about the value and importance and professionalism of the internal audit department of Ajman Bank and the trust of officials with audit staff in addition to the continuous and unlimited support for internal audit by the Board of Directors of the Bank and the Executive Management.”
About Ajman Bank:
Ajman Bank is an Islamic bank with an ambitious vision based on values of integrity, trust and transparency seeks to provide a wide range of Sharia-compliant and high-quality banking services to customers from individuals, companies and government institutions across the UAE. It is also keen to be updated with the latest technology that will ensure customers a distinctive experimental banking with the revival of human touch that is lost in the modern era of banking application.
Ajman Bank is headquartered in Ajman and enjoys the strong support of the Government of Ajman and is a key pillar in the emirate’s economic development strategy. The bank continues its tireless efforts to establish a prominent position in the banking sector as a sustainable Islamic banking institution, with an emphasis on the need to achieve an optimal balance in the community and caring staff, in order to provide real value for shareholders and customers alike.