Latest news with #FinancialExcellence
Zawya
14 hours ago
- Business
- Zawya
Moody's upgrades Bank Nizwa to investment grade (Baa3), reflecting robust financial strength and strategic growth
Muscat: In a significant development reflecting Bank Nizwa's – the leading and most trusted Islamic bank in the Sultanate of Oman – strategic and sustainable growth, Moody's Investors Service announced significant upgrades to its long-term foreign and local currency deposit ratings, which have been elevated to an investment grade Baa3 from Ba1 with stable outlook. Concurrently, the bank's Baseline Credit Assessment (BCA) and Adjusted BCA have also seen a robust improvement. These prestigious upgrades reflect Bank Nizwa's unwavering commitment to financial excellence and its strong positioning within the Sultanate's evolving economic landscape. The enhancements directly reflect the positive momentum driven by improved operating conditions, which are continually strengthening the bank's financial performance, including capital buffers. Mr. Khaled Al Kayed, Chief Executive Officer of Bank Nizwa, commented, 'We extend our sincere gratitude to our shareholders, customers, and the official authorities – including the Central Bank of Oman (CBO), Ministry of Finance and Debt Management Office – for their continued support and unwavering commitment to financial discipline and strategic oversight. Their efforts have contributed to creating a conducive environment for the growth and prosperity of financial institutions in the Sultanate of Oman. This rating stands as a testament to Bank Nizwa's operational resilience and reflects the deep confidence placed in us by our shareholders, customers, and partners. It also aligns with the aspirations of Oman Vision 2040, which lays a strong foundation for diversified economic growth, robust fiscal sustainability, and an Islamic finance sector capable of contributing meaningfully to a progressive and resilient future.' He added, 'As the nation's first Islamic bank, we view this upgrade as a strong affirmation of the growing relevance of Sharia-compliant finance as a catalyst for national stability, financial inclusion, and enduring value creation. A rating action of this nature strengthens market sentiment, improves long-term credibility, and enables us to channel Islamic financial solutions toward effectively creating a tangible transformational impact.' The upgrades to Bank Nizwa's deposit ratings and Baseline Credit Assessment (BCA) reflect Moody's positive outlook on the bank's intrinsic financial strength, reaffirming its strong capital adequacy and ample liquidity. These upgrades also underscore the bank's continued ability to achieve its strategic objectives – including the expansion of its Islamic banking operations – while maintaining disciplined cost control and adhering to sustainable growth practices. Bank Nizwa's institutional strength is reflected in the growing confidence of its customers, as the bank continues to expand its services and enhance its offerings and products. Customer deposits remain a fundamental pillar of its funding structure, and the sustainable growth in the deposit base stands as clear indication of the trust placed in the bank by both individuals and businesses. This development also comes at a time when Oman is earning renewed global recognition for its economic reforms and fiscal discipline. Moody's recent upgrade of the Sultanate's sovereign rating to Baa3 underscores the government's efforts to foster stability, diversify the economy, and strengthen the financial sector. These national-level advancements further reinforce Bank Nizwa's ability to operate confidently and contribute meaningfully to the country's long-term goals. Bank Nizwa remains committed to fostering innovation in Sharia-compliant financial solutions and supporting Oman's broader development aspirations. With strong fundamentals and a future-focused strategy, the bank is poised to play a vital role in shaping the next phase of Islamic banking in the region.
Zawya
18-06-2025
- Business
- Zawya
QIB named Qatar's Best Islamic Bank & Best Digital Bank for SMEs by Euromoney
Doha, Qatar – Qatar Islamic Bank (QIB), Qatar's leading digital bank, has been named Qatar's Best Islamic Bank and Qatar's Best Digital Bank for SMEs at the Euromoney Awards for Excellence 2025, reaffirming its market leadership and dedication to delivering innovative, Shari'a compliant digital financial solutions. This recognition from Euromoney, one of the world's most respected financial publications, reflects QIB's exceptional performance, strong market position, and strategic focus on digital transformation within the framework of Islamic banking principles. QIB's sustained investment in technology and innovation, combined with its strong financial performance, has solidified its leader position. For the first quarter ended 31 March 2025, QIB reported a net profit of QAR 985 million, marking a 3.1% increase over the same period last year. The Bank's Total assets reached QAR 212 billion, while the Bank maintained a cost-to-income ratio of 16.6%, the best in the Qatari banking sector. QIB also continued to demonstrate prudent risk management and controls, with a non-performing financing assets ratio of 1.76% which is considered one of the lowest ratios in the banking sector, reflecting the quality of the bank's financing portfolio and effective risk management framework. The financing-to-deposit ratio reached 91.4%, reflecting the bank's strong liquidity position. The award for Best Digital Bank for SMEs highlights QIB's customer centric approach and commitment to enabling Qatar's small and medium-sized enterprises. Through a suite of tailored, Shari'a-compliant digital solutions—including digital onboarding, Corporate Internet Banking, the QIB Corporate App, and co-branded credit cards with Ooredoo—QIB has simplified business banking. The Bank also offers a comprehensive range of payment services such as POS terminals, Payment Gateway, and QIB SoftPOS App, empowering SMEs to manage finances, improve liquidity, and scale sustainably. On this occasion Mr. Bassel Gamal, QIB Group CEO, said: 'We are pleased to receive this recognition from Euromoney, which reflect our unwavering commitment to delivering innovative, Shari'a-compliant financial solutions and supporting Qatar's economic development. These accolades reaffirm QIB's leadership in Islamic banking and underscore the success of our digital transformation strategy. Our focus on empowering SMEs through tailored digital services is a key pillar in fostering sustainable growth and contributing to the country's diversification efforts.' The Euromoney Awards for Excellence were the first of their kind in the financial publishing industry. It remains one of the most prestigious and respected awards in global banking. The awards programme seeks to showcase financial institutions that deliver world-class services to their clients and which are successfully able to adapt to changing market conditions. For more details, please visit
Globe and Mail
27-05-2025
- Business
- Globe and Mail
Invoice Processing Automation Drives Utah Business Growth with IBN Technologies
"Invoice Processing Automation (USA)" Invoice Processing Automation is revolutionizing how Utah businesses manage vendor invoices and payments. By automating manual tasks, companies reduce errors, speed up approvals, and increase financial transparency. IBN Technologies provides customized automation solutions that streamline invoice capture, validation, and approval workflows—helping Utah firms achieve scalable, accurate, and efficient accounts payable processes. Miami, Florida - 27 May, 2025 - Increasing invoice volumes from various suppliers' challenge companies to synchronize billing and payment workflows efficiently. Organizations require flexible solutions that can maintain accuracy and speed amid growing demands. The rise of invoice processing automation provides a powerful means to address these financial complexities. Utah businesses are embracing Financial Excellence by integrating Intelligent Process Automation into their invoice management systems. These technologies automate critical steps in invoice review and authorization, enhancing clarity and consistency while enabling teams to handle increased workloads effectively. Manage Finances with Experts Automation and Connect Today! Get a free consultation: Manual Invoice Handling Issues In Utah, many businesses still face challenges stemming from manual invoice processing. Without automation, teams get bogged down in repetitive tasks that hinder efficiency and increase risks of error. The lack of process visibility makes approvals confusing and payments vulnerable to delays. Time-consuming manual data entry Mistakes like duplicated or lost invoices Delayed approvals impacting payment schedules Limited tracking of invoice progress Insufficient clarity on expenditures and cash flow Problems with audits caused by inconsistent records Different teams using varying procedures Difficulty scaling with rising invoice numbers Some Utah firms have overcome these obstacles by embracing automation. Solutions offered by companies like IBN Technologies help streamline invoice workflows, reduce inaccuracies, and bring better control to financial teams. Improved Accounts Payable Flows Finance teams in Utah are shifting toward digitized invoice handling to meet today's operational expectations. IBN Technologies offers invoice processing automation solutions designed to support consistency, speed, and visibility throughout accounts payable cycles. Media Contact Company Name: IBN Technologies LLC Contact Person: Pradip Email: Send Email Phone: +1-844-644-8440 Address: 66, West Flagler Street Suite 900 City: Miami State: Florida 33130 Country: United States Website:
Globe and Mail
27-05-2025
- Business
- Globe and Mail
Invoice Processing Automation Drives Vendor Payment Innovation as IBN Technologies Supports U.S. Firms
Invoice Processing Automation is reshaping how U.S. companies handle supplier invoices and payments. By automating manual tasks, businesses reduce errors, speed approvals, and improve transparency. Firms like IBN Technologies provide advanced solutions that streamline invoice capture, validation, and workflow management, enhancing financial control and compliance. Automation is now essential for scalable, efficient accounts payable processes. Miami, Florida - 27 May, 2025 - Operations nowadays demand greater speed and accuracy because companies are managing a rising volume of supplier invoices from multiple sources. Coordinating billing across departments, locations, and vendors has become a routine part of financial operations, requiring systems that can keep pace with day-to-day demands. As a result, invoice processing automation is gaining momentum as organizations seek more structured and scalable solutions to handle this complexity. To keep operations running smoothly, organizations across the United States are turning to digital tools that support Financial Excellence with Intelligent Process Automation. These systems are designed to streamline how invoices are received, reviewed, and approved, bringing structure and clarity to accounts payable tasks. With automation, businesses can handle high volumes of invoices more efficiently, maintain consistency across their processes, and stay better organized. As financial teams look for smarter ways to manage daily workloads, automation is becoming a key part of how companies operate behind the scenes. Manage Finances with Experts automation and connect Today! Get a free consultation: Manual Invoice Processing Challenges Many companies in the U.S. still rely on manual invoice handling, and it's creating real problems. Without automation, teams spend too much time on repetitive tasks, which slows down operations and opens the door to mistakes. Keeping track of invoices and approvals can become a confusing, drawn-out process that impacts payment accuracy and vendor relationships. Common Issues Include: Spending too many hours on manual data entry Mistakes like duplicating or lost invoices Slow approvals causing late payments Difficulty knowing where invoices are in the process Lack of clear visibility into spending and cash flow Problems during audits due to messy records Different teams following inconsistent procedures Trouble keeping up when invoice volumes increase Some companies have moved past these struggles by using automated solutions. Firms like IBN Technologies have helped businesses clean up their processes, reduce errors, and get better control—making invoice handling faster, clearer, and easier to manage. Invoice Processing Automation Solutions To address the widespread challenges in manual invoice processing, IBN Technologies offers a comprehensive invoice process automation solution tailored to meet these demands. Their platform streamlines every step of the invoice lifecycle, reducing errors and accelerating workflows. With expertise in automation, IBN helps organizations gain greater control, transparency, and efficiency in managing accounts payable. Automated data captured from invoices using intelligent OCR technology Real-time invoice validation to minimize errors and duplicates Seamless routing for multi-level approval workflows Centralized dashboard for tracking invoice status and payments Integration with existing ERP and accounting systems for smooth data flow Automated exception handling to resolve discrepancies quickly Enhanced audit trails to ensure compliance and transparency Scalable processes designed to handle increasing invoice volumes efficiently Through these solutions, IBN Technologies empowers businesses to streamline invoice processing, improve accuracy, and reduce operational costs—making invoice automation a strategic advantage in today's financial landscape. 'Strong financial operations create workflow stability while giving office teams the precision required to meet vendor timelines and compliance standards,' shared Ajay Mehta, CEO at IBN Technologies. Proven Expertise in Invoice Automation A U.S. government agency responsible for managing natural resources streamlined its financial operations by adopting invoice process automation. This strategic shift enhanced internal workflows and reduced delays in accounts payable. The agency automated 90,000 invoices annually, achieving a 75% reduction in invoice cycle times. Automation improved compliance, increased transparency, and strengthened vendor relationships. These results reaffirm IBN Technologies' ability to deliver high-impact automation that reduces processing friction while enabling better control, cost visibility, and operational performance. Future-Ready Finance Strategy With the increasing adoption of an invoice automation system, organizations are reassessing how financial operations are structured. The focus is shifting from transactional management to strategic process alignment. Businesses now see process automation as a way to create consistency, reduce administrative effort, and support audit readiness across departments. Companies like IBN Technologies provide frameworks that help finance teams meet these expectations without disrupting existing systems. Their solutions are built to improve invoice accuracy, shorten approval cycles, and deliver real-time visibility into payables. As automation capabilities grow, businesses investing in practical, well-supported systems are gaining the confidence to scale operations with improved financial control and compliance. Related Service: AP and AR Automation Services: About IBN Technologies IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive AR efficiency and growth. Media Contact Company Name: IBN Technologies LLC Contact Person: Pradip Email: Send Email Phone: +1 844-644-8440 Address: 66, West Flagler Street Suite 900 City: Miami State: Florida 33130 Country: United States Website:
Zawya
26-05-2025
- Business
- Zawya
MoF receives Sharjah Public Finance Award for excellence in cash management and financial services
Younis Haji AlKhoori: The Sharjah Award for Public Finance is a well-deserved recognition of the Ministry of Finance's efforts in developing the government's financial work system. Abu Dhabi: The Ministry of Finance (MoF) has been honoured with the Sharjah Award for Public Finance, winning the category of 'Institution Distinguished in Cash Management, Sovereign Funds, and Banking Financial Services' at the third edition of the award (2024-2025). This accolade reaffirms the ministry's commitment to institutional excellence and innovation in upgrading its financial system while achieving the highest standards of efficiency in managing public finances. Amna Hassan Al Shamsi, Director of Financial Policies and Government Accounting Standards at the Ministry of Finance, also won second place in the category of 'Outstanding Arab Financial Manager, Outstanding Arab Budget Manager', honouring her significant contributions to developing financial policies and enhancing government performance efficiency. These achievements come in recognition of the Ministry's commitment to delivering efficient financial services and continuously adopting international best practices to improve government financial policies, optimise resource management, and ensure financial sustainability, key pillars supporting the UAE's comprehensive development goals. The award was received on behalf of the Ministry of Finance by Her Excellency Mariam Mohammed Hassan Al Amiri, Assistant Undersecretary of Government Finance Management at the Ministry of Finance. Well-deserved recognition H.E. Younis Haji AlKhoori stated, "This recognition from the Sharjah Award for Public Finance is a testament to the Ministry of Finance's ongoing efforts to enhance the government's financial system. It also reflects the effectiveness of the policies and initiatives we have implemented to promote efficiency, transparency, and sustainability in the management of public finances.' 'Over the past years, we have focused our efforts on strengthening financial legislation, improving spending efficiency, and adopting global best practices in financial planning and budgeting, in coordination with federal entities to drive the UAE's strategic economic and fiscal objectives to the next level," Al AlKhoori said. He added:"We deeply value this honour, which embodies the spirit of teamwork and institutional collaboration within the Ministry. It is also a strong motivation, inspiring us to continue strengthening our capabilities and readiness to respond to worldwide changes, thereby reinforcing the UAE's role as an influential leader in public financial management at the regional and global levels.' Promoting a culture of excellence The Sharjah Award for Public Finance was established in 2016 in collaboration with the Arab Administrative Development Organisation, inspired by the vision of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah. The award aims to promote best practices in public financial management and foster a culture of excellence and quality in government work across the Arab world. Organised by the Sharjah Finance Department, the third edition of the award was announced last August as part of ongoing efforts to encourage government entities, private sector organisations, and individuals to adopt effective and sustainable financial governance practices. The award features 11 categories for individuals and 11 for organisations, aiming to foster competitiveness and promote a culture of excellence across diverse areas of financial management.
