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 Groups 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.
