NEWS
IBS Journal February 2018
13
Sharjah Islamic Bank unveils ATM for visually impaired customers
U
AE-based Sharjah Islamic Bank has unveiled a new ATM service designed around meeting the needs of disabled and visually impaired customers.
The ATM will allow users to take control of banking operations. It uses audio guidance, braille stickers and headphones to enable the visually impaired to navigate its interface without assistance.
The ATM is also available for use by able-bodied users, and offers both sets of customers the ability to perform cash withdrawals, balance enquiries, print mini statements and change PIN codes.
Launched at the Sharjah City for Humanitarian Services (SCHS) building, the unveiling was attended by Sheikha Jameela Bint Mohammed Al Qasimi, director general of SCHS, and Mohammed Abdullah, CEO at Sharjah Islamic Bank.
“This initiative is part of our efforts with the SCHS to help people with disabilities and provide them with the supportive technology that enhances their independence and financial empowerment and help them to integrate into the community,” said Abdullah.
“It is our pride that we are the first financial institution in the Middle East to launch such an ATM that serves two categories of disabilities, namely visually impaired people and wheelchair users, alike.”
Sharjah: meeting the ATM needs of visually impaired people
Sharjah Islamic Bank has a history in ability-focused ATMs. It was the first bank in the Middle East to launch ATMs for wheelchair users, available at the Al Thiqah Club for Handicapped.
“Sharjah Islamic Bank has been leading the way in providing training and recruitment for people with disabilities and special ATMs for wheelchair users for more than 10 years,” said Al Qasimi. “Now, they are providing banking facilities to visually impaired people to enable them take control of their financial needs without the need for help.”
Global sukuk issuance expected to struggle in 2018 after highs of 2017
G
lobal sukuk issuance is expected to drop by 28% in 2018 due to tighter liquidity, mounting geopolitical risks and hurdles when it comes to standardisation, according to S&P’s Global
Sukuk Market Outlook.
Sukuk refers to a type of bond that follows Islamic law, which prohibits any type of excess rates or interest added on top. Unlike conventional bonds, sukuk assets generate revenue for both the holder and the investor.
Although the number of bonds of this type issued went up by 45% year-on-year in 2017, to $97.9 billion, things look different for the new year. 2017 hit record numbers since 2014, boosted by Saudi Arabia’s $9 billion inaugural sukuk in April and other GCC sovereign issuances.
However, tighter global liquidity due to US interest rate rises and slowdown of the number of assets purchased by the European Central Bank, alongside geopolitical concern over the Middle East, will bring sukuk issuances to $70-90 billion in 2018.
“Overall, we think that the cost of funding for issuers will rise and that liquidity from developed markets channelled to the sukuk market will reduce or become more expensive,” S&P commented. The tensions between Qatar and its neighbours, coupled with “the animosity between Iran and the GCC countries” may be deterring factors for US and European investors.
Saudi Arabia alone reduced its debt issuance for 2018 to $31 billion (117 billion riyals), from nearly $36 billion last year.
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