SFD im­ple­ments new pay­ment pro­cess­ing sys­tem

The Pak Banker - - 6BUSINESS -

The Shar­jah Cen­tral Fi­nance Depart­ment (SFD) on Mon­day an­nounced the im­ple­men­ta­tion of a new and more ef­fi­cient pay­ment pro­cess­ing sys­tem that will ben­e­fit con­trac­tors in the emi­rate as well as ac­cel­er­ate the progress of var­i­ous projects across the re­gion.

The new pay­ment pro­cess­ing sys­tem re­duces the time it takes to process pay­ments in half, and is de­signed to help con­trac­tors and sup­pli­ers save time and meet their obli­ga­tions more quickly. Im­ple­mented un­der the di­rec­tives of His High­ness Dr Shaikh Sul­tan bin Muham­mad Al Qasimi, Mem­ber of the Supreme Coun­cil and Ruler of Shar­jah, the sys­tem speeds up and sim­pli­fies the var­i­ous pay­ment pro­cesses.

The im­ple­men­ta­tion of the new sys­tem was an­nounced dur­ing a press con­fer­ence in Shar­jah that was at­tended by Khal­ifa Al Tu­naiji, mem­ber of the Ex­ec­u­tive Coun­cil of Shar­jah and chair­man of the Di­rec­torate of Hous­ing in Shar­jah; Waleed Al Sayegh, di­rec­tor gen­eral of the Shar­jah Cen­tral Fi­nance Depart­ment, and a num­ber of of­fi­cials and rep­re­sen­ta­tives of con­tract­ing com­pa­nies.

"The role of the SFD is not only to man­age the fi­nan­cial affairs and govern­ment ac­counts in the emi­rate of Shar­jah, but also to ad­vance growth through im­prov­ing govern­ment per­for­mance, up­dat­ing the fi­nan­cial sys­tem, and stream­lin­ing the pro­ce­dures re­lated to ex­pen­di­tures and rev­enues," Waleed Al Sayegh told me­dia at the event.

Ex­plain­ing the de­tails of the new sys­tem, Al Sayegh re­vealed that the Shar­jah Cen­tral Fi­nance Depart­ment will col­lab­o­rate with the Di­rec­torate of Hous­ing to pay the con­trac­tors, who ex­e­cute the projects for the Govern­ment of Shar­jah. The pay­ment pro­cess­ing time will take only 45 days from the date of the pay­ment ap­proval from the con­sul­tant and the rat­i­fi­ca­tion from the on­line Taka­mul pro­gramme.

The new pay­ment sys­tem will also boost com­pet­i­tive­ness among con­trac­tors and en­able them to de­liver the projects ac­cord­ing to sched­ule. It will, also, give mo­men­tum to the emi­rate's de­vel­op­ment ef­forts and at­tract a larger num­ber of lead­ing con­trac­tors to carry out the projects ac­cord­ing to the high­est en­gi­neer­ing and tech­ni­cal lev­els.

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