SFD implements new payment processing system
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.