Warba Receives Accreditation for Internal Audit Quality in Line with International Standards in External Assessment

Worqa Bank announced that its Internal Audit Group received a “Generally Conforms” rating in the independent external quality assessment of internal audit quality, in accordance with the International Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors (IIA). The assessment was conducted independently by Grant Thornton Consulting.

This rating is among the leading global indicators measuring the extent to which internal audit departments adhere to best professional practices. It is awarded only to entities that demonstrate comprehensive compliance with international standards, reflecting the efficiency of the internal audit system and the effectiveness of its role in supporting corporate governance, risk management, and internal controls.

This achievement adds to Worqa Bank’s distinguished record of institutional accomplishments and underscores the bank’s continuous commitment to applying the highest global standards across all its operations, thereby reinforcing its position as an emerging Islamic financial institution that places quality, transparency, and compliance at the core of its strategy.

A Firm Commitment

This achievement is the result of the strong support provided by the Board of Directors, the Audit Committee, and the executive management to the internal audit system, by providing an institutional environment that enables it to perform its role independently and professionally. This contributes to enhancing the efficiency of internal controls and consolidating governance principles.

Professional and Regulatory Confidence

This assessment demonstrates the level of institutional maturity achieved by Worqa Bank’s Internal Audit Department, reflecting the confidence it enjoys among global professional accreditation bodies and its ability to keep pace with continuous developments in the internal audit profession. This is achieved by adopting the latest methodologies and tools aligned with international standards.

The assessment also confirms the department’s success in strengthening the role of internal audit as a strategic partner in protecting the bank’s assets, supporting business sustainability, and contributing to the achievement of strategic objectives. This reinforces a culture of compliance, transparency, and risk management across all levels.

In this context, Hanan Ghanem Hamada, Head of the Internal Audit Group at Worqa Bank, stated: “We are proud that the Internal Audit Group at Worqa Bank has received a ‘Generally Conforms’ rating. This achievement is one of the pillars of the bank’s ongoing commitment to applying the best global standards and professional practices.”

Hamada added: “This rating reflects the increased institutional maturity and high professionalism resulting from the continuous support received by the Internal Audit Department from the Board of Directors, the Audit Committee, and executive management. It also reflects their belief in the vital role the department plays in enhancing governance, transparency, and risk management, thereby delivering added value to the bank and supporting its business sustainability.”

Hamada explained that this achievement serves as a cornerstone and a driving force for continuing the journey of development, stating: “We believe that institutional excellence is a continuous process. Therefore, we will continue to invest in developing our workforce, updating audit methodologies and tools, and leveraging the latest global practices. This will enhance the supervisory and advisory role of the Internal Audit Department, support the achievement of the bank’s strategic objectives, and meet the expectations of all stakeholders.”

Worqa Bank emphasized that this achievement is part of an integrated strategy aimed at consolidating a culture of quality and institutional excellence, and elevating the corporate governance and internal control system, in line with the bank’s future aspirations. It also strengthens the confidence of customers, investors, and regulatory authorities.