Manama, Kingdom of Bahrain 06 March 2022:
Arab Financial Services (AFS), the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, and Aafaq Islamic Finance a regional Islamic financial products and services provider, have entered a strategic partnership whereby jointly, AFS and Aafaaq will support aspiring Fintech startups to launch their products and services in the UAE.
The partnership is integral to AFS’s Regional Partner Program, a program committed to providing a platform for new and existing Fintechs to launch, expand and scale their products across the region. This forms part of AFS’s ongoing regional drive as a leading payments processor and trusted advisor for market expansion to support the payments landscape and provide opportunities to Fintechs to grow exponentially through new and innovative business models.
Samer Soliman, AFS Chief Executive Officer, said: “Technology and innovation have become an imperative in today’s modern payments system. AFS recognizes the importance of new-age technology and continues to create shared initiatives and platforms that support the development and growth of the fintech ecosystem. In this collaboration, we are combining expertise and knowledge that provides a framework of BIN sponsorship, Technology, Operation & Distribution to all Fintechs and startups in the UAE.”
Rashid Mahboob Al Qubaisi – CEO of Aafaq Islamic Finance – said: “Our partnership with AFS aligns with our commitment to support the UAE’s growing fintech ecosystem, and enhance the inclusive digital business environment. Over the past years, there has been significant growth in financial technology and digital services. We aim to reach a new segment of customers, in order to keep pace with the rapidly growing market. We are excited to work with AFS – being one of our trusted partners, to bring innovative products to the market”. Qubaisi added: “Through the partnership, we provide a seamless product that demonstrates digital solutions that are fully secure and financially sound.”
Regulated by The Central Bank of Bahrain, and majority-owned by Bank ABC, AFS boasts numerous ground-breaking end-to-end digital payment services and solutions. These span debit, credit, and Islamic card processing, merchant acquiring, fintech, and a suite of state-of-the-art value-added services. Its dedication to innovation has positioned AFS as a driving market force delivering a rich portfolio of payment solutions including popular digital mobile wallets, market-leading merchant acquiring services, Bahrain’s leading digital payroll solution, global contact centers and more. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in Bahrain, the UAE, and Oman.
“Aafaq Islamic Finance” is a
private joint stock company established in 2006 as a financing company
operating in accordance with the provisions of Islamic Sharia ; Headquartered
in the Emirate of Dubai, it offers a wide range of financing and investment
programs that are compatible with Islamic Sharia ; in addition to providing
various financial services and products that are based on the highest levels of
quality and efficiency, through its branches located in different parts of the
country.
About AFS:
As the brainchild of the MENA region’s banking sector, Arab Financial Services (AFS) exists to empower businesses and consumers by exploring, innovating, and investing in superior technologies that help shape the future of financial experiences. A subsidiary of Bank ABC, AFS is owned by 37 banks and financial institutions, and serves over 60 clients in more than 20 countries. Today, we are the region’s leading digital payment solutions provider and Fintech enabler. Regulated by the Central Bank of Bahrain, our ground-breaking, end-to-end payment services and solutions span card processing, Merchant Acquiring, Fintech and a state-of-the-art, value-added services suite. Our dedication to innovation has positioned us as a driving market force delivering a rich portfolio of payment solutions including popular digital mobile wallets: bwallet in Bahrain and eFloos in Oman; market-leading Merchant Acquiring services; Bahrain’s leading digital payroll solution Al Rateb; global Contact Centers and more. Providing the highest quality payments solutions that are trusted by businesses, we have been recognized by Mastercard for the Fastest Contactless Acquiring Implementation in Bahrain in 2020, as the “Leading Payment Solutions Provider MENA 2021” by International Business Magazine and as the “Most Innovative Payment Solutions Provider, 2021” by The Global Economic.
Visit www.afs.com.bh for more information and join the conversation on LinkedIn.
About “Aafaq Islamic Finance”
Aafaq Islamic Finance PJSC was established in the year 2006, and it provides a wide range of high-quality, Sharia-compliant banking products and services to companies and individuals. It is unique as one of the financing companies that enjoys complete independence in the United Arab Emirates. In addition, the “Aafaq Islamic Finance” strategy focuses on exploring opportunities within various business sectors, and works to achieve the highest levels of happiness for its customers, including shareholders, consumers, employees, strategic partners and community members.
“Aafaq Islamic Finance” depends on the strength of its strategic partnerships with the leading authorities and institutions in the United Arab Emirates, including the Ministry of Finance, the Ministry of Human Resources and Emiratisation, Dubai Economy, Emaratek, Trakhees, First Abu Dhabi Bank, in addition to “Tasheel” and “Amer” and many more business centers and individuals. “Aafaq” provides the clients of these bodies and institutions with various services, such as e-dirham, work guarantees, wage protection system, payment services for Dubai Economy, mobilizing Noqodi balances and others, in addition to a wide range of financing solutions and smart payment solutions for companies and individuals.
To learn more about Aafaq Islamic Finance, please visit the website: http://www.Aafaq.ae