Aafaq Islamic Finance and Arab Financial Services team up to support fintech startups


Manama, Kingdom of Bahrain: Aafaq Islamic Finance, a regional provider of Islamic financial products and services, and Arab Financial Services (AFS), the leading provider of digital payment solutions and fintech enabler in the Middle East and Africa, have entered into 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 an integral part of the AFS Regional Partner Program, a program that is committed to providing a platform for new and existing Fintechs to launch, develop and scale their products in the region. This is part of AFS’s continued regional momentum as a leading payments processor and trusted advisor for market expansion to support the payments landscape and provide Fintechs with exponential growth opportunities through new innovative business models.

Rashid Mahboob Al Qubaisi – CEO of Aafaq Islamic Finance – said, “Our partnership with AFS aligns with our commitment to supporting the UAE’s growing fintech ecosystem and improving the inclusive digital business environment. Over the past few years, financial technology and digital services have seen significant growth. We aim to reach a new segment of customers, in order to keep pace with the rapid growth of the market. We are delighted to work with AFS – being one of our trusted partners, to bring innovative products to market”. Qubaisi added, “Through this partnership, we provide a seamless product that demonstrates fully secure and financially sound digital solutions.”

Samer Soliman, Managing Director of AFS, said, “Technology and innovation have become imperative in today’s modern payment system. AFS recognizes the importance of next-age technology and continues to create initiatives and shared platforms that support the development and growth of the fintech ecosystem. In this collaboration, we combine the expertise and knowledge that provides a framework for BIN sponsorship, technology, operation and distribution to all Fintechs and startups in the UAE.

“Aafaq Islamic Finance” is a private joint-stock company established in 2006 as a finance company operating in accordance with the provisions of Islamic Shariah; Based in the emirate of Dubai, it offers a wide range of financing and investment programs compatible with Islamic Shariah; in addition to providing various financial services and products based on the highest levels of quality and efficiency, through its branches located in different regions of the country.

Regulated by the Central Bank of Bahrain and majority owned by Bank ABC, AFS offers many revolutionary end-to-end digital payment services and solutions. These cover debit, credit and Islamic card processing, merchant acquiring, fintech and a suite of industry-leading value-added services. Its dedication to innovation has positioned AFS as a market driving force offering a rich portfolio of payment solutions, including popular digital mobile wallets, market-leading merchant acquiring services, leading digital payroll solution from Bahrain, global contact centers and more. Providing the highest quality payment solutions that businesses trust, AFS has offices and data centers in Bahrain, United Arab Emirates and Oman.


About “Aafaq Islamic Finance”

Aafaq Islamic Finance PJSC was established in 2006 and offers a wide range of high-quality, Sharia-compliant banking products and services to businesses and individuals. It is unique as one of the fully independent finance companies in the UAE. In addition, the “Aafaq Islamic Finance” strategy focuses on exploring opportunities in various business sectors and strives to achieve the highest levels of happiness for its clients, including shareholders, consumers, employees, strategic partners and community members.

“Aafaq Islamic Finance” relies on the strength of its strategic partnerships with the main authorities and institutions of the United Arab Emirates, including the Ministry of Finance, the Ministry of Human Resources and Emiratisation, Dubai Economy, Emartek , Trakhees, First Abu Dhabi Bank, in addition to “Tasheel” and “Amer” and many other business centers and individuals. “Aafaq” provides clients of these bodies and institutions with various services, such as e-dirham, labor guarantees, wage protection system, payment services for Dubai economy, mobilization of Noqodi balances and others, in addition to a wide range of financing solutions and smart payment solutions for businesses and individuals.

To learn more about Aafaq Islamic Finance, please visit the website: http://www.Aafaq.ae

About AFS:

As the brainchild of the banking industry in the MENA region, 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 more than 60 customers in more than 20 countries. Today, we are the region’s leading digital payment solutions provider and a Fintech enabler. Regulated by the Central Bank of Bahrain, our groundbreaking end-to-end payment services and solutions cover card processing, merchant acquiring, Fintech and a suite of state-of-the-art value-added services. Our dedication to innovation has positioned us as a market driving force offering a rich portfolio of payment solutions, including popular digital mobile wallets: bwallet in Bahrain and eFloos in Oman; market-leading merchant acquiring services; Al Rateb, Bahrain’s leading digital payroll solution; global contact centers and more. Providing the highest quality payment solutions trusted by businesses, we have been recognized by Mastercard for the fastest contactless acquiring implementation in Bahrain in 2020, as “Leading Payment Solutions Provider MENA 2021 by International Business Magazine and as “Most Innovative Payment Solution Provider, 2021” by The Global Economic.

To visit www.afs.com.bh for more information and join the conversation at LinkedIn.

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Tony Fara
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