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


Manama, Kingdom of Bahrain: Arab Financial Services (AFS), the leading provider of digital payment solutions and fintech enabler in the Middle East and Africa, and Aafaq Islamic Finance, a regional provider of Islamic financial products and services, 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.

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.

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.”

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.

“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.


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 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 as “Best New Payments Solutions for MSMEs Business Bahrain 2022” by Global Business Magazine, “Leading Payments Innovator Bahrain 2021” by World Business Outlook and “Best Payment Solution Provider Bahrain 2021” by Global Banking & Finance Review.

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