AAFAQ Islamic Finance PJSC and Al Ansari Exchange join forces to elevate customer convenience

Dubai, November 6, 2023

Aafaq Islamic Finance, a leading provider of innovative Islamic financial services and products and Al Ansari Exchange, the largest outward personal remittance and foreign exchange company in the UAE, and a subsidiary of Al Ansari Financial Services PJSC [DFM: ALANSARI], has forged a strategic collaboration with Aafaq Islamic Finance, a prominent provider of Sharia-compliant financial solutions. Together, they aim to enhance customer convenience by offering a range of services.

The agreement was signed by Hisham Hammoud, Chief Executive Officer, Aafaq Islamic Finance and Mohammad Bitar, Deputy CEO of Al Ansari Exchange under the umbrella of The Deals Hub, a Dubai Chambers ‘impact-driven platform that creates an innovative space for global business leaders and investors to announce partnerships and deals during the Dubai Business Forum.

This partnership is designed to offer a user-friendly payment avenue for Aafaq credit card holders. Within the framework of this collaboration, Al Ansari Exchange will extend effortless payment services to Aafaq Islamic Finance credit card users across its extensive network of over 240 branches throughout the UAE. This strategic move aligns with Al Ansari Exchange’s growth strategy, aimed at broadening its service offerings and enhancing accessibility to enhance overall customer satisfaction.

Hisham Hammoud, CEO of Aafaq Islamic Finance said: “This collaboration with Al Ansari Exchange marks a strategic milestone in our pursuit of innovation and an unwavering commitment to putting our customers at the heart of everything we do. At Aafaq, we prioritize customer convenience and satisfaction, and this partnership exemplifies our dedication to delivering cutting-edge, customer-centric financial services. By providing our credit card users with seamless payment options through Al Ansari Exchange, we are reinforcing our position as a leading provider of innovative financial solutions in the region and taking a significant step forward in our journey to redefine industry standards.”

Commenting on this collaboration, Mohammad Bitar, Deputy CEO of Al Ansari Exchange, said: “Our growth strategy places a strong emphasis on partnering with entities that share our vision of delivering convenient and reliable financial services to individuals and businesses alike. The strategic collaboration with Aafaq Islamic Finance is in line with this commitment. We are excited to provide Aafaq’s credit card holders and users with an easy and efficient way to manage their payments and bills, all while delivering exceptional value through our vast network of branches and mobile app.”

Al Ansari Exchange will handle credit card payments on behalf of Aafaq Islamic Finance PJSC and ensure seamless settlement through the UAE Funds Transfer System (UAEFTS). Additionally, customers using this service will not be charged any additional fees, offering a hassle-free payment option and enhancing overall customer satisfaction.