Arab Financial Services and Aafaq Islamic Finance Partner to Support Fintech Startups

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.