Aafaq Islamic Finance, a premier provider of Shariah-compliant financial services, and Network International, a leading facilitator of digital commerce in the Middle East and Africa (MEA), have announced a partnership aimed at bolstering Aafaq’s digital transformation.
Aafaq Islamic Finance has taken the lead in the Islamic financial industry, providing high-quality, Shariah-compliant banking products and services to both individuals and companies since 2006. Network International, on the other hand, is the enabler of digital commerce in the MEA region, providing a myriad of cutting-edge digital solutions.
The partnership is aimed at satisfying the increased consumer demand for seamless digital experiences in the financial services sector. Network International will assist Aafaq Islamic Finance in its endeavour to become a leading digital player in the Islamic finance market.
Network International will support Aafaq by providing end-to-end card processing solutions, thereby enabling a digital-first approach for Aafaq that is swift, efficient, and convenient for its customers. It aims to strengthen card processing solutions and unlock new revenue streams via value-added services such as Easy Payment Plans (EPP), cardholder self-service and control applications, and loyalty services. Not only this, but Network will also offer virtual cards, tokenisation, and world-class fraud prevention, among other solutions.
Aafaq’s CEO, Hisham Hammoud, expressed his pleasure about the partnership. He said, “We are pleased to announce our partnership with Network International as our payments partner for our digital transformation journey. This collaboration aligns with our vision to provide innovative and convenient financial solutions to our customers.
“By leveraging Network’s expertise in digital commerce and their robust card processing solutions, we aim to enhance our digital capabilities and deliver an exceptional customer experience. This partnership is a significant step towards solidifying Aafaq Islamic Finance’s position as a leading digital player in the Islamic financing market.”
Nandan Mer, Chief Executive Officer at Network International, also shared his thoughts on the collaboration, stating, “The UAE is among the fastest-growing digital payments markets in the world and as a leading digital payments company with roots in the region, we are delighted to join forces with Aafaq and are confident that this partnership will propel their growth in the Islamic finance sector. We are committed to supporting Aafaq with our innovative payments solutions and contributing to the growth of the UAE economy.”
Further, Navneet Dave, Group Managing Director – Processing, Middle East & Co-Head of Group Processing, Network International, added, “This marks a significant milestone in our shared vision to revolutionise digital finance in the UAE and provide customers with seamless, secure, and convenient digital payments solutions. We are excited to support Aafaq’s growth plans through our payments infrastructure, operational services and technology platforms.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global