Aafaq Islamic Finance & AFS unite to support UAE fintech startups

By Arya M Nair, Official Reporter
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Mr. Rashid Mahboob Al Qubaisi & Mr. Samer Soliman at the signing ceremony

Aafaq Islamic Finance (AIF), a Dubai-based Islamic financial products and services provider, and Arab Financial Services (AFS), the leading digital payment solutions provider and fintech enabler in the Middle East and Africa (MEA), have entered a strategic partnership to support aspiring fintech startups to launch their products and services in the UAE.

The partnership is integral to AFS’s Regional Partner Program, an initiative committed to offering 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.

AIF 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.

Rashid Mahboob Al Qubaisi
Rashid Mahboob Al Qubaisi

“Our partnership with AFS aligns with our commitment to support the UAE’s growing fintech ecosystem, and enhance the inclusive digital business environment. 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. Through the partnership, we provide a seamless product that demonstrates digital solutions that are fully secure and financially sound.”

The Central Bank of Bahrain (CBB) regulates AFS and is majority-owned by Bank ABC. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in Bahrain, the UAE, and Oman.

Mr. Samer Soliman, CEO of AFS, said that “ 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.”

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