Aafaq Islamic Finance picks Network International as its payments partner

By Shilpa Annie Joseph, Official Reporter
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Digital Transformation of Aafaq Islamic Finance
Officials during the signing ceremony.

Aafaq Islamic Finance, a leading provider of Shariah-compliant financial products and services, has selected Network International, the leading enabler of digital commerce in the Middle East and Africa (MEA), in order to accelerate its digital transformation journey.

Network will provide end-to-end card processing solutions to facilitate Aafaq’s transition to a digital-first approach, making financing fast, and convenient for its customers.

Through this partnership, Network will support Aafaq’s vision to become a leading digital player in the Islamic financing market.

According to the statement, “It will leverage Aafaq’s digital-ready Shari’a compliant system to strengthen card processing solutions and unlock new revenue generation opportunities through value-added services such as Easy Payment Plans (EPP), cardholder self-service and control applications, and loyalty services. Network will also offer virtual cards, tokenization, and world-class fraud prevention, among other solutions.”

Mr. Hisham Hammoud, CEO of Aafaq Islamic Finance, said that 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,” Mr. Hammoud added.

Commenting on the partnership, Mr. Nandan Mer, Chief Executive Officer at Network International, stated that, “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.”

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