Aafaq Islamic Finance and AFS partner to support FinTech start-ups

By Leandra Monteiro

Aafaq Islamic Finance a regional Islamic financial products and services provider, and Arab Financial Services (AFS), a digital payment solutions provider and FinTech enabler in the Middle East and Africa, have entered a strategic partnership whereby jointly, AFS and Aafaaq will support aspiring FinTech start-ups 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 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.

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.”

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.”