UAE, 12 July, 2023:Aafaq Islamic Finance, a leading provider of Shariah-compliant financial products and services, selects Network International, the leading enabler of digital commerce in the Middle East and Africa (MEA), 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.
The last three years have seen a dramatic shift in how consumers perceive financial services, leading to an increased demand in seamless digital experiences. Through this partnership, Network will support Aafaq’s vision to become a leading digital player in the Islamic financing market. 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.
Hisham Hammoud, CEO of Aafaq Islamic Finance, 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.”
Commenting on the partnership, Nandan Mer, Chief Executive Officer at Network International, said: “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.”
Added Navneet Dave, Group Managing Director – Processing, Middle East & Co-Head of Group Processing, Network International, “This marks a significant milestone in our shared vision to revolutionize digital finance in the UAE and provide customers with seamless, secure, and convenient digital payments solutions. We are excited to supportAafaq’s growth plans through our payments infrastructure, operational services and technology .