UAE’s Aafaq Islamic Finance and Arab Financial Services to back fintech startups

Dubai-based Aafaq Islamic Finance, and Bahraini digital payment solutions provider Arab Financial Services (AFS) have entered a strategic collaboration to support fintech startups to launch their products and services in the UAE.

The partnership is part of AFS’s Regional Partner Program, which supports new and existing fintechs to launch, expand and scale their products across the region.

Regulated by The Central Bank of Bahrain, and majority-owned by Bank ABC, AFS offers end-to-end digital payment services and solutions, which span debit, credit, and Islamic card processing, merchant acquiring, fintech, and other value-added services. The firm has offices and data centers in Bahrain, the UAE and Oman.

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, as one of our trusted partners, to bring innovative products to the market.”

Samer Soliman, AFS’ CEO, said: “Technology and innovation have become imperative in today’s modern payments system. AFS recognises 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 and distribution to all fintechs and startups in the UAE.”