PRESSR: Aafaq Islamic Finance selects Network International as its payments partner for digital transformation

First published: 11-Jul-2023 11:09:23

UAE: 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 support Aafaq’s growth plans through our payments infrastructure, operational services and technology platforms.”

About Aafaq Islamic Finance

Aafaq Islamic Finance PJSC was established in the year 2006, and it provides a wide range of high-quality, Sharia-compliant banking products and services to companies and individuals. It is unique as one of the financing companies that enjoys complete independence in the United Arab Emirates. In addition, the "Aafaq Islamic Finance" strategy focuses on exploring opportunities within various business sectors, and works to achieve the highest levels of happiness for its customers, including shareholders, consumers, employees, strategic partners and community members. To learn more about Aafaq Islamic Finance, please visit the website www.aafaq.ae

About Network International

Network International comprises a group of companies and is the leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technology-enabled payments solutions to merchants and financial institutions of all types and sizes, including acquiring and processing services and a comprehensive ever-evolving range of value-added services.

Network International Holdings Plc NNETW is the holding company for Network International and the group companies, including the DPO Group.

Lambert Espedido

Network International

Dubai, UAE

Tel: +971 4 303 2431

Email: lambert.espedido@network.global

© Press Release 2022

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