Manama, Kingdom of Bahrain - Arab Financial Services (AFS), the Middle East and Africa region’s leading digital payment solutions provider and fintech enabler, has expanded the scope of its decade-long partnership with Mawarid Finance, a UAE-based innovator in the Islamic finance space.

Through this partnership, AFS is empowering the relaunch of Mawarid Finance’s credit portfolio by introducing advanced digital capabilities. This includes the development of a cutting-edge mobile application and a fully digital onboarding experience for cardholders, replacing traditional models.

Mawarid Finance also leverages its principal membership with Mastercard alongside AFS’s robust processing capabilities to offer BIN sponsorship services. This collaboration opens the door for fintechs to access reliable sponsorship and processing solutions, fostering innovation and supporting the growth of emerging talent in the financial sector.

“This partnership demonstrates our commitment to innovation and collaboration with Mawarid Finance” stated Mr. Samer Soliman, AFS CEO. “We share a vision to drive significant advancements in the financial landscape by fostering the widespread adoption of innovative technologies across the region. Through this collaboration, we will empower fintechs to bring their advance solutions to market, leveraging the combined expertise, robust infrastructure, and market reach of both AFS and Mawarid Finance.”

Mawarid Finance CEO Mr. Rashid Al Qubaisi added, “This collaboration is an exciting step forward in our journey toward digital excellence. AFS’s expertise in digital payments and processing ensures we can deliver exceptional solutions to our customers and provide valuable opportunities for fintechs to thrive.”

By providing seamless access to essential payment infrastructure, AFS empowers Fintechs to accelerate their growth and deliver cutting-edge solutions, ultimately driving greater financial inclusion and fostering a more competitive market.

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AFS Media Relations
Email: pr@afs.com.bh

About AFS:

Arab Financial Services (AFS) was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customized payment solutions in an increasingly divergent, disruptive, and dynamic payment ecosystem.

AFS is owned by 37 banks and financial institutions and serves over 60 clients in more than 20 countries across the Middle East and Africa. Today, AFS is the region’s leading digital payment solutions provider and fintech enabler. Regulated by the Central Bank of Bahrain and the Central Bank of Egypt and licensed by the Central Bank of UAE, its dedication to innovation has made AFS a driving force in the market offering a rich portfolio of payment solutions including Open Banking Hub, popular digital wallets, market-leading merchant acquisition services, digital payroll solutions and more. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in the Kingdom of Bahrain, Arab Republic of Egypt, Sultanate of Oman, and the United Arab Emirates.

About Mawarid:

Mawarid Finance PJSC is an Islamic finance and investments group licensed by the UAE Central Bank. Mawarid Finance was formed in 2006 in Dubai, United Arab Emirates, with a paid-up capital of AED 1 billion to launch a new vision in Islamic Finance by adding more value to the industry through developing innovative Shariah compliant products for both individual and corporate customers Mawarid was founded upon and continues to believe in Innovation. We aim to be different, unique and ‘special’ in everything we do. Mawarid’s focus has also been on supporting and developing the national economy through the provision of Islamic financial products and services for small & medium enterprises, enabling them to grow and in turn fostering the growth of the economy.

Over the years, Mawarid’s strategic approach has been on emerging from an Islamic financial services company to a Conglomerate building synergy through the acquisition of complimentary and supplementary shariah compliant businesses. Today, Mawarid maintains a healthy and well diversified portfolio of investments across a wide spectrum of industry sectors and asset classes across the MENA region Mawarid Finance in its young history has collected several awards, locally and internationally, in business, gained ISO 9001:2008 certification, and is considered as a very successful brand in the UAE.