Mastercard becomes Aafaq Islamic Finance’s exclusive partner for credit, prepaid and commercial SME products

June 6, 2023 | Dubai, UAE

Dubai, UAE; 6 June 2023: Aafaq Islamic Finance (Aafaq), an award-winning UAE-based company that provides innovative Islamic financial products and services, has chosen Mastercard as the exclusive strategic partner for its credit, prepaid and commercial SME offerings. The agreement was formalized at a signing ceremony attended by senior executives from both entities. 

As part of the collaboration, Mastercard will leverage its advanced technologies to strengthen Aafaq’s digital capabilities and unlock new opportunities for its individual and SME customers as it supports Aafaq’s vision to be the UAE’s favorite destination for digital Islamic financing.

“In collaboration with our extensive partner network, Mastercard is developing locally relevant solutions that contribute to building robust and inclusive payment ecosystems. Our collaboration with Aafaq will see the introduction of a full suite of innovative products for people and businesses in the UAE that match their requirements and lifestyles,” said Olivia Bellingham, Senior Vice President and Mastercard Direct Services Lead, EEMEA, Mastercard.

“At Aafaq, we focus on delivering seamless and efficient customer experiences in the Islamic finance space. We are confident that our partnership with Mastercard will support our growth and innovation strategy and enable us to expand our digital proposition to cater to the evolving needs of our customers,” said Hisham Hammoud, Group CEO of Aafaq Islamic Finance.

“For more than 35 years, Mastercard has been supporting the UAE in its digital transformation journey. We are delighted to join forces with Aafaq as we empower people and businesses through the latest payment innovations as part of our efforts to create an inclusive and sustainable digital economy,” said Gina Petersen-Skyrme, Vice President and Country Business Development Lead, UAE & Oman, Mastercard.

Established in 2006, Aafaq specializes in offering government-related financial services and Sharia-compliant solutions in the UAE and the wider region. The full autonomy it enjoys gives it a unique standing among finance companies in the country.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

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