Aafaq Islamic Finance

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Aafaq Islamic Finance PJSC is a financial institution offering Shariah-compliant financial products[1][2] across the UAE and the region.[3][4]

Aafaq Logo

Overview

Headquartered in DIFC, Dubai, Aafaq Islamic Finance provides Sharia-compliant banking products[5][6][7] and services to corporate and retail clients.[8]

Licensed and regulated by the Central Bank of UAE,[9] Aafaq Islamic Finance has a strategic partnership with institutions in the UAE, such as the Ministry of Finance, Ministry of Human Resources and Emiratization, Ministry of Labor, Department of Economic Development, DMCC, Nasdaq Dubai, Mena Corp, Dubai Economy, Emaratech, Trakhees, First Abu Dhabi Bank, and many Tas-heel, Amer and Business centers. Aafaq provides the customers of these entities with services like E-dirham, Labour Guarantees, Wages Protection System, payment services for Dubai Economy, and Noqodi wallets. In addition, it offers financing solutions and smart payment tools for companies and individuals.[8]

Aafaq Islamic Finance was the gold sponsor of My Ride Expo Dubai International 2021,[10] and is the sponsor of the 12th edition of the Abu Dhabi World Professional Jiu-Jitsu Championship (ADWPJJC) 2021.[11]

History

Aafaq Islamic Finance was founded in 2006.[3]

In 2014, Aafaq Islamic Finance entered into a strategic partnership with MENACORP to provide investors with the DFM, ADX, and Nasdaq Dubai Islamic financing solutions with respect to their trading needs in these UAE markets.[9] By November, the company had carried out its first transaction on the NASDAQ Dubai Murabaha Platform, which provides Islamic financing services to individual and institutional customers.[12]

In April 2015, Aafaq Islamic Finance announced its partnership with the Institute of Certified Public Accountants of Pakistan (ICPAP), to officially launch the first-ever CPA Islamic Finance certification program in the UAE.[13] Following that, the company signed a Memorandum of Understanding (MoU) with the Dubai Centre for Islamic Banking and Finance (DCIBF) of Hamdan Bin Mohammad Smart University (HBMSU) in June to establish a framework for facilitating collaboration and cooperation to develop human capital, resources and capabilities in Islamic Finance as well as pursuing other mutually beneficial activities and projects.[14] In November 2015, it signed a partnership agreement with C3, Edenred.[15] By 2016, Aafaq Islamic Finance, launched Dubai: A World Icon' encyclopedia.[16]

In February 2021, Aafaq Islamic Finance along with Dubai SME announced the Osool program to support Emirati SMEs in securing funding in the wake of the COVID-19 pandemic. Through this program Emirati SMEs and entrepreneurs have access to financing solutions that offer good profit rates, flexible payment plans, minimum documentation, and quick processing, to help them in achieving stability in a volatile market scenario.[4] The company also launched Kunooz to support individuals during the COVID-19 pandemic.[17]

In June 2021, Aafaq Islamic Finance collaborated with The Social Loan Company (TSLC) to set up a non-bank, mobile-first loan platform in order to deliver financial access to the underserved young digital natives in the MENA region.[8] In the same month, it also signed a memorandum of understanding with The Saud Bin Saqr Foundation for Youth Enterprise Development, to provide financing solutions to small and medium-sized companies affiliated with the foundation's membership.[18][19]

In July 2021, Aafaq Islamic Finance signed a cooperation agreement with Al Jazira Aviation Club to provide financing solutions for club members wishing to purchase light aircraft of various types.[1][20]

Awards

  • Best Islamic Banking Implementation, 2019[21]
  • Best Services Provider for Governmental Sector
  • Best Services Provider for Non-Governmental Sector
  • Fastest Growing Islamic Company in UAE, 2014[22]
  • Best Customer Service for Islamic Finance UAE 2019[23]
  • Best Workplace Wellness
  • Best Employee Engagement[24]
  • Best Service Performance Brand 2017
  • Dubai Service Excellence Scheme (DSES)[25]
  • Happiness @ Work Award 2020[26]
  • First Commercial Report Enquiry[27]
  1. ↑ 1.0 1.1 https://www.tradearabia.com/news/TTN_384792.html
  2. ↑ https://www.aafaq.ae/en/about-us?2
  3. ↑ 3.0 3.1 https://www.zoominfo.com/c/aafaq-islamic-finance/426542501
  4. ↑ 4.0 4.1 https://www.arabianbusiness.com/startup/458775-new-financing-programme-for-emirati-small-medium-businesses
  5. ↑ https://www.souqalmal.com/ae-en/aafaq/car-loans
  6. ↑ https://www.aafaq.ae/en/about-us?1
  7. ↑ https://www.mymoneysouq.com/aafaq
  8. ↑ 8.0 8.1 8.2 https://www.globenewswire.com/news-release/2021/06/09/2244208/0/en/Aafaq-Islamic-Finance-forges-transformational-partnership-with-The-Social-Loan-Company-to-drive-financial-inclusion.html
  9. ↑ 9.0 9.1 https://menacorpfinance.com/aafaq-islamic-finance-company-and-menacorp-sign-strategic-partnership/
  10. ↑ https://www.albawaba.com/business/pr/aafaq-islamic-finance-becomes-gold-sponsor-my-ride-expo-dubai-international-exhibition
  11. ↑ https://www.gulftoday.ae/sport/2021/06/09/abu-dhabi-world-professional-jiu-jitsu-championship-returns-in-november
  12. ↑ https://www.nasdaqdubai.com/exchange/media/press-releases/aafaq-islamic-finance-begins-transac
  13. ↑ https://www.zawya.com/mena/en/press-releases/story/aafaq_Islamic_Finance_partners_with_ICPAP_to_officially_launch_first_Islamic_CPA_certification-ZAWYA20150401101616/
  14. ↑ https://www.hbmsu.ac.ae/news/aafaq-islamic-finance-signs-collaborative-agreement-hbmsu%E2%80%99s-dubai-centre-for-islamic-banking
  15. ↑ http://www.thecfome.com/news-views/aafaq-islamic-finance-c3-edenred-sign-mou/
  16. ↑ https://www.tradearabia.com/news/MEDIA_298674.html
  17. ↑ https://menafn.com/1101977299/Aafaq-Islamic-Finance-reveals-winners-of-the-Kunooz-initiative
  18. ↑ https://www.zawya.com/mena/ar/story/amp/ZAWYA20210628061604/
  19. ↑ https://www.albayan.ae/economy/uae/2021-06-28-1.4196607?ot=ot.AMPPageLayout
  20. ↑ https://menafn.com/arabic/1102467116/%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A9-%D8%AA%D8%B9%D8%A7%D9%88%D9%86-%D8%A8%D9%8A%D9%86-%D8%A2%D9%81%D8%A7%D9%82-%D8%A7%D9%84%D8%A5%D8%B3%D9%84%D8%A7%D9%85%D9%8A%D8%A9-%D9%84%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D9%88%D9%86%D8%A7%D8%AF%D9%8A-%D8%A7%D9%84%D8%AC%D8%B2%D9%8A%D8%B1%D8%A9-%D9%84%D9%84%D8%B7%D9%8A%D8%B1%D8%A7%D9%86
  21. ↑ https://www.edgeverve.com/awards/infosys-finacle-aafaq-islamic-finance-wins-islamic-business-finance-awards-2019/
  22. ↑ https://www.khaleejtimes.com/business/local/aafaq-islamic-finance-wins-three-global-awards
  23. ↑ https://www.globalbankingandfinance.com/global-banking-finance-awards-2019-award-winners/
  24. ↑ https://www.khaleejtimes.com/nation/dubai/and-the-happiest-workplace-in-dubai-is
  25. ↑ https://www.khaleejtimes.com/business/40-uae-firms-bag-business-excellence-award
  26. ↑ https://www.khaleejtimes.com/business/local/mbr-establishment-for-sme-development-ranked-as-happiest-workplace
  27. ↑ https://www.zawya.com/mena/en/press-releases/story/Al_Etihad_Credit_Bureau_holds_its_first_Annual_Subscriber_Forum_-ZAWYA20160627090620/


References

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