Company Overview
Aafaq Islamic Finance PSC, established in 2006, is a distinguished financial services provider in the United Arab Emirates, specializing in a diverse range of Islamic financial products and services that are fully compliant with Sharia principles. These offerings encompass personal and corporate finance, credit card issuance, retail finance, and investment opportunities. As a Private Stock Company with a paid-up capital of AED 150 Million, the company operates under the regulations set by the Central Bank of the UAE. Situated in Dubai, Aafaq Islamic Finance emerges as a significant player in the Islamic finance domain, catering to personal, small and medium-sized enterprises (SMEs), and corporate banking clients.
Key Executives
- Hisham Hammoud - Chief Executive Officer
- With over 20 years of professional expertise, Hisham has led the company to earn prestigious awards like "Best Digital Transformation in Islamic Finance 2023" and forged strategic partnerships that enhanced corporate visibility and operations.
- Muhammad Usman Anwar Khan - Chief Financial Officer
- His comprehensive insights in finance and accounting have been crucial for the financial management across corporate activities.
- Ravindran Ramiah - Chief Technology Officer
- Recognized for his IT innovations, Ravindran's technology-driven projects led to him receiving the CXO50 Award.
- Shaher Al Shanti - Senior Vice President, Internal Audit
- Shaher's extensive experience in auditing and finance focuses on strategic risk mitigation and operational enhancements.
- Yusra Baqi - Chief Human Capital Officer
- Yusra drives the development of a robust corporate culture and fosters team empowerment, essential to the company's growth and achievements.
Strategic and Operational Insights
Aafaq Islamic Finance has adopted a strategic emphasis on digital transformation and strategic partnerships. The recent establishment of three new digital branches in Dubai, Sharjah, and Fujairah aligns with its strategic vision to enhance customer engagement and improve service delivery. The collaboration with Magnati aims to enhance access to Islamic financial services for SMEs, facilitating a streamlined loan application process and superior service provision.
Awards and Recognition
The company has been acknowledged with numerous accolades for its excellence in digital transformation and contributions to the Islamic finance industry, including significant recognitions at the MEA Finance Banking Technology Summit and the CXO50 Awards, asserting its industry leadership.
Market Position and Competitors
In the competitive landscape of Islamic finance, Aafaq Islamic Finance positions itself against prominent rivals such as Dubai Islamic Bank (DIB), RAKBANK, Abu Dhabi Islamic Bank (ADIB), Finance House, and Deem Finance. Each competitor distinguishes itself with unique offerings while fundamentally aligned with providing Islamic financial services.
- Dubai Islamic Bank (DIB): Founded in 1975, DIB stands as the largest Islamic bank by assets in the UAE and globally, recognized for being the world's first full-service Islamic bank with USD $79.5 billion assets in 2023.
- Abu Dhabi Islamic Bank (ADIB): Since its inception in 1997, ADIB has been notable for its comprehensive suite of Islamic banking services and commands a substantial market presence in UAE.
- Finance House: Established in 2004, Finance House focuses on consumer and commercial financing, fostering its growth within UAE's market landscape.
- Deem Finance: Operating under the Gargash Group, Deem Finance diversifies its offerings across loans, credit cards, and deposits, serving both individual and business clients under the Central Bank of UAE's regulation.
Recent Developments and Growth
Aafaq Islamic Finance remains dedicated to developing innovative financial services that align with customer needs and are compliant with Sharia principles, which forms a core aspect of its competitive strategy. Through advancements in digital and financial solutions, Aafaq continues to serve a diverse customer base across various sectors in the UAE. The company’s proactive formation of strategic alliances, such as the one with Magnati, illustrates its commitment to service excellence and expanded market presence.
