Aafaq Islamic Finance signed a transformational partnership with Singapore-based, The Social Loan Company (TSLC) to drive financial inclusion in the Middle East and North Africa (MENA) region, according to the media. The alliance is planning to set up an AI-powered financial wellness platform.
TSLC is AI/ML-powered cutting edge big data-driven credit enablement platform company. Its partnership with Aafaq Islamic Finance will help to build a trend-setting non-bank, mobile-first loan platform. It will offer financial access to the underserved young digital natives in the MENA region.
Both parties decided and announced at a press conference to launch the industry-leading platform across chosen markets in the region to deliver appropriate, affordable, accessible and differentiated financial solutions to drive the inclusion of credit-thin, new-to-credit and credit-invisible everyday consumers.
Rashed Mahboob Al Qubaisi, chief executive officer of Aafaq Islamic Finance, said, “This partnership allows Aafaq to connect more deeply with its customers by providing differentiated Sharia-compliant financial transactions; in an environment that is end-to-end digital, safe and secure.”
He further added that the existing and future customers would benefit from the partnership with TSLC because of its proven expertise and track record in financial technology.
Recently, the UN and the Islamic Development Bank collaborated to address the financing gap between the achievement of Sustainable Development Goals (SDGs) and respond to the immediate needs of the world like vaccinating the population. The social and economic effects of the pandemic have been different from one country to another and thus requires immediate action to revive the economy.
Image Source: Aafaq Islamic Finance PSC