Aafaq Islamic Finance stands as a beacon of innovation and trust in the UAE’s financial sector, delivering Sharia-compliant products and services since its establishment in 2006. Backed by a respected group of shareholders, Aafaq has built a reputation for offering high-quality financial solutions that cater to individuals and businesses while adhering to Islamic principles. With a focus on customer satisfaction, digital transformation, and strategic partnerships, Aafaq continues to lead the way in Islamic finance across the UAE and beyond.
History and Establishment
Founded in 2006, Aafaq Islamic Finance emerged in response to the growing demand for Sharia-compliant financial services in the UAE. A group of visionary shareholders established the company to provide ethical and innovative financial solutions that align with Islamic Sharia. Over the past two decades, Aafaq has expanded its offerings and strengthened its market presence through strategic alliances with key institutions, such as the Ministry of Finance and Dubai Economy. Its independence as a finance company in the UAE has allowed it to explore diverse opportunities, ensuring value for stakeholders and the community.
Mission and Vision
Aafaq’s mission centers on engaging its talented team to develop innovative solutions with customers at the heart of its operations. The company strives to create a smart, efficient, and convenient economic ecosystem that delivers world-class products and services. Its vision is to become the UAE’s favorite destination for digital Islamic financing, emphasizing integrity, collaboration, and respect. Aafaq’s core values—Act with Integrity, Collaborate and Think Customer, Show and Earn Respect, Own and Deliver, and Move with Pace—guide its commitment to excellence and stakeholder happiness.
Products and Services
Aafaq Islamic Finance offers a diverse portfolio of Sharia-compliant financial products and services tailored to meet the needs of individuals and businesses. These include:
- Credit Cards: Aafaq provides feature-rich credit cards designed for both personal and business use, offering flexibility, rewards, and convenience.
- Retail Finance: The company supports personal financial goals with solutions like home financing, car financing, and personal loans, all compliant with Islamic principles.
- Corporate Finance: Aafaq offers financing options for businesses, including working capital finance, project finance, and trade finance, to support growth and operations.
- Corporate Guarantees: These services provide financial guarantees to help businesses secure contracts and expand their operations.
- Investment Deposits: Aafaq’s Sharia-compliant investment options enable clients to grow their wealth ethically.
- Smart Payment Tools: Digital payment solutions enhance transaction security and convenience for customers.
- Wages Protection System: Aafaq facilitates compliance with UAE wage protection regulations, streamlining payroll processes for businesses.
By leveraging digital technologies, Aafaq ensures its services are accessible and user-friendly, meeting the evolving needs of its clients.
Leadership: Hisham Hammoud
Leading Aafaq Islamic Finance is CEO Hisham Hammoud, a seasoned banking professional with over 25 years of experience in the financial sector. Hammoud has held senior roles at prestigious institutions, including Citibank, Dubai Bank, and Network International Group, where he honed his expertise in consumer banking, investment management, and digital transformation. Since taking the helm in 2022, Hammoud has driven Aafaq’s strategic restructuring, focusing on innovation and market alignment. His leadership has been instrumental in forging partnerships and enhancing customer experiences, positioning Aafaq as a leader in Islamic finance.
Strategic Partnerships and Digital Innovation
Aafaq Islamic Finance has embraced digital transformation and strategic collaborations to stay ahead in the competitive financial landscape. Recent initiatives include:
- Collaboration with Al Ansari Exchange (November 2023): Aafaq partnered with Al Ansari Exchange to enhance cross-border remittance services, offering customers seamless and cost-effective solutions.
- Payments Partnership with Network International (July 2023): Aafaq selected Network International to drive digital transformation, improving payment processing and customer experience.
- Exclusive Partnership with Mastercard (June 2023): Mastercard became Aafaq’s exclusive partner for credit, prepaid, and SME products, expanding payment options for clients.
- Investment Growth with Rasmala (March 2023): Aafaq collaborated with Rasmala to develop sustainable and innovative investment products for its clients.
- Support for Fintech Startups (March 2022): Aafaq partnered with Arab Financial Services to back fintech startups, fostering innovation in the financial sector.
These partnerships highlight Aafaq’s commitment to combining traditional Islamic finance with modern technology, ensuring it remains a trusted choice for customers.
Community and Economic Impact
Aafaq Islamic Finance plays a significant role in the UAE’s economic ecosystem by empowering businesses and individuals through ethical financial solutions. Its partnerships with government entities, such as the Ministry of Human Resources and Emiratisation, and business hubs like Dubai Multi Commodities Center (DMCC), strengthen its contribution to the UAE’s vision of becoming a global leader in Islamic finance. Aafaq’s focus on employee welfare and business excellence has also earned it recognition, further solidifying its reputation as a responsible corporate citizen.
Future Outlook
Looking ahead, Aafaq Islamic Finance is poised to continue its growth trajectory by leveraging technology and expanding its product offerings. Under Hisham Hammoud’s leadership, the company aims to deepen its digital capabilities and forge new partnerships to enhance its market reach. By staying true to its mission and values, Aafaq is well-positioned to remain a leader in Sharia-compliant finance, contributing to the UAE’s economic development and the global Islamic finance industry.
