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AFS - Arab Financial Services - Bahrain
About Us
AFS is the leading provider of electronic payments outsourcing services in the MENA region for over 30 years. Owned by 40 banks and financial institutions and regulated by the Central Bank of Bahrain, AFS offers innovative and end-to-end payment solutions to its clients along with state-of-the-art value added services suite. Operating two live data centers in Bahrain and UAE, AFS is certified by ISO22301 for business continuity and disaster recovery capabilities. With a strong capital base and client support, AFS continues to drive performance and create value for its clients across the region and beyond.
To become the region’s most trusted and respected provider of electronic payments and consumer-finance outsourcing services.
  • Win, retain and maximize relationships with profitable customer groups at minimum risk.
  • Deliver innovative and integrated outsourcing solutions that help our clients succeed and grow their business in a cost-efficient manner.
  • Maximize shareholder value by delivering solid, sustainable and profitable growth. 
  • Attract and develop highly committed and accountable teams of professional individuals with a clear purpose, common approach, performance goals and complementary skills. So we can consistently provide the best services that meet and exceed our clients’ expectations.
By outsourcing our card processing to AFS, we have not only achieved higher revenue by reducing our operating costs, we have also succeeded in delivering higher quality services to our customers
Cards and ATM Business Manager, Arab Bank

Our outsourcing relationship with AFS is more than just a service provider connection; we see that AFS has become our strategic partner for success in all services related to our credit card business
Credit Card Center Manager, National Commercial Bank- Jeddah
Mr. Sael Al Waary
Mr. Maher Kaddoura
Ms. Simona Sabella Bishouty
Dr. Tarik Yousef
Mr. Elmabruk Alrogbani
B Chandrasekhar
Chief Executive Officer
Neil Pavis
Deputy Chief Executive Officer
Ebrahim Jassim
Group Head of Finance and Administration
Hassan Mayassi
CEO UAE & Group Director Acquiring Business
Shiraz Ali
Director of Frictionless Payments Business
Partha Saha
Director of Business Development
Adil Al Hoori
Group Head of Human Resources
Steven Phillips
Group Head of Systems Delivery
Kunal Taneja
Group Head of Operational Risk and Information Security
Yashodhan Yardi
Group Head of Internal Audit
Ashish Sood
Director of Client Services
AFS provides a safe, secure, efficient and reliable management system with the best credit card platform in the market. Equipped with the latest IBM mainframe system, AFS utilizes state-of-the-art back-up and redundant storage system that even includes a completely operational offshore disaster recovery center.
Anti-Money Laundering & Anti-Terrorism Financing Policy & Procedures
AFS is regulated and supervised by the Central Bank of Bahrain. Central Bank of Bahrain requires its licensees to comply with all aspects of legislation related to Anti-Money Laundering and combating terrorist financing, including Customer Due Diligence. AFS complies with Central Bank of Bahrain guidelines to combat money laundering in the Kingdom of Bahrain, namely the Amiri Decree Law No. 4 of 2001 with respect to the prevention and prohibition of the laundering of money and the Central Bank of Bahrain Money Laundering Regulations issued in October 2002. Bahrain is a member of the Gulf cooperative Council (GCC), which is a member of the Financial Action Task Force (FATF). Central Bank of Bahrain asks for strict compliance with UN and FATF directives.
AFS has issued an anti-money laundering manual, which has been approved by the Board of Directors and complies with the Central Bank of Bahrain regulations, FATF recommendations and international best practice in this respect. These procedures include specific requirements with regard to, amongst other things:

Know your customer (KYC) guidelines
AFS has strict KYC procedures in place which include the validation of business and customer identities prior to commencing business with any customer. Such information is updated on a regular basis.

Suspicious Activity Reporting
Any staff identifying an account or transaction as suspicious is required to report the case to his / her unit's Money Laundering Reporting Officer. The MLRO will review the facts and determine whether a report to the local regulator is required. The filing of a suspicious Transaction Report (STR) cannot be suppressed. Under no circumstances will staff “tip-off” the customer that an STR is being prepared.

It is a requirement that all employees who have potential contract with customers or who process transactions on behalf of customers are required to undertake anti-money laundering training.

Record Retention 
AFS is required by law to maintain records which are appropriate to the scale, nature and complexity of the customer’s business. All identity or business relationship records must be kept for a minimum period of 5 years from the end of the banks’ relationship with the customer.

AFS ensures compliance with its AML procedures through regular reporting. In addition, AFS’s internal audit unit conducts periodic review of AFS’s compliance with AML procedures.
Founded in 1984, AFS is the region's leading provider of electronic-payments and consumer-finance outsourcing services.
Shareholders' Rights to Participate and Vote

(i) Right to attend the general meetings in person:

Every shareholder may personally attend the Company’s general meetings, whether ordinary or extra-ordinary. Shareholders lacking capacity or under legal incapacity shall be represented by their legal representatives.
(ii) Right to appoint a proxy to attend general meetings on their behalf:
Each shareholder may delegate a person from among the shareholders or from non-shareholders to attend the general meeting on his behalf, provided that the proxy shall not be the Chairman or from among the members of the board of directors or from among the Company’s employees. However, this shall not prejudice the right to appoint a proxy for relatives to the first degree of relationship. Appointment of a proxy shall be by virtue of a special power of attorney evidenced in writing designated for this purpose by the Company. The Company shall prepare special cards for the number of shares a shareholder holds and for the shares he represents on behalf of other shareholders. Proxies and the capacity of the delegation with the company must be made before at least twenty four (24) hours before the meeting (form attached under Download section of this website).
(iii) Right to discuss, inquire and request clarifications during the general meetings on the agenda items:
Each shareholder has the right of access to the Company’s registers and obtain copies or extracts of the particulars thereof. Each shareholder, irrespective of its shareholding percentage, is entitled to discuss, raise queries and seek clarifications during the general meetings in so long as these requests are reasonable and are in relation to items appearing in the agenda of the meeting.
(iv) Voting during the meeting:
Each shareholder, irrespective of the number of the shares he holds, shall have a number of votes equal to the number of shares he holds in the company. Any provision or resolution to the contrary shall be null and void. No member may vote for himself or on behalf of whoever he represents on issues in which he has personal interest or on a dispute existing between him and the company.