Manama- Kingdom of Bahrain, Monday, April 24, 2006

AFS the region’s first and most prominent provider of electronic–payment solutions and outsourced financial services have announced yet another strategic arrangement with Arab Bank, largest Arab banking institution with international presence in over 30 countries, across five continents. Under this new arrangement, AFS will provide Arab Bank with the technical infrastructure and professional expertise to deploy and implement this new and innovative flexible payment option, and further strengthen the strategic partnership between AFS and Arab Bank.

This flexible payment option allows credit cardholders the convenience of paying back large value transactions in convenient tenors ranging from 3 to 24 months and extremely competitive pricing.

Mr. Mohamed Berro, Head of Retail Banking Group in the Arab Bank announced, “We are delighted to be strengthening our relationship with AFS. We believe in offering our customers value and this has been our proposition with the introduction of all our products. The new Arab Bank "Easy Payment Plan" is by far no exception. It provides our cardholder the convenience of purchasing large value items and effectively planning for repayments. We are committed to set pioneering standards in quality of service and building strong partnerships. Our alliance with AFS and their state-of-the-art technology solutions will help the bank to enhance our card offerings and providing even more value for our credit cardholders. “

For more than 20 years, AFS has been delivering reliable outsourcing solutions for financial institutions across the Middle East. Owing to creating banking solutions tailor-made for their businesses, AFS boosts today an impressive regional client list,. AFS focus on quality, disciplined processes and technical excellence translates to ability to consistently deliver reliable and cost effective solutions.

Mr. Rasool Hujair, CEO, AFS commented, “Arab Bank and AFS have a long-standing business relationship. We are delighted to be the preferred partner to assist Arab Bank with implementing a new range of retail banking services and products that will significantly enhance its personal banking offerings.”