BANK ALJAZIRA AND AFS ANNOUNCE FRAUD MONITORING SERVICE AGREEMENT

AFS set to provide Bank AlJazira with technical and daily dedicated fraud specialist expertise

Manama – Kingdom of Bahrain, 09 February 2006

Arab Financial Services Company B.S.C (c) (AFS), the region’s leading provider of electronic-payments and consumer finance-outsourcing services, has announced an agreement with Bank AlJazira, the premier bank in Saudi Arabia that provides high-net-worth individuals and large institutions with innovative banking solutions that are compliant with the Islamic Shari’ah in an exclusive ambiance, to monitor and potentially minimize fraud. Under the agreement, AFS will provide Bank AlJazira with its fraud monitoring services which will ultimately monitor the banks’ card portfolio in order to minimize fraud risks on a daily basis.

A dedicated fraud specialist team from AFS will review card usage activity through RiskNet, a sophisticated fraud monitoring system. RiskNet can identify suspect transactions as well as detect and manage fraud effectively.

Mr. Mishari Ibrahim Al Mishari, CEO of Bank AlJazira, said ‘It is of the utmost importance for us to continuously give our clients a secure network with which to operate with. We therefore, approached AFS for the services required; knowing well the extent of experience that comes with the company. Our joint customers will benefit from a cost-effective solution that consistently and accurately identifies potentially fraudulent activities and substantially reduces identity fraud exposure.”

On his part, Mr. Rasool Hujair AFS CEO commented, ‘We are proud to partner with such an esteemed establishment and look forward to exceeding expectations. Historically, we have enjoyed a strong relationship and it is quite a pleasure to watch this trust grow.”

He added ”AFS is proud of its growing ability to help our customers protect themselves from fraud, now with RiskNet data and analytic resources, our customers have the industry’s best anti-fraud solution at their fingertips.”

RiskNet is a leading brand system designed to meet the acquirer and issuer banks’ needs for fraud monitoring purpose, offline or online and delivers the industry’s most comprehensive and proven approach to preventing identity fraud, reducing losses and protecting consumers for any industry in which identity verification is critical. The Fraud Monitoring Services is arguably the most radical change to the card payment industry since the original introduction of payment cards. The implementation of the Fraud Monitoring team will not only put an end to card related fraud, it will also support a whole new generation of card-based applications that will reduce operating costs, create new business opportunities and revenue channels for banks.