Arab Financial Services to provide credit card management services for Iraqi Middle East Investment Bank

Manama, Kingdom of Bahrain – 05 October 2009

Bahrain-based Arab Financial Services (AFS), one of the leading electronic payment enablers in the Middle East, is to provide credit card management services for Iraqi Middle East Investment Bank (IMEIB).

IMEIB is a major private bank in Iraq and is in the forefront of technology adaption in the country. With its network of branches in that country, the bank has ambitious plans for expanding its retail services.

Under the agreement AFS will sponsor IMEIB for issuing and processing credit cards. This includes providing card personalization, comprehensive back-office, reconciliation, dispute management, an interaction centre and mobile banking services to the bank. The agreement covers similar services for the bank's debit cards.

On signing the agreement, Mr. Hikmat Jerjis Bahnam, Managing Director of IMEIB, said: “This partnership with AFS is yet another milestone in our history of introducing new services in Iraq. Credit cards will form an integral part of our retail portfolio and we hope to please our customers by introducing features and services comparable to the best in the world.”

AFS CEO Mr. Shankar Sharma said:” Iraq is an important market for us and we are committed to supporting the banks there, working with them to introduce leading edge technologies in the country. We thank IMEIB for giving us the opportunity to partner them and look forward to a long and mutually beneficial relationship.”