About Us
- Over 35 years’ experience delivering electronic payments outsourcing & fintech services in the MENA region
- 3 Focus Areas: Card Processing. Fintech Services. Merchant Acquiring Services.
- Owned by 37 Banks and Financial Institutions
- Over 75 clients in more than 20 countries
- Certified by ISO27001 for Information Security, ISO22301 for Business Continuity and Disaster Recovery Capabilities & PCI DSS against Data Theft & Fraud
OUR VISION
Your partner of choice for digital payments and fintech solutions.
OUR MISSION
- Deliver innovative and integrated digital payments and fintech solutions that help all our customers grow their business.
- Win, retain and maximize relationships with customers to build enduring partnerships.
- Maximize shareholder value by delivering solid, sustainable and profitable growth.
- Attract and develop highly committed and accountable teams of professional individuals to provide the best services that meet and exceed our clients’ expectations.
BOARD OF DIRECTORS
Mr. Sael Al Waary
Chairman
Mr. Maher Kaddoura
Director
Mr. Mohamed Rasheed Almaraj
Director
Dr. Tarik Yousef
Deputy Chairman
Mr. Elmabrouk Alrogbani
Director
Mr. Waleed Abdulshakoor
Director
AFS MANAGEMENT TEAM
B Chandrasekhar
CEO
Ebrahim Jassim
Deputy CEO
Shiraz Ali
CEO - FinTech (Finzo)
Adil Al Hoori
Head, Human Resources
Ashish Sood
Director, Client Services
Kavita Nair
Head of Legal & Compliance
OUR PARTNERS
TECHNOLOGY
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-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.
Training
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.
Compliance
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.
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.
Training
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.
Compliance
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.
INVESTOR RELATION
Founded in 1984, AFS is the region's leading provider of electronic-payments and consumer-finance outsourcing services.
ANNUAL REPORTS
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.
(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.
