AFS and Gulf African Bank Partnership Delivers East Africa’s First Sharia’h Compliant Credit Card
July 9, 2019
09 July 2019 - Manama, Kingdom of Bahrain
Arab Financial Services (AFS), the MEA region’s leading payment solutions provider and FinTech enabler, has partnered with leading Sharia’h compliant bank, Gulf African Bank to deliver East Africa’s first Sharia’h compliant credit card. In order to realize this pioneering credit card, AFS provided a complete credit card issuing and processing solution to the Bank. Named GAB AWWAL, the card boasts numerous attractive features for customers including no interest (riba), fair pricing, no compounded fees and a shop safely purchase protection for cardholders amongst other unique benefits.
AFS CEO Mr. B. Chandrasekhar said: “We are honored to have been selected by Gulf African Bank to provide the complete credit card issuing and processing solution that enabled the region’s pioneering GAB AWWAL credit card. Our selection was a testament to AFS’ rich portfolio of payment and fintech solutions and our strong track record across the MEA region. Equally, we are delighted to now see this project come to successful fruition. The Kenya market is of strategic importance for AFS and we are pleased to be a part of such a great event for not only Kenya but the entire East Africa region."
Gulf African Bank’s Managing Director, Abdalla Abdulkhalik said “As a financial institution, we are constantly seeking to enhance our product suite and through GAB AWWAL, we will be delivering a world convenience and exclusivity to our customers, with some benefits that fit even for the global elite. Notably, customers will be able to enjoy our fair pricing model, successively saving up to 30% of charges through rebates on monthly service fees. They will also have the ability to ‘Buy now, and Pay later’ which will avail them with the flexibility of paying as low as 10% on their monthly card statement with the option of repaying the balance amount of purchases in subsequent month(s). This card serves as a quick bridge for financial gaps one might encounter. They are 3D secure, which guarantees users safety and peace of mind for online transactions.”
The launch event was held in Nairobi and was attended by GAB and AFS representatives, including AFS Director of Business Development Mr. Partha Saha, alongside Habil Olaka, CEO Kenya Bankers Association, Mohammed Badamana – Chairman, Shariah Board Gulf African Bank and Gerald Nyaoma, Director Banking Supervision amongst other notable dignitaries and media guests.
AFS serves over 75 clients across the financial sector in more than 21 countries. It is owned by 37 banks and financial institutions and regulated by the Central Bank of Bahrain. The company offers innovative and end-to-end payment services and solutions that span card processing, merchant acquiring, FinTech and a state-of-the-art value-added services suite. AFS has offices and data centers in Bahrain, UAE and Oman, and was the first processor in the region to become Payment Card Industry Data Security Standard (PCI DSS) 3.2 certified. Recipient of several global awards, AFS has most recently been recognized as of ‘The Most Innovative FinTech Solution Provider 2018’ at the GCC Enterprise Awards 2018 and ‘Best Payment Service Provider – Bahrain 2017’ by Global Banking and Finance Review.