Aafaq Islamic Finance, an innovative digital Islamic finance provider, has joined forces with Magnati, a leading payment solution provider in the Middle East to launch an embedded financial solutions platform designed to propel UAE SMEs. The platform offers seamless access to a range of tailored financial services, enabling SMEs to access the resources they need to grow.
The partnership between Magnati and Aafaq Islamic Finance aims to streamline the finance application process, reducing complexity and improving access to Islamic financial services. By offering a comprehensive range of financing solutions, this collaboration seeks to strengthen the UAE’s entrepreneurial ecosystem and support the continued growth of SMEs.
The platform leverages real-time Point of Sale (POS) transaction data, transforming it into actionable insights that streamline decision-making for financial underwriting. By integrating this data into the lending process, the platform facilitates faster, more accurate approvals, ensuring that SMEs benefit from timely and effective financing solutions for business finances, invoice financing, equipment financing, POS financing, receivables financing, and Takaful, helping SMEs meet their financial needs efficiently.
The embedded financial solutions platform, operated by Magnati, is specifically designed for SME merchants, enabling them to fast track finance processing as it ensures detailed underwriting can take place before the finance approval phase.
Mr. Hisham Hamoud, CEO of Aafaq Islamic Finance, commented: “At Aafaq, we are committed to advancing innovative financial solutions that meet the unique needs of SMEs in the UAE. By collaborating with Magnati, we’re combining our expertise to simplify access to essential financing and empower SMEs to thrive. This partnership underscores our dedication to supporting entrepreneurs and contributing to a robust and diversified UAE economy.”
Ramana Kumar, CEO of Magnati, said: “SMEs serve as the backbone of the UAE economy and its crucially important that they are empowered every step of the way. Through our partnership with aafaq Islamic we can now offer faster, more streamlined access to Islamic financial services to enable SMEs to succeed. Both Magnati and aafaq are moving in tandem to ensure that the financial ecosystem meets the needs of the UAE’s vibrant entrepreneurial sector and the aspirations of its dynamic businesses.”
