Aafaq Islamic Finance goes live on Infosys Finacle Digital Banking Suite

Aafaq Islamic Finance, a prominent bank of UAE has recently announced its Infosys' Finacle powered core banking, Islamic banking, and payment platforms.

Aafaq’s management has now confirmed that the financial institution has upgraded its payment, digital and Islamic banking with the software designed by the Infosys.

Established in 2006, Aafaq Islamic Finance offers innovative Islamic financial services and products that comply with Islamic Sharia across the wide range of UAE and other regions.

Executive Opinion

Managing Director and CEO, Aafaq Islamic Finance, Saif Ali Mohamed Munakhas Alshehhi, said, "Transitioning to an automated, high-end digital platform has been a massive yet easy feat for Aafaq. We are proud and thrilled to have been awarded the ‘Best Islamic Banking Implementation Award’ for 2019 in recognition of this transformation. The Finacle Digital Banking Platform has helped us in operating at a significantly lower cost, manage risk and credit exposure better, and at the same time, deliver superior customer service and returns. Building on this robust platform, we aim to strengthen our presence in the UAE market as a digital-first, modern Islamic finance company."

Senior Vice President and Global Head of Sales, Infosys Finacle, Venkataramana Gosavi, said, "We are delighted that the transformation program at Aafaq has been recognized as the best in the industry for 2019. This transformation’s success and industry recognition is a testimony of Finacle’s ability to help Islamic financial institutions of any size and maturity to pursue an inside out, truly digital transformation. With the increasing influence of digital in customers’ everyday lives and evolving competitive landscape, it’s critical for Islamic financial institutions to proactively modernize their operations. With our industry-leading solution suite and exemplary delivery track record, Finacle is well placed to help them achieve their transformational aspirations."

Infosys's Finacle and banking at Aafaq Islamic Finance

Aafaq will be using the Infosys Finacle Digital Banking Suite, which will automate most of its traditional processes in order to significantly enhance bank productivity.

Infosys has installed various application programming interfaces across the Aafaq’s platform. This would enable the seamless flow of financial data between the business departments of the bank.

Aafaq appears on the list of some of the prominent financial institutions that provide a wide range of high-quality financial services for a diverse range of institutions. The Finacle Digital Banking Platform has enabled Aafaq Islamic Finance to significantly reduce the cost, better manage its risk and credit exposure, notes the announcement.