Magnati, a leading payment solution provider in the Middle East, has partnered with Aafaq Islamic Finance, an innovative digital Islamic finance provider, to launch an embedded financial solutions platform designed to support SMEs in the UAE.
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The platform offers a range of tailored financial services, that could help enable SMEs to access the resources they need to grow.
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The partnership aims to streamline the loan application process, reduce complexity and improve access to Islamic financial services. The embedded financial solutions platform, operated by Magnati, accelerates loan processing for SME merchants.
The platform integrates real-time Point of Sale (POS) transaction data, into the lending process to facilitate faster loan application process. SMEs can benefit from timely and effective financing solutions for business loans, invoice financing, equipment financing, POS financing, receivables financing, and insurance, helping them meet their financial needs efficiently.
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.”
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.”
About Magnati
Founded in 2021, Using next-generation technologies such as APIs, artificial intelligence and machine learning capabilities, Magnati offers payment solutions and services for all industries, including retail, hospitality, government and e-commerce businesses. Backed by a specialist team providing seamless customer support throughout the UAE, Magnati is your partner for secure, swift and convenient payment collections.
About aafaq Islamic Finance PSC
Backed by an eminent and respected group of shareholders, aafaq Islamic Finance was established in 2006 to provide innovative Islamic financial services and products that comply with Islamic Sharia, across the UAE and the Region. aafaq appears on the lists of many major financial institutions who offer a variety of high-quality financial services for a diverse range of Institutions. The full autonomy enjoyed by the company gives it a unique standing among finance companies in the UAE.
The Company‘s strategic focus is on exploring and discovering available opportunities within various business sectors in order to achieve the highest return for shareholders and the most benefits for the community. Strong Strategic partnerships are held with the Ministry of Finance, the Ministry of Labor, Dubai Economy, DMCC, Nasdaq and Tas’heel Centres.
