Aafaq in deal to set up AI-powered financial wellness platform

Aafaq Islamic Finance, a leading provider of Islamic financial products and services in the United Arab Emirates, has formed a transformative partnership with Singapore-based The Social Loan Company (TSLC) to establish a pioneering non-bank mobile-first lending platform to to provide financial access to underserved young digital natives in the Mena region.

Following the success with CASHe in India, TSLC has set up its regional headquarters in the United Arab Emirates to deliver its state-of-the-art AI-powered full-stack neo-banking platform to the underserved digital natives in select markets in the region.

TSLC recently established Digital Collective Technologies, its wholly owned subsidiary in the Abu Dhabi Global Market (ADGM), to allow its world-class centralized technology and product management teams to operate from its regional headquarters in One Central, Dubai, UAE.

When unveiling their plans for the future, the duo said they will shortly launch the industry-leading platform in select markets in the region to provide appropriate, affordable, accessible and differentiated financial solutions to drive the inclusion of credit slim, new credit and credit-invisible everyday consumers.

TSLC is an AI / ML-powered, state-of-the-art, big data-driven credit enablement platform company and is now on an ambitious global expansion course with a view to key markets in West, South and Southeast Asia as well as Latin America and Sub-Saharan Africa.

Rashed Mahboob Al Qubaisi, CEO of Aafaq Islamic Finance, said: “This partnership enables Aafaq to connect more intensively with its customers by offering differentiated Shariah-compliant financial transactions in an entirely digital, secure and protected environment.”

“What sets this new partnership between Aafaq and TSLC apart is the new opportunity to add the young and underserved digital natives in this region to our customer base,” said Al Qubaisi.

“TSLC aims to usher in a new era of artificial intelligence-based financial services in the region. There is no doubt that our current and future customers will benefit greatly from the impressive combination of our legacy infrastructure with their proven expertise and track record. “Success in financial technology,” he added.

Deepak Saluja, TSLC Co-Founder and Group CEO and Board Member, said, “We are focused on bringing strong in-house R&D and building a unique technology-driven, big-data-driven, mobile-only digital alternative global financial services organization.”

“To get started in the Middle East, we needed a super-progressive institution with an impeccable track record, linked with us on a shared mission to bring the underserved, everyday consumers into mainstream banking,” noted Saluja.

“Our partnership with Aafaq is testament to our global advocacy for a JV-based win-win model of collaboration between incumbents and challengers,” he said.

“Our hyper-inclusive, proprietary platform, nuanced for this region, is designed to serve moderate-income and near-premium consumers. This transformative partnership is expected to change the paradigm in the fundamentals of credit screening and delivery that are based on the common.” Aim of building a more inclusive financial system, “he added.

Saluja indicated that TSLC, along with Aafaq, will redefine the financial landscape, transform the world of online lending in the Middle East and fundamentally change the way people in this region deal with money and banking.

“Our breakthrough ML-powered alternative data-driven credit scoring engine will enable faster and better credit decisions, lower borrowing barriers and provide access to honest, affordable and transparent credit,” he added.

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