Aafaq Islamic Finance, a leading provider of Islamic finance products and services in the UAE, has forged a transformational partnership with Singapore-based The Social Loan Company (TSLC) to set up a trend-setting non-bank, mobile-first loan platform to deliver financial access to the underserved young digital natives in the Mena region.
Following its success with CASHe in India, TSLC has set up its regional headquarters in the UAE to bring in its cutting-edge AI-driven full-stack Neo Banking Platform for the underserved digital natives across chosen markets in the region.
TSLC had recently set up Digital Collective Technologies, its wholly-owned subsidiary in Abu Dhabi Global Market (ADGM) for its centralized world-class tech and product leadership teams to operate from its regional headquarters at One Central, Dubai, UAE.
Unveiling its future plans, the duo said it will soon launch the industry-leading platform across chosen markets in the region to deliver appropriate, affordable, accessible and differentiated financial solutions to drive the inclusion of credit-thin, new-to-credit and credit-invisible everyday consumers.
An AI/ML-powered cutting-edge big data-driven credit enablement platform company, TSLC is now on an ambitious global expansion drive, looking at key markets in West, South and Southeast Asia, as well as Latin America and Sub Saharan Africa.
Aafaq Islamic Finance CEO Rashed Mahboob Al Qubaisi said: "This partnership allows Aafaq to connect more deeply with its customers by providing differentiated sharia-compliant financial transactions in an environment that is end-to-end digital, safe and secure."
"What distinguishes this new partnership between Aafaq and TSLC is the new possibility of extending our client base to include the young and underserved digital natives in this region," stated Al Qubaisi.
"TSLC is looking 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 reap rich rewards from the formidable combination of our legacy infrastructure with their proven expertise and track record of success in financial technology," he added.
Deepak Saluja, the co-founder and group CEO & Board Member of TSLC said: "We are laser-focused on bringing in strong in-house R&D and building a unique technology-based, big data-driven, mobile-only digital-first alternative global financial services organisation."
"To launch in the Middle East, we needed a super-progressive institution with an impeccable track record, connected with us on a common mission to bring the underserved, everyday consumers into mainstream banking," observed Saluja.
"Our partnership with Aafaq is a testimony to our global advocation of a JV-driven win-win model of co-operation between incumbents and challengers," he stated.
"Our hyper-inclusive proprietary platform, nuanced for this region, is designed to serve the moderate income, near-prime consumers. This transformational partnership is expected to bring about a paradigm shift in the fundamentals of credit assessment and delivery, anchored on the joint objective of building a more inclusive financial system," he added.
Saluja pointed out that together with Aafaq, TSLC will redefine the financial landscape, transform the world of online lending in the Middle East and fundamentally change the way everyday people approach their relationship with money and banking in this region.
"Our ground-breaking ML-powered alternate data-driven credit-scoring engine will enable faster and better credit decisions, lower the barriers of borrowing and deliver access to honest, affordable and transparent credit," he added.