Digital transformation: Moving from manual to automated credit response will allow the Islamic lender to process credit decisions in less than an hour
Dubai, United Arab Emirates: Innovative, Islamic financial lender, Aafaq Islamic Finance, has announced a new partnership with leading credit risk consultancy in the Middle East, 4pi, (part of the 4most Group), as part of a digital transformation strategy that will allow the company to seamlessly automate credit enquiries and expedite credit decisioning for its customers. By significantly reducing the time it takes to manually process a credit request, the lender will be able to streamline the process and reach much faster credit decisions, often in less than an hour, as opposed to days.
In line with the new partnership, 4pi is developing a sophisticated electronic gateway between Aafaq’s internal systems and Al Etihad Credit Bureau (AECB), which will ultimately lead to a more simplified and enhanced customer experience as well as saving a significant amount of time and money.
Nicoleta Remmlinger, Head of Business Development at 4pi explained, “The customer journey is crucial in delivering a successful digital experience, so the more efficient the process is, the better. We are excited to be chosen by Aafaq Islamic Finance and to be combining our extensive expertise in credit decisioning processes and local regulation, with Aafaq’s desire to boost its digital capabilities to better serve its customers.”
The electronic gateway facilitates the increasing demand for on-the-spot credit decisioning, giving the customer the opportunity and flexibility to request credit via their device without the need to source their financial information and physically take it to the lender. Aafaq Islamic Finance receives the request for credit instantaneously and via the gateway, is immediately able to retrieve the relevant credit report and credit score data. In a matter of seconds, the same information is submitted to the credit risk analytics team at 4pi, for review followed by feedback to the lender regarding approval.
Rashid Al Qubaisi, [CEO] from Aafaq Islamic Finance added, “Previously, it would have taken more time to manually reach a lending decision; this is two days too long. We live in a modern, digitally-driven world where speed is of the essence for our customers. Being able to make robust credit decisions in a fraction of the time is invaluable. It also supports our strategy and commitment to delivering unique and innovative products to the market while providing a first-class customer experience. With its proven knowledge and broad capabilities in the credit risk analytics space, we are delighted to be partnering with 4pi.”
About Aafaq Islamic Finance:
Aafaq Islamic Finance PJSC was established in 2006 and provides a wide range of high-quality Sharia-compliant banking products and services to corporate and retail clients. It stands out to be one of the most independent financing companies in the UAE. Moreover, the company’s strategy focuses on exploring opportunities within different business sectors to achieve the highest levels of happiness for all stakeholders including shareholders, customers, employees, strategic partners and the community.
Aafaq depends on the strength of its strategic partnership with leading institutions in the UAE, such as the Ministry of Finance, Ministry of Human Resources and Emiratization, Dubai Economy, Emaratech, Trakhees, First Abu Dhabi Bank, and many Tas-heel, Amer and Business centers and others. aafaq provides the customers of these entities with services like E-dirham, Labour Guarantees, Wages Protection System, payment services for Dubai Economy and topping up of Noqodi wallets. In addition, aafaq offers a wide range of financing solutions and smart payment tools for companies and individuals.
About 4most and 4pi:
4most has a global client base, with 4pi – which is part of the 4most Group – servicing mainland Europe and the Middle East. 4most is the UK’s largest credit risk consultancy and is recognised as one of the most dynamic and successful risk consulting firms globally. Specialising in all areas of credit risk, analytics and regulation in the financial services sector. 4most was named in the Financial Times – as one of Europe’s Fastest Growing Companies in 2019 and 2020 and has been listed multiple times as a Sunday Times Fast Track 100 company.