Abu Dhabi, UAE: 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. The platform offers a range of tailored financial services, that could help enable SMEs to access the resources they need to grow.

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.”