Abu Dhabi, UAE – October 24, 2024 – Magnati, a leader in payment solutions across the Middle East, has partnered with Ajman Bank to introduce an embedded finance solution tailored for small and medium-sized enterprises (SMEs). This collaboration aims to enhance SME growth in the UAE by providing seamless access to Shari’ah-compliant financial services, giving business owners the tools and financial resources needed to expand and support the country’s economic development.
Through this new offering, SME merchants using Magnati’s platform can leverage real-time POS transaction data to access a wide range of financing options provided by Ajman Bank. These include Shari’ah-compliant business financing, as well as financing solutions for invoices, equipment, receivables, and POS-based transactions. Designed to be fast, efficient, and aligned with Shari’ah principles, the platform addresses the unique financial requirements of SMEs, helping them scale sustainably.
The partnership between Ajman Bank and Magnati reflects their shared commitment to financial inclusion and economic empowerment for SMEs in the UAE. Mustafa Al Khalfawi, CEO of Ajman Bank, emphasized the importance of this initiative, saying, “At Ajman Bank, we are dedicated to supporting the UAE’s SME sector. This partnership with Magnati exemplifies our commitment to providing innovative, Shari’ah-compliant financial solutions that enable SMEs to thrive and contribute to the UAE’s prosperity. By streamlining access to finance, we are giving businesses the tools they need to succeed in today’s competitive landscape.”
Ramana Kumar, CEO of Magnati, expressed his enthusiasm, stating, “We are excited to partner with Ajman Bank, a financial institution integral to the Emirate’s economic progress. By integrating Ajman Bank’s Shari’ah-compliant financial solutions with our platform, we are enabling SMEs to access essential financial resources easily and enhancing their contribution to UAE’s economy.”
This partnership simplifies the application process for SME financing by leveraging Magnati’s payment solutions for faster approvals and a personalized customer experience. EMI repayments are automatically deducted from daily payouts, enhancing cash flow management and providing businesses with improved financial stability.
About Ajman Bank
Ajman Bank, headquartered in Ajman, is a dynamic Islamic bank committed to integrity, trust, and transparency. Supported by the Government of Ajman, the bank offers a broad range of Shari’ah-compliant banking services to individuals, businesses, and government institutions across the UAE. Ajman Bank is focused on innovative technology and providing a personalized banking experience, contributing to its prominent role in the emirate’s economic growth. For more information, visit www.ajmanbank.ae.
About Magnati
Magnati, based in Abu Dhabi, is a regional leader in the payment solutions industry, providing direct acquiring, issuer processing, and acquiring processing services. With a next-generation intelligent payments platform, Magnati serves government, merchant, and institutional clients, enhancing payment efficiency and customer experience. The company’s commitment to innovation positions it as a pioneer in transforming payments across the region. For more information, visit www.magnati.com.
