Ajman Bank partners with Network International
Ajman, May 25, 2009
Ajman Bank, the emirate’s first Islamic commercial bank, has recently contracted Network International to manage its card payment processing services.
Following the opening of the Bank’s flagship branch, Network International, the leading card solutions provider in the region, will effectively manage all card related services from transactions and personalisation to switching and clearing.
Work between the two entities was put into action in 2008, with the inauguration of Ajman Bank's first flagship branch.
The bank is currently in the process of expanding its ATM network to provide more choices and reach to a wide range of network including all other ATM within the switch whereby Ajman Bank is offering a very competitive advantage by exempting their customers from payments of the switch usage fees. This makes Ajman Bank customers in a distinguished position to use any ATM in the market for free.
Network International will now manage Ajman Bank’s ATM network which will involve acquiring ATM and POS transactions for the Bank and transactions settlement. In terms of system and functional support services, Network International will also manage the essential credit as well as the debit card system which will be interfaced with the Bank’s core banking platform.
Finally, Network will offer full MIS reporting and risk management across the full Ajman Bank card portfolio, all in compliance with Sharia’a principles.
“The decision on behalf of Ajman Bank to outsource its card processing and management services is not only a cost effective move, but one which allows the Bank to focus its time and resources on key strategic and core activities,” said acting chief of Ajman Bank, Ali Essa Al Shaqoosh Al Mueen.
“The end-to-end cards management solution that Ajman Bank has requested is our forte and we are confidant that our teams will together be able to develop synergies that will benefit both entities,” added Abdulla Qassem, chairman, Network International.-TradeArabia News Service