Magnati, a leading payment solutions provider in the Middle East, has partnered with Ajman Bank to launch an embedded finance solution aimed at supporting the growth of SMEs. 

 

This collaboration will provide seamless access to Shari’ah-compliant financial services, giving SME merchants the tools they need to scale their businesses and contribute to the UAE's economic progress.

 

With this new offering, SME merchants can use real-time POS payment transaction data to gain access to a broad range of financing options from Ajman Bank. These include Shari’ah-compliant business financing, as well as invoice, equipment, receivables and POS financing. The platform is designed to meet the unique financial needs of SMEs in a fast and efficient manner, while aligning with Shari’ah principles.

 

Financial inclusion

The collaboration between Ajman Bank and Magnati underscores a shared vision of financial inclusion to enable SMEs in the UAE to succeed and contribute to the growth of UAE’s economy.

 

Mustafa Al Khalfawi, CEO of Ajman Bank, said: “Ajman Bank is 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 at Magnati, commented: “We are excited to partner with Ajman Bank, a financial institution that is 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 SMEs using Magnati’s payment solutions. This also enables faster approvals and a more personalized and enhanced customer experience. EMI repayments are automatically deducted from daily payouts, improving cash flow management and providing businesses with financial stability.--TradeArabia News Service