Tuesday, October 06, 2009
AFS to provide key services for Iraq bank
AFS to provide key services for Iraq bank Gulf Daily News - [10/6/2009] Bahrain-based Arab Financial Services (AFS), one of the leading electronic payment enablers in the Middle East, is to provide credit card management services for Iraqi Middle East Investment Bank (IMEIB). IMEIB is a major private bank in Iraq and is in the forefront of technology adaption in the country. With its network of branches in the, the bank has ambitious plans for expanding its retail services. Under the agreement, AFS will sponsor IMEIB for issuing and processing credit cards. This includes providing card personalisation, comprehensive back-office, reconciliation, dispute management, an interaction centre and mobile banking services to the bank. The agreement covers similar services for the bank's debit cards. "This partnership with AFS is yet another milestone in our history of introducing new services in Iraq," said IMEIB managing director Hikmat Jerjis Bahnam. "Credit cards will form an integral part of our retail portfolio and we hope to please our customers by introducing features and services comparable to the best in the world." AFS is a subsidiary of Arab Banking Corporation and pioneered the concept of outsourcing card processing in the region and was the first to set up an end-to-end state-of-the-art card-outsourcing environment in Bahrain. AFS is the largest payment card processor in the Middle East and North Africa regions. "Iraq is an important market for us and we are committed to supporting the banks there, working with them to introduce leading edge technologies in the country," said AFS chief executive officer Shankar Sharma. "We thank IMEIB for giving us the opportunity to partner them and look forward to a long and mutually beneficial relationship."