SINNAD offers flexible Islamic Banking processing in the Middle East
SINNAD, a leading third-party payment service provider based in Bahrain, partnered with Compass Plus to enable it to offer a flexible and hassle-free Shari’ah compliant payments processing platform that would give it the scope and flexibility to serve both conventional and Islamic financial institutions across the GCC, Middle East, and Africa.
Today, many customers have migrated to SINNAD’s new platform, including some of the largest Islamic banks in Bahrain. The latest is the largest Islamic bank in Bahrain, who is using the system for card issuance, ATM driving, fraud detection and prevention, and instant card issuance.
The bank now benefits from easier access to system monitoring, and control of, its card and account information, as well as provide convenient tools for excellent customer support provided by a trusted processor.
SINNAD chose Compass Plus because of its extensive experience supporting financial institutions in their conventional and Islamic banking requirements and its ability to meet their customers’ needs and expectations.
“Migrating one of the largest Islamic Banks in Bahrain to SINNAD’s platform is a major milestone in our strategic expansion plan. As we have always aimed to diversify our services, SINNAD has adopted all Shari’ah approved concepts and has always been keen to better cater to our banks’ needs through a wide variety of services and products. We look forward to working with many more Islamic banks in the near future", said Mrs. Rana Almaeeli, General Manager at SINNAD.
“The Islamic finance industry is rapidly growing in the region. We are thrilled to be part of SINNAD’s ambitious expansion project and provide them and their customers with advanced technology and our expertise,” said Mohamed Hijazi, AVP & Business Development Director, MEA at Compass Plus.