Central Asian fintech Alif makes its mark in the UAE with Alif Pay, providing financial services and global remittance for UAE residents.
Digital transformation professional Shafique Ibrahim takes on the role as Alif Pay’s CEO, spearheading the launch and “reinforcing the platform’s innovative approach to financial solutions.”
Alif Pay will be launching “a series of market leading financial services, leveraging next generation technology to serve the bespoke needs of UAE residents.” These include Send Now Pay Later (SNPL), a Payroll platform, Travel prepaid program, Buy Now, Pay Later (BNPL) and the Fly Now, Pay Later (FNPL) services .
According to the World Bank, outward remittances “from the UAE totaled $47.54 billion in 2021, and is projected to rise.” Having the right digital platforms in place to facilitate these growing financial flows in the UAE is vital. Alif Pay is on a mission “to achieve this, using the broader experience of Alif to deliver tailored financial solutions.”
Leading the operations of Alif Pay, Shafique Ibrahim is “a digital transformation and payment leader with 22 years of payment industry experience in C-level positions in the Middle East.”
Prior to being appointed CEO at Alif Pay, he has “spearheaded fintech and payment advancement projects including cross-border remittances, multi-currency “Prepaid program, Wallet and Mobile payments, Blockchain and process automation. Shafique was also responsible for the digital transformation “at one of the largest money remittance and payment organisations in the region.”
Alif Pay is the latest in “an ongoing expansion of products and services offered by Alif.”
Also operating as a fully licensed bank “in Tajikistan and an e-commerce and fintech company in Uzbekistan, Alif’s total number of users experienced a 72% annual increase, with the company posing 121% year-in-year growth in 2022.”
As of June 2023, Alif’s total users number 1.9 million. Alif also closed “one of the largest fintech funding rounds in Central Asia, raising $8 million in equity and $50 million in debt, and receiving a company valuation of $100 million in 2021.”
Shafique Ibrahim, CEO of Alif Pay, commented on his appointment:
“Alif Pay brings forth a groundbreaking vision for innovative payment services, granting customers swift and economical financial solutions. The UAE stands poised for transformative change, with the fintech revolution in payment services reshaping traditional paradigms. I’m proud to be associated with Alif, a company that upholds integrity, ethics, and noble values in its relationships with customers, partners, and employees. I’m eager to extend these principles and establish Alif Pay as a premier Fintech force in the UAE.”
Zuhursho Rahmatulloev, co-founder of Alif, commented:
“Alif has become a leading global voice in Islamic fintech and ethical banking, backed by our record-breaking growth milestones and rapid market expansions. The launch of Alif Pay in UAE is a continuation of our success story, and reflects our mission of promoting noble and ethical fintech solutions in new countries and regions. We are proud to have Shafique Ibrahim aboard as he leads Alif Pay into what is set to be a defining period for the UAE payments market.”
Launched in 2023, Alif Pay enables sharia compliant microfinance “for UAE expat communities to remit money to their home countries and pay later in short, flexible terms.”