Al-Arafah Islami Bank partners with upay

Al-Arafah Islami Bank PLC has signed a strategic partnership agreement with UCB Fintech Limited, known as upay, to facilitate fund transfers, remittance services and Shariah-compliant Islamic micro-savings services.

UCB Fintech Limited is a subsidiary of United Commercial Bank PLC.
The agreement was signed on Wednesday, at Al-Arafah Islami Bank’s Head Office.

Mohd Rafat Ullah Khan, Managing Director and Chief Executive Officer of Al-Arafah Islami Bank PLC, and Shyamol Boran Das, Chief Executive Officer of upay, signed the agreement on behalf of their respective organisations.

Under the agreement, customers of Al-Arafah Islami Bank will be able to transfer funds between the bank’s Islamic Wallet and the upay platform.

In addition, upay will serve as a remittance distribution partner of the bank and support the expansion of its Shariah-compliant Islamic micro-savings services.

The partnership will enable customers to access more convenient, secure and Shariah-compliant digital financial services, the bank said.

Speaking on the occasion, Mohd Rafat Ullah Khan said Al-Arafah Islami Bank is continuously working to deliver innovative, convenient and Shariah-compliant digital financial solutions to its customers.

He expressed confidence that the strategic partnership with upay would enhance the bank’s digital service offerings and contribute to advancing digital financial inclusion across the country.

Among others, Md Fazlur Rahman Chowdhury, Deputy Managing Director of Al-Arafah Islami Bank PLC; Md Aminul Islam Bhuiyan, Deputy Managing Director; Mohammad Hossain, Deputy Managing Director; SM Abu Jafar, Deputy Managing Director; Sajjad Alam, Head of Corporate Sales of upay; and Mohammad Mamun Reza Khan, Head of Product, Strategy and Product of upay, were present.