Faisal Islamic Bank becomes first Sudanese bank to obtain Mastercard license through Network International partnership
February 2, 2021 | Khartoum, Sudan- Enabling digital transactions in Sudan supports Mastercard continued effort to bring 1billion people into the digital economy by 2025.
- Partnership will enable bank customers and businesses with greater choice and convenience in shopping.
Faisal Islamic Bank (FIB) in collaboration with Network International, the leading enabler of digital commerce across Africa and the Middle East, has become the first indigenous Sudanese bank to obtain a card issuing and acquiring license from Mastercard.
Through the bank’s partnership with Network International, Faisal Islamic Bank will issue Mastercard-branded debit, credit and prepaid payment cards in Sudan for use online, in-store and at ATMs. FIB will also connect local businesses to the Mastercard network using Network International technology, helping people and businesses enjoy more convenient, secure and easy-to-use ways to pay everywhere Mastercard is accepted across the globe.
“We are delighted to partner with Mastercard and Network International on this huge milestone, which will enable the bank’s customers to withdraw funds from ATMs globally, shop online, and transact at millions of merchants around the world that accept Mastercard payment cards. Faisal Islamic Bank is fully committed to broadening and growing the payments landscape in Sudan, which will have a positive impact on the economic growth of our nation. We look forward to introducing best practices and market-centric strategies which will benefit our customers,” said Moawia Ahmed Elamin, CEO of Faisal Islamic Bank, Sudan.
“Mastercard is continually working to connect more people to the benefits of a world beyond cash across Africa, by offering innovative solutions for different needs. In Sudan, we are committed to developing and growing the payments landscape and are delighted to partner with Faisal Islamic Bank and Network International to strengthen the domestic payment ecosystem in Sudan, and further increase the adoption of digital payment solutions through the convenience of cards,” said Raghav Prasad, Division President for Sub-Saharan Africa, Mastercard.
“Network International is delighted to partner with Mastercard and Faisal Islamic Bank to boost the adoption of electronic payments in Sudan, as part of our ongoing commitment to driving digital payments in emerging markets. Running on market leading technology, our proposition will enable Faisal Islamic Bank customers to transact globally and bring more consumers and merchants into the payment ecosystem,” said Hany Fekry, Managing Director – Egypt and Deputy Managing Director - Africa, at Network International.
Faisal Islamic Bank, based in the capital Khartoum, was established in 1978, as the first Islamic bank in Sudan. The Bank provides a number of personal banking services and products, along with various business banking solutions and financial products. It has over 1,700 employees operating at 46 branches distributed nationwide, with an ATM network of over 200 machines.
Through its network and innovative technology, Mastercard continues to expand wider adoption of digital payments in order to deliver on its global goal of connecting 1 billion people to the digital economy by 2025.
About Network International:
Network International comprises of a group of companies and is the leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technology-enabled payments solutions to merchants and financial institutions of all types and sizes, including acquiring and processing services and a comprehensive ever-evolving range of value-added services.
Network International Holdings Plc is the holding company for Network International and the group companies.
About Faisal Islamic Bank
Since its establishment in 1978, Faisal Islamic Bank (Sudan) has been the pioneer of Islamic banks in Sudan, providing banking and investment services for its ever-growing customer base. The Bank, which has over 80 branches across Sudan, has recently developed a new strategy in collaboration with Deloitte with the aim of providing unique customer experience.
The Bank takes the lead in providing new sophisticated financial products that are Sharia-compliant.
FIB is credited for its role in establishing and consolidating the Islamic finance industry across the globe as it is considered the first Islamic bank established in Sudan and among the first established Islamic banks across the world, where the Bank established the world’s first Shari'a Supervisory Board in 1979, and also established the world’s first Islamic insurance company, Islamic Insurance Company LTD, in 1979.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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