Saudi Arabia-based AJIL Financial Services Company partners with Newgen to digitalise financing operations - Middle East Business News and Information
Newgen's offerings are set to accelerate AJIL's underwriting processes and operational journeys, and improve customer experience.
Dubai, United Arab Emirates, January, 2025 : Newgen Software, a global leader in AI-enabled digital transformation solutions , has announced a partnership with AJIL Financial Services Company (AJIL), a prominent financing company in Saudi Arabia. As AJIL's digital transformation partner, Newgen will provide its flagship Low-Code Platform and Shariah-compliant financing solutions to streamline its offerings, including Murabaha, Ijarah, and other financing products to accelerate AJIL's underwriting processes, operational journeys and to improve customers' experience and satisfaction.
This collaboration aligns with AJIL's commitment to Vision 2030 and its goal of scaling and modernising its operations to meet evolving market demands while delivering superior customer experience. AJIL is licensed by the Saudi Central Bank (SAMA) and specialises in Shariah-compliant financing for SMEs across the Kingdom.
Matar Al-Khateeb, CEO, AJIL Financial Services Company, said: 'With the strategic focus on leveraging advanced technologies like Newgen software and data-driven insights, we are committed to streamlining our operations and offering innovative solutions that resonate with the evolving needs of our customers. This transformative approach will not only enable us to fortify our market reach but also bolster our presence through integrations with fintech channels, thereby deepening our engagement with existing customers and expanding our footprint in new markets.
'We are committed to Vision 2030 and strongly believe in the role of SMEs in the Kingdom's development. We are looking forward to continuing to enable SMEs to grow and contribute to the Kingdom's economy's growth.'
Commenting on the partnership, Vivek Bhatnagar, SVP-EMEA Sales, Newgen Software , said: 'Newgen's extensive expertise in deep process automation will modernise AJIL's operations, including loan origination and collection functions. We are committed to providing pathbreaking solutions to global customers, with our focus on creating digital-first banking journeys.'
About AJIL Financial Services:
Operating since 1997, Headquartered in Jeddah, AJIL is a leading SAMA-licensed financing company specialising in Shariah-compliant financing solutions that address the unique needs of its customers in the SME segment across the Kingdom.
AJIL offers innovative financing solutions for businesses, thereby allowing customers to fulfill contracts, realise projects, and achieve their goals. Guided by compliance principles and transparency, AJIL is committed to empowering corporations and SMEs to achieve their financial goals. With a focus on sustainable growth, AJIL aligns itself with Saudi Vision 2030 to support economic growth through innovative financing solutions and customer-centric strategies.
About Newgen Software:
Newgen is a leading provider of an AI-enabled unified digital transformation platform with native process automation, content services, and communication management capabilities. Globally, successful enterprises rely on Newgen's industry-recognised, low-code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud. From onboarding and service requests to lending and underwriting, and various other use cases across industries, Newgen unlocks simple with speed and agility.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CairoScene
11 hours ago
- CairoScene
Private Sector Bank Claims in Saudi Arabia Reach SAR 3 Trillion
Credit to private businesses and individuals rose 15.2% in April 2025, totalling SAR 3.012 trillion. Private sector banking claims in Saudi Arabia have reached SAR 3.012 trillion as of April 2025, marking a 15.2% year-on-year increase, according to new data from the Saudi Central Bank. The figure reflects total credit issued to non-government entities, including businesses and households, and highlights continued expansion in the Kingdom's financial sector. The rise in private sector lending is supported by strong domestic demand and aligns with ongoing efforts to diversify the economy under Vision 2030. The latest increase also follows a 10% year-on-year growth in time and savings deposits, which reached SAR 949.7 billion by the end of 2024. Credit to the private sector now accounts for the bulk of bank lending activity in Saudi Arabia. The trend has drawn attention from ratings agencies such as Fitch, which forecast that Saudi banks would maintain one of the highest credit growth rates in the region throughout 2025.
Tahya Masr
5 days ago
- Tahya Masr
Nasdaq Dubai Welcomes Mashreq's USD 500 Million Sukuk Listing
Nasdaq Dubai welcomed Mashreq's (''Mashreq'' or ''the Bank'') debut listing on the exchange with the admission of a USD 500 million Sukuk issued by Mashreq Al Islami Sukuk Company Ltd . The Trust Certificates, due in 2030, were issued under Mashreq's USD 2.5 billion Trust Certificate Issuance Programme and are being admitted as a secondary listing following strong demand in the primary market. This marks an important milestone for Mashreq as it expands its access to international capital markets and strengthens its presence in the Islamic finance space. It also reflects Nasdaq Dubai's continued role in connecting regional issuers with a global investor base through a well-regulated and diversified platform. Senior officials from Mashreq, including Ahmed Abdelaal, Group Chief Executive Officer; Joel Van Dusen, Group Head of Corporate & Investment Banking; and Salman Hadi, Group Head of Treasury & Global Markets, attended the market opening ceremony at Nasdaq Dubai to celebrate the listing. The bell was rung by Ahmed Abdelaal in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). Abdul Aziz Al Ghurair, Chairman of Mashreq, commented: "This Sukuk listing marks an important step in Mashreq's commitment to strengthening the global Islamic finance landscape. It is a clear demonstration of Mashreq's long-term commitment to Islamic finance, the deepening of cross-border capital flows, and the UAE's continued emergence as a global nexus for ethical and Sharia-compliant financing. Through this programme, we are proud to reinforce investor trust and contribute meaningfully to the maturing of Islamic capital markets . Ahmed Abdelaal, Group Chief Executive Officer, Mashreq said: 'Our debut listing on Nasdaq Dubai marks a new chapter in Mashreq's capital markets journey. This Sukuk issuance not only attracted strong investor interest, but also affirms our disciplined approach to funding, even in a complex macro environment. As we continue to diversify our capital structure through Sharia-compliant channels, we remain committed to delivering strong fundamentals, market transparency, and sustainable value for all stakeholders. Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said: 'This listing reflects Mashreq's growing ambitions in the Islamic finance sector and underscores our role as a leading marketplace that connects regional issuers with global investors. As Dubai continues to strengthen its capital markets infrastructure, we remain committed to providing an efficient and transparent platform that supports diverse financing needs and promotes sustainable growth across the financial ecosystem. This landmark Sukuk issuance marked Mashreq's successful return to the international debt capital markets. It was also the first public issuance from the CEEMEA region since the announcement of U.S. tariffs in April 2025, which had triggered heightened volatility across global markets. The success of this transaction renewed market participants' confidence, and was followed by a string of issuances, thereby helping to reopen the market for regional issuers. The transaction attracted significant investor interest, resulting in an orderbook of USD 2.9 billion, nearly six times oversubscribed. The final pricing was tightened to UST +105 basis points with a fixed profit rate of 5.03% per annum, reflecting the strength and quality of the orderbook and strong investor confidence in Mashreq's credit fundamentals. With broad participation from over 90 global investors across the Middle East, Europe and Asia, the issuance reaffirms Mashreq's leadership in Islamic finance and reinforces Dubai's growing stature as a global hub for Sharia-compliant capital markets. With this listing, the total value of Sukuk listed on Nasdaq Dubai has reached USD 97.2 billion, further strengthening the exchange's position as one of the world's largest centres for Islamic fixed income. The overall value of debt securities listed on Nasdaq Dubai now stands at over USD 140 billion, across 163 issuances. These figures reflect the depth and maturity of the UAE's capital markets, as well as the growing appeal of Dubai as a gateway for regional and international investment.
Egypt Today
5 days ago
- Egypt Today
Vodafone Egypt Reinforces Market Leadership by Launching Egypt's Most Extensive 5G Network to Drive Digital Innovation
Today, Vodafone Egypt officially launched 5G technology for the first time in the Egyptian market, delivering an unprecedented array of advantages that extend far beyond individual consumers to encompass businesses and enterprises alike. This groundbreaking initiative solidifies Vodafone Egypt's position as an industry pioneer in innovation, cutting-edge communications, and digital empowerment for millions of Egyptians by providing state-of-the-art telecommunications services. The revolutionary 5G network delivers seamless, high-speed streaming experiences with ultra-low latency, satisfying the demanding requirements of advanced interactive applications and gaming enthusiasts. It also provides exceptional reliability, strengthening digital infrastructure across healthcare, industrial, and numerous other critical sectors. Furthermore, the network facilitates the advancement of Internet of Things (IoT) services across multiple vital industries, significantly enhancing quality of life while bolstering the national economy. Building on Vodafone's extensive global experience in deploying 5G technology across diverse international key markets, the company introduces this technology in Egypt, offering unparalleled coverage spanning over 2,000 sites from Cairo to Upper Egypt, across numerous governorates throughout the Republic. This comprehensive rollout ensures superior telecommunications services for users while supporting all economic sectors. Vodafone Egypt commits to substantially expanding its 5G coverage areas over the coming weeks, with ambitious plans to extend 5G technology nationwide, thereby reinforcing its role as a digital enabler by establishing a robust network equipped with cutting-edge services that will serve as the cornerstone of Egypt's future digital economy. Mohamed Abdallah, Chief Executive Officer of Vodacom International Markets and Vodafone Egypt commented: "Today marks a historic milestone in Egypt's telecommunications landscape with the launch of 5G technology, representing the culmination of our successful infrastructure development strategy and adoption of the world's most advanced technologies. We take immense pride in maintaining our position as Egypt's top-performing network for the second consecutive year, as validated by independent international organizations, demonstrating our unwavering commitment to delivering exceptional customer experiences. Through our 5G network launch, Vodafone Egypt harnesses the Vodafone Group's global expertise to provide our individual and corporate customers with the most comprehensive and reliable coverage in the Egyptian market, unlocking innovative possibilities across vital sectors including healthcare, industry, and education, while paving the path toward smart cities and contributing to Egypt's Vision 2030 digital transformation objectives." Vodafone extends access to 5G technology to all customers across every package, without additional charges, simply by activating the service through device settings adjustments for 5G-compatible devices, eliminating the need for SIM card replacement. Customers can verify device compatibility through the Vodafone application or via the dedicated link: The company delivers 5G technology with dependable connectivity and exceptional data transfer speeds, supported by substantial investments in developing robust infrastructure that provides users with reliable, high-speed connections and trustworthy services. This is made possible by the latest innovative technologies, including the groundbreaking 'Adaptive Interference Free (AIF)' system. This system, pioneered by Vodafone Egypt, is a world-first innovation that eliminates interference in the 5G network, ensuring consistently high performance. Mohamed Abdallah concluded: "Vodafone Egypt firmly believes technology should serve everyone universally. Through our 5G launch, we create new opportunities across all sectors while reaffirming our dedication to accelerating Egypt's digital transformation and establishing the foundation for tomorrow's digital economy. We consistently place our customers at the center of our operations, continuously striving to simplify their daily lives and elevate their digital experiences." To showcase the advantages of 5G within the Egyptian market, Vodafone Egypt participated in Insomnia Egypt, the country's largest gaming festival. The event, held from April 24 to 26, 2025, at the Cairo International Exhibition Center, provided a platform for Vodafone Egypt to demonstrate the capabilities of 5 G technology in enhancing gaming experiences. This initiative represents part of Vodafone Egypt's significant achievements series, confirming the company's extensive expertise in this domain, which was recently highlighted by securing first place in the latest network performance measurement reports from Umlaut, the independent benchmarking organization for both 2024 and 2025.
