AFS appoints Sael Al Waary Chairman of the Board of Directors

May 20, 2014 11:12 am

Arab Financial Services B.S.C(c) (AFS), the leading provider of electronic payment and consumer finance outsourcing services in the region, today announced the appointment of Mr. Sael Al Waary, Executive Vice President and Group Chief Operating Officer of Arab Banking Corporation (ABC), as the Chairman of the Board of Directors of AFS.

Mr. Al Waary brings with him more than 33 years of banking, leadership and management experience garnered from the many senior positions he has held at ABC in both London and Bahrain. Mr. Al Waary is also Deputy Chairman of Arab Banking Corporation Jordan and has previously served on the Boards of Banco ABC Brasil and Arab Banking Corporation Egypt S.A.E. He has been a Board Member of AFS since 2000 and Deputy Chairman since December 2013.

At the recent AFS Annual General Meeting, the shareholders elected the new Board of Directors, which included (besides Mr. Sael Al Waary and Mr. Abdulnaser Khalifa Gnidi) three new members: Mr. Zahid Hummusani (Deputy Chairman), Mr. Maher Kaddoura and Ms. Simona Bishouty.

Mr. Zahid Hummusani is Executive Vice President and Head of Retail Risk & Collections at National Commercial Bank, Saudi Arabia. He is also Board Member of SIMAH (Saudi Credit Bureau). He has more than 25 years of banking experience. Prior to NCB, Mr. Hummusani worked with Riyadh Bank and Al Rajhi Bank. His association with NCB began in 1998 and has subsequently held a number of prominent leadership positions including Head of Alternative Distribution Channels, Head of Personal Finance, Head of Branch Network Finance and Head of Consumer Finance Sector.

Mr. Maher Kaddoura is an independent management consultant, a serial entrepreneur, angel investor, and a visionary social entrepreneur. Upon his retirement as the Managing Partner of Accenture in the Middle East, he established a portfolio of professional services firms and a private fund for investing in both startups as well as SME’s with a growth potential.

Ms. Simona Bishouty is the CEO and Managing Director of Arab Banking Corporation Jordan and has more than 30 years of experience in banking. She is also the Chairman of Arab Co-operation for Financial Investments Co. and a Member of the Board of the International Women Forum (Jordan).

AFS provides services to more than 60 banks and financial institutions. The comprehensive range of services offered by AFS includes credit, debit and prepaid card management, ATM and point of sale management, fraud management, card personalisation, contact centre, loyalty management, and analytics and back-office services. AFS is certified by Visa, MasterCard, ISO9001, ISO22301 (Business Continuity Management) and PCI DSS (Payment Card Industry Data Security Standards).

AFS reported a strong performance in 2013. The net profits rose by 26% as compared to 2012 and stood at $4.1 million and the revenues increased to $24.4 million reporting a growth of 11% over 2012. This was aided by the addition of new clients and introduction of new value-added services.