UAE – Mubasher: Aafaq Islamic Finance, a leading financial company based in the UAE, is looking at filing for an initial public offering (IPO) on the Dubai Financial Market (DFM) in 2020, Emarat Al Youm reported.

The IPO will take place once related requirements of achieving profits for two consecutive years are met.

Saif Ali Al Shehhi, managing director and CEO of Aafaq, said that the company has posted a positive profit for 2018, expecting to record profits this year to meet the listing requirements.

Al Shehhi also added that the company’s board of directors will be meeting to discuss listing the shares of the company on the DFM with AED 635 million in capital.

This came on the sidelines of a press conference, in which Aafaq Islamic Finance launched three different platinum credit cards; Aafaq Platinum, Aafaq Business-covered platinum, and Aafaq Retail-covered Platinum.