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In contrast to banking, the non-bank financial services sector in the MENA region is at a relatively early stage of development. Fragmented and immature, it therefore offers good potential for growth and expansion.
Focusing on financial institutions and merchants, TII’s strategy for this sector is to concentrate on the most rapidly expanding consumer finance area – Sharia compliant financing and loyalty programs. In future, financial institutions will introduce TII’s loyalty solutions on their payment cards while merchants will offer new financing solutions and augment their customer relationship management efforts. Three new Bahrain-based companies are being formed to execute this strategy: Flair will p r ovide the sales and financing side of our merchant branded consumer finance and loyalty service; “Menalco” will manage an innovative cross-border loyalty program across the MENA region; and “Procco” will provide back office central processes.
TII’s objective is to become a major player in the regional consumer financial services sector by consolidating consumers’ financing options when they purchase automobiles, white and brown goods. 2005 saw the formation of “CreditOne” in Kuwait, in partnership with TII’s strategic partners. “Al-Sayer Group’s Auto Finance” subsidiary was then acquired by “CreditOne”, providing a base for the company to build upon. The future will see TII acquiring further suitable companies and expanding this fast growing niche market. Our target is to roll out this successful concept in at least two further countries during the next twelve months.
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