afaq Islamic Finance, an autonomous Shariacompliant finance company in the UAE, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, announced the go-live of the Finacle Core, Islamic Banking and Payments solutions to power its operations.

The transformation journey, which has helped aafaq achieve extensive efficiencies from large scale optimization and automation of processes, won the 'Best Islamic Banking Implementation' award for 2019 at the Islamic Finance & Banking Awards held at Dubai in October.

Saif Ali Mohamed Munakhas Alshehhi, Managing Director and CEO, aafaq Islamic Finance, said, ''Transitioning to an automated, high end digital platform has been a massive, yet easy feat for aafaq.''

Venkataramana Gosavi, Senior Vice President and Global Head of Sales, Infosys Finacle, said, ''We are delighted that the transformation program at aafaq has been recognized as the best in the industry for 2019.''

Shares of the company declined Rs 4.45, or 0.56%, to settle at Rs 796.25. The total volume of shares traded was 432,362 at the BSE (Thursday).