QIB and PayLater launch Shari’a-compliant BNPL solutions in Qatar

By Gloria Methri

Qatar Islamic Bank (QIB) has partnered with FinTech PayLater to deliver Shari’a-compliant BNPL services to customers and merchants in Qatar. The goal is to provide flexible financing solutions that promote financial inclusion and support the growth of the nation’s digital economy.

The partnership will introduce seamless payment options by combining QIB’s financial expertise with PayLater’s technology. It will enable consumers to make purchases through installment plans while supporting merchants in expanding their customer base.

Commenting on the partnership, Bassel Gamal, QIB’s GCEO, said, “Our partnership with PayLater represents a strategic milestone in QIB’s mission to revolutionise financial services by integrating innovation and accessibility. By joining PayLater’s FinTech expertise, we are enhancing our offering with tailored, customer-centric solutions that empower individuals and create new growth opportunities for merchants, reinforcing our role as a leading digital bank.”

Mohammed Al-Delaimi, CEO of PayLater, said, “BNPL solutions are transforming how consumers manage their finances while offering merchants new avenues to grow their business. This MoU with QIB highlights the potential of partnerships between FinTechs and banks to create customer-centric solutions that redefine the financial landscape in Qatar.”

Aligned with Qatar Central Bank’s objectives to encourage the collaboration between banks and FinTech companies, enhance digital payment systems and promote financial inclusion, this partnership sets the foundation for new opportunities within Qatar’s financial sector, empowering stakeholders and driving economic growth.