QIB partners with PayLater to introduce Shari'a-compliant BNPL solutions in Qatar
Doha
Qatar Islamic Bank (QIB), Qatar's leading digital bank, has signed a Business Partnership with PayLater, a Qatari fintech company specialising in Buy Now, Pay Later (BNPL) solutions. This partnership introduces, for the first time, a shari'a-compliant BNPL solution by a Qatari fintech, which enables customers to make purchases through flexible installment plans, promoting financial inclusion and supporting the growth of Qatar's digital economy.
The partnership brings together QIB's trusted banking expertise and PayLater's fintech innovation to offer seamless, shari'a-compliant financial solutions tailored to the evolving needs of consumers and merchants in Qatar.
Aligned with QIB's sustainability agenda and the Qatar Central Bank's (QCB) strategy to encourage collaboration between banks and fintech companies, the collaboration reinforces QIB's commitment to expanding digital financial services while supporting the local fintech ecosystem.
Commenting on the partnership,QIB General Manager – Wholesale Banking Group Tarek Fawzi said, 'Our partnership with PayLater represents a strategic milestone in QIB's mission to revolutionize financial services by integrating innovation and accessibility, in line with Qatar Central Bank's strategy to support the collaboration between banks and fintech companies. We are pleased to be at the forefront of Innovation in Islamic banking thru our partnership with PayLater, which represents a strategic milestone for QIB, this is in addition to extending our support to Qatari start-ups specialised in technology in line with Qatar National Vision 2030. 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.'
PayLater Co-founder and Managing Partner Mohammed Al Delaimi said, 'We are delighted to start this valued partnership with Qatar Islamic Bank to introduce BNPL solutions in Qatar. These solutions are transforming how consumers manage their finances while offering merchants new avenues to grow their business. Our partnership with QIB highlights the potential of collaborations between finTechs and banks to create customer-centric solutions that redefine the financial landscape inQatar.'
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