QIB and PayLater Partner to Launch Qatar’s First Shari’a-Compliant BNPL Solution

Doha, Qatar – Qatar Islamic Bank (QIB), the nation’s leading digital bank, has announced a groundbreaking partnership with PayLater, a prominent Qatari FinTech startup specializing in Buy Now, Pay Later (BNPL) solutions. Through the signing of a Memorandum of Understanding (MoU), the two organizations will introduce Qatar’s first Shari’a-compliant BNPL platform, offering flexible, interest-free payment solutions to consumers and businesses.

The collaboration represents a significant advancement in Qatar’s digital economy, merging QIB’s extensive expertise in Islamic banking with PayLater’s innovative technology. The solution will allow customers to make purchases in easy, interest-free installments, ensuring compliance with Islamic principles while addressing the growing demand for more accessible and adaptable financial options.

The new BNPL platform is expected to transform the shopping experience for consumers by providing greater financial flexibility and convenience. For merchants, the solution offers an opportunity to expand their customer base, boost sales, and enhance engagement, contributing to the overall growth of the retail and e-commerce sectors in Qatar.

This strategic partnership aligns with Qatar National Vision 2030, which emphasizes the importance of promoting innovation, promoting financial inclusion, and supporting the development of homegrown enterprises. By collaborating with PayLater, QIB underscores its commitment to empowering Qatari FinTech startups and driving technological advancements within the financial sector.

The initiative highlights the evolving potential of partnerships between traditional financial institutions and agile FinTech companies to deliver customer-centric solutions. As the BNPL model continues to grow in popularity worldwide, this Shari’a-compliant version is set to establish Qatar as a leader in modern Islamic finance, reinforcing the nation’s reputation as a hub for innovation and economic progress.

Through this partnership, QIB and PayLater aim to create a financial ecosystem that benefits consumers, businesses, and the economy at large, paving the way for a more inclusive and tech-driven financial future in Qatar.