Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has signed a Memorandum of Understanding (MoU) with PayLater, a Qatari fintech company specializing in Buy Now, Pay Later (BNPL) solutions.
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The partnership is set to deliver Shari’a-compliant BNPL services to customers and merchants in Qatar, providing flexible financing solutions that promote financial inclusion and support the growth of the nation’s digital economy.
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By combining QIB’s financial expertise with PayLater’s cutting-edge technology, the partnership will introduce seamless payment options, enabling consumers to make purchases through installment plans while supporting merchants in expanding their customer base.
Commenting on the partnership, Mr. Bassel Gamal GCEO of QIB 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 proud to be among the first banks to extend our support to Qatari start-ups specialized 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.”
Mr. 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.
About PayLater
Founded in 2023, PayLater is a leading Buy Now, Pay Later service provider founded in Qatar in 2023. We are starting a movement which financially empowers a generation of consumers by providing honest and ethical financial products that improve lives. PayLater allows customers to buy what is needed and wanted – while splitting payment into 4 equal instalments over 3 months, both for online and instore purchases. As we revolutionise how consumers pay in the future, we will simultaneously power growth for every merchant in our large network.
PayLater is entirely free for customers – zero interest, no transaction or any other hidden fees. As long as repayments are made on time. We are committed to helping customers spend responsibly while remaining in control of their finances.
About Qatar Islamic Bank (QIB)
Founded in 1982, Qatar Islamic Bank (QIB) was the first Islamic bank to start operating in the country in 1982 and it is still the largest today: the Bank currently holds 42% share of the Islamic banking sector and approximately 12% of the total domestic banking sector. As of end 2016, the total Shareholders’ Equity of the bank amounted to QAR 14.2 billion (3.89 billion US Dollars) with total assets reaching QAR 139.8 billion (38.3 billion US Dollars).
QIB Group conducts its domestic business through a modern branch network spread throughout Qatar with key branches featuring distinctive centers with specialized relationship managers focused on servicing specific customer segments: Private Banking Centers, Affluent Banking Centers, Small & Medium Enterprises (SME) Centers as well as Ladies Banking Centers. In addition to its branch network, the Bank has accelerated its investments in digital channels providing its services through multi-functional ATMs, mobile and internet banking applications for individuals and companies, and an award winning Call Center.
