Qatar Islamic Bank (QIB), the country’s leading digital bank, has partnered with Qatari fintech PayLater to introduce the first shari’a-compliant Buy Now, Pay Later (BNPL) solution in Qatar. This collaboration offers consumers flexible installment plans, promoting financial inclusion and supporting Qatar’s growing digital economy.
Combining QIB’s trusted banking expertise with PayLater’s fintech innovation, the partnership aims to deliver seamless, compliant financial products tailored to the needs of consumers and merchants. It aligns with QIB’s sustainability goals and the Qatar Central Bank’s strategy encouraging collaboration between banks and fintech firms to expand digital financial services and nurture the local fintech ecosystem.
Tarek Fawzi, QIB General Manager – Wholesale Banking Group, described the partnership as a strategic milestone in innovating Islamic banking and supporting Qatar’s National Vision 2030. He emphasized enhancing customer-centric solutions and creating new growth opportunities for merchants.
Mohammed Al Delaimi, Co-founder and Managing Partner of PayLater, expressed enthusiasm about the partnership, highlighting its transformative impact on consumer finance management and merchant business growth, underscoring the potential of bank-fintech collaboration to reshape Qatar’s financial landscape.
