Al Baraka Bank Syria has signed a memorandum of understanding with Sulfa Business for Technology Solutions, the company behind the Sulfa platform, to provide buy now, pay later financing based on Murabaha.
The partnership will connect participating online merchants with the bank’s digital financing platform. Sulfa customers can select products from participating stores and follow a dedicated link to submit a financing application through Al Baraka Bank Syria. The bank will then assess the request and notify the customer of the decision.
According to the announcement, the arrangement brings product selection, financing and repayment into a connected digital journey. Sulfa positions itself as a platform linking banks, merchants and consumers, with a focus on embedded finance and Sharia-compliant BNPL.
Omar Barhamji, CEO of Al Baraka Bank Syria, said the agreement supports the bank’s digital services strategy and its efforts to provide Sharia-compliant financing solutions. Samer Qudsi, Sulfa’s co-founder, said the partnership would place bank financing closer to the point of purchase and give merchants another tool to support sales and reach more customers.
The agreement reflects growing cooperation between Syria’s banking sector and e-commerce ecosystem, with Sulfa aiming to expand access to financing through merchant platforms.
Source: LinkedIn
