The Qatari financial technology startup PayLater has announced a strategic partnership with Qatar Islamic Bank (QIB), one of the country’s leading financial institutions. This landmark collaboration will see the launch of a fully Shari’a-compliant Buy Now, Pay Later (BNPL) solution, powered by PayLater’s technology and integrated into QIB’s mobile app.
A Landmark Partnership for a Qatari Startup
This partnership is a major milestone for PayLater, providing the homegrown fintech with access to QIB’s extensive customer base and validating its technology on a massive scale. By securing a collaboration with the largest Islamic bank in the country, PayLater has solidified its position as a key innovator in Qatar’s rapidly growing digital payments landscape.
How the PayLater-Powered Service Works
PayLater’s technology is seamlessly integrated into QIB’s award-winning Mobile App. This allows QIB customers to make purchases and instantly opt to split the cost into four equal, interest-free installments, without needing a new credit card or a complex application process. The entire solution has been reviewed and endorsed by QIB’s Shari’a Supervisory Board, ensuring its full compliance with Islamic finance principles.
Leadership on a Milestone Achievement
Khalifa Al Haroon, Co-Founder and CEO of PayLater, commented on the deal, stating, “This is a landmark achievement for Qatar’s fintech scene. This partnership allows us to scale our services and technology to a wider audience, thanks to QIB’s extensive reach. We are proud to work with QIB to introduce a service that is not only convenient but also adheres to the highest standards of Shari’a compliance.”
This vision was shared by D. Anand, QIB’s General Manager of the Personal Banking Group, who added, “Our collaboration with PayLater, a promising local fintech company, enables us to offer this innovative service, which is a first-of-its-kind in Qatar.”
About the Partners
- PayLater: A Qatari-based financial technology company focused on providing innovative payment solutions. As a pioneer in the local market, PayLater specializes in offering Buy Now, Pay Later services that contribute to the growth of Qatar’s digital economy.
- Qatar Islamic Bank (QIB): Established in 1982 as Qatar’s first Islamic financial institution, QIB is now the largest Islamic bank in the country, known for its robust digital banking offerings.
Looking Ahead
This partnership serves as a powerful blueprint for collaborations between fintech startups and Islamic banks across the MENA region. It positions PayLater at the forefront of the growing Shari’a-compliant BNPL market and is set to accelerate the adoption of innovative payment solutions in Qatar.
Source: Zawya
