At Web Summit Qatar, a significant partnership was announced as leading multi-strategy investment firm Shorooq signed a Memorandum of Understanding (MOU) with PayLater, the nation’s first Qatar Central Bank (QCB)-licensed, Sharia-compliant Buy Now Pay Later (BNPL) provider. The agreement paves the way to explore a scalable, institutional-grade credit facility designed to fuel PayLater’s next phase of expansion.
Pioneering Sharia-Compliant BNPL in Qatar
PayLater has successfully carved out a niche as a category pioneer in Qatar, operating under the full regulatory oversight of the QCB. By offering fully Sharia-compliant BNPL products specifically tailored to the local market, the company has shown strong execution, disciplined underwriting, and has achieved growing adoption among both merchants and consumers. This solid foundation has positioned it as an ideal candidate for large-scale, structured credit solutions.
A Strategic Move for Non-Dilutive Growth
For Shorooq, this MOU highlights its leadership in the regional credit space and its capacity to create bespoke financing structures for high-growth, regulated technology platforms. The potential transaction aligns perfectly with Shorooq’s strategy of providing fintech and tech-enabled businesses with non-dilutive capital, which allows founders to accelerate growth without sacrificing ownership equity.
Mahmoud Adi, Founding Partner at Shorooq, commented on the agreement, stating, “This MOU reflects our conviction that the next phase of fintech growth in the region will be driven by disciplined, well-regulated platforms that can absorb institutional capital at scale. PayLater has built a strong foundation as Qatar’s first QCB-licensed, Sharia-compliant BNPL provider, and we see significant potential in working together to structure a credit solution that supports sustainable growth while setting a new benchmark for the market.”
Dr. Devid Jegerson, Chief Executive Officer of PayLater, added, “Shorooq is a strong validation of the progress PayLater has made since inception. As we scale our platform, access to sophisticated, Sharia-compliant credit structures is critical to serving our customers and merchant partners responsibly. We look forward to exploring a partnership that supports our long-term vision and reinforces Qatar’s position as a leading fintech hub.”
About PayLater
PayLater is Qatar’s first Buy Now Pay Later (BNPL) provider licensed by the Qatar Central Bank (QCB). The company offers fully Sharia-compliant payment solutions tailored for the local market, enabling consumers to make purchases and pay for them over time in interest-free installments. By partnering with a growing network of merchants, PayLater aims to provide flexible and responsible financing options that cater to the evolving needs of Qatar’s digital economy.
Source: Zawya
