Qatar Islamic Insurance Group (QIIG) has announced a strategic partnership with PayLater, the first Qatari fintech licensed by the Qatar Central Bank to offer Shari’a-compliant Buy Now, Pay Later (BNPL) services. The collaboration aims to provide flexible and ethical payment solutions for insurance customers across the country.
The agreement was formalized in a signing ceremony attended by Mohammed Al-Rasheed, Executive Director of Motor Insurance at QIIG, and Mohammad Al Dulaimi, Co-Founder of PayLater, alongside senior executives from both organizations.
A Strategic Alliance for Insurtech Innovation
Through this partnership, QIIG customers can now purchase any of the company’s insurance products and split the premium payments into four equal, interest-free installments. This integration of PayLater’s service ensures a seamless, secure, and fully Shari’a-compliant payment experience, directly supporting Qatar’s national digital transformation objectives.
The move signifies a growing trend in the region where traditional financial institutions are collaborating with agile fintech startups to enhance their service offerings and meet evolving consumer demands for digital-first financial products.
Enhancing Customer Experience
Mohammed Al-Rasheed highlighted the customer-centric vision behind the partnership, stating that it aligns with QIIG’s commitment to enhancing the client experience through innovative and accessible solutions.
“This partnership reinforces QIIG’s vision to enhance customer experience through innovative and accessible insurance solutions,” Al-Rasheed remarked. “Providing flexible installment options for our insurance products reflects our commitment to offering customers the financial convenience they need while also keeping pace with digital advancements through effective and fruitful partnerships.”
Driving Qatar’s Fintech Ecosystem
For PayLater, the collaboration is a key step in solidifying its position within Qatar’s burgeoning fintech landscape. Mohammad Al Dulaimi emphasized the shared goal of fostering financial innovation and empowerment.
“This partnership reflects our shared commitment to driving innovation in Qatar’s financial sector,” said Al Dulaimi. “Integrating PayLater’s services with QIIG’s trusted insurance solutions empowers customers to manage their premiums more flexibly and conveniently. Together, we are building customer-centric solutions that promote responsible financial empowerment and contribute to advancing the country’s fintech ecosystem.”
About Qatar Islamic Insurance Group
Qatar Islamic Insurance Group (QIIG) is a leading Takaful insurance provider in Qatar, offering a comprehensive range of Shari’a-compliant insurance solutions for individuals and businesses. The company is committed to leveraging technology to deliver innovative and accessible insurance products.
About PayLater
PayLater is the first Qatari fintech company licensed by the Qatar Central Bank to provide Buy Now, Pay Later (BNPL) services in compliance with Shari’a principles. The startup offers interest-free installment payment solutions designed to provide consumers with greater financial flexibility.
Source: Zawya
