Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has signed a business partnership with PayLater, a Qatari fintech company specialising in Buy Now, Pay Later (BNPL) solutions.
This partnership marks the launch of the first Shari’a-compliant Buy Now, Pay Later (BNPL) solution by a Qatari fintech, offering customers flexible installment payment options while promoting financial inclusion and advancing the growth of Qatar’s digital economy.
The partnership combines QIB’s trusted banking experience with PayLater’s fintech innovation to deliver seamless, Shari’a-compliant financial solutions designed to meet the evolving needs of consumers and merchants across Qatar.
Aligned with QIB’s sustainability agenda and the Qatar Central Bank’s (QCB) strategy to encourage collaboration between banks and fintech companies, the partnership reinforces QIB’s commitment to expanding digital financial services while supporting the local fintech ecosystem.
Tarek Fawzi General Manager Wholesale Banking Group QIB
“Our partnership with PayLater represents a strategic milestone in QIB’s mission to revolutionize financial services by integrating innovation and accessibility, in line with Qatar Central Bank’s strategy to support the collaboration between banks and fintech companies. We are pleased to be at the forefront of Innovation in Islamic banking through our partnership with PayLater, which represents a strategic milestone for QIB, this is in addition to extending our support to Qatari startups specialised in technology in line with Qatar National Vision 2030.”
“By joining PayLater’s fintech expertise, we are enhancing our offering with tailored, customer-centric solutions that empower individuals and create new growth opportunities for merchants, reinforcing our role as a leading digital bank,” Fawzi added.
PayLater Co-founder and Managing Partner, Mohammed Al Delaimi said that, “We are delighted to start this valued partnership with Qatar Islamic Bank to introduce BNPL solutions in Qatar. These solutions are transforming how consumers manage their finances while offering merchants new avenues to grow their business.”
Al Delaimi further added that, “Our partnership with QIB highlights the potential of collaborations between FinTechs and banks to create customer-centric solutions that redefine the financial landscape in Qatar.”
