Qatar Islamic Bank (QIB) has taken a pioneering step by signing a Memorandum of Understanding (MoU) with PayLater, a leading Qatari fintech company that specializes in Buy Now, Pay Later (BNPL) solutions, to bring Shari’a-compliant BNPL services to the Qatari market. This collaboration aims to provide consumers with flexible financing options while promoting financial inclusion and supporting the growth of Qatar’s digital economy. By merging QIB’s financial expertise with PayLater’s state-of-the-art technology, the partnership will enable consumers to make purchases through convenient installment plans, allowing merchants to expand their customer bases by offering more attractive payment options.
Mr. Bassel Gamal, GCEO of QIB, emphasized that this partnership is a key milestone in QIB’s ongoing mission to integrate both innovation and accessibility into its financial services. It is closely aligned with Qatar Central Bank’s strategy, which seeks to foster greater cooperation between traditional banks and innovative fintech firms. The initiative also supports Qatar National Vision 2030, as it helps develop and back local technology startups. This strategic approach not only strengthens the financial landscape but also nurtures local entrepreneurship and boosts the overall digital transformation within the nation.
Similarly, PayLater’s CEO, Mr. Mohammed Al-Delaimi, highlighted the transformative impact of BNPL solutions on consumer financial management and the significant growth opportunities it creates for merchants in Qatar. According to Mr. Al-Delaimi, the Memorandum of Understanding is a prime example of the immense potential that lies in partnerships between fintech companies and traditional banks to develop customer-centric financial services. He views this collaboration as a crucial step in reshaping the future of financial transactions in Qatar, offering innovative solutions that cater to the evolving needs of consumers and businesses.
This initiative holds significant promise for enhancing digital payment systems in Qatar, aligning with Qatar Central Bank’s goals of boosting financial inclusion and supporting the nation’s economic growth. By facilitating innovative financial services, the partnership between QIB and PayLater is expected to empower a broad range of stakeholders, from consumers to merchants, thereby creating a myriad of new opportunities within the financial sector. This collaboration not only aligns with local economic aspirations but also contributes to a broader global vision of advancing financial technology for greater inclusivity and economic development.
The signing of the MoU marks a crucial turning point in the evolution of financial services in Qatar, leveraging the power of technology and strategic collaborations to offer more inclusive and flexible financial solutions. This synergy between QIB and PayLater is poised to revolutionize the financial sector, supporting both local and broader economic visions aimed at fostering innovation, economic growth, and financial inclusivity. As the partnership moves forward, it is expected to pave the way for more groundbreaking financial solutions, reflecting a strong commitment to harnessing technology for the betterment of society.