Qatar Islamic Bank (bank) has signed a partnership with Paylater, a Qatari company specialized in financial technology and the service “Buy now and pay later” (BNPL). This partnership provides for the first time a service “Buy and Pay Later”, which is compatible with the provisions of Islamic Sharia by a Qatar Financial Technology Company. This service allows customers to complete purchases through flexible payment plans, which contributes to enhancing financial inclusion and supporting the growth of the digital economy in Qatar.
This partnership combines the reliable banking experience of the bank and the technical innovation of Paylater, to provide integrated financial solutions in line with the provisions of Islamic Sharia, which meets the advanced needs of customers and merchants in Qatar.
In line with the bank’s sustainability strategy and the Qatar Central Bank’s strategy to encourage banking cooperation and financial technology companies, this partnership enhances the bank’s commitment to expanding the scope of digital financial services, as well as supporting the local financial technology system.
Commenting on this partnership, Mr. Tariq Fawzi, Director General of Corporate Banking Services in the bank, said: “Cooperation with Paylater represents a strategic achievement within the bank’s goals to make a change in financial services by integrating innovation and access, in line with the Qatar Central Bank’s strategy to support banking between banks and financial technology companies. We are pleased to be one of the first banks to provide their support to the Qatari startups specialized in the field of technology in line with Qatar National Vision 2030 ».
He added: «Through cooperation with Paylater in the field of financial technology, we are working to enhance our services through customized solutions that focus on customers and enable individuals and create new growth opportunities for merchants, which proves our role as a pioneering digital bank.
For his part, Mr. Mohamed Al -Dulaimi, the founding and administrative partner of Paylater, said: “We are pleased to launch this strategic partnership with the bank to provide a service“ Buy now and pay later ”(BNPL) in Qatar, which represents a qualitative shift in the way individuals run their financial affairs, and the merchants open new horizons to develop their business.
Al -Dulaimi stressed that the partnership with the bank embodies the great capabilities of partnerships between financial technology companies and banking institutions, to create solutions that focus on customers, and contribute to reshaping the financial scene in the State of Qatar.
