The initiative aligns with QIB’s goal of promoting bank-fintech partnerships. Credit: Ritu Manoj Jethani/Shutterstock.

Qatar Islamic Bank (QIB) has announced a memorandum of understanding (MoU) with PayLater to offer Shari’a-compliant Buy Now, Pay Later (BNPL) services.

This collaboration aims to provide customers with flexible payment solutions that align with Islamic financial principles.

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By leveraging QIB’s financial acumen and Qatari fintech PayLater’s technology, the service will offer instalment plans for purchases, thereby expanding merchants’ customer bases and providing consumers with more manageable payment options.

This initiative is in line with the QIB’s goals to foster partnerships between banks and fintech firms, improve digital payment systems, and enhance financial inclusion, according to QIB.

QIB GCEO Bassel Gamal said: “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 proud to be among the first banks to extend our support to Qatari start-ups specialised in technology in line with Qatar National Vision 2030.”

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PayLater CEO Mohammed Al-Delaimi said: “BNPL solutions are transforming how consumers manage their finances while offering merchants new avenues to grow their business.

“This MoU with QIB highlights the potential of partnerships between FinTechs and banks to create customer-centric solutions that redefine the financial landscape in Qatar.”

In 2019, QIB introduced digital onboarding, allowing new customers to quickly open Savings or Misk accounts through its mobile app.