QIB Signs Partnership Pact With PayLater

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 introduces, for the first time, a Shariah-compliant BNPL solution by a Qatari fintech, enabling customers to make purchases through flexible instalment plans, promoting financial inclusion and supporting the growth of Qatar’s digital economy.

The partnership brings together QIB’s trusted banking expertise and PayLater’s fintech innovation to offer seamless, Shariah-compliant financial solutions tailored to the evolving needs of consumers and merchants in Qatar.

Aligned with QIB’s sustainability agenda and the Qatar Central Bank’s (QCB) strategy to encourage collaboration between banks and fintech companies, the collaboration reinforces QIB’s commitment to expanding digital financial services while supporting the local fintech ecosystem.

"Our partnership with PayLater represents a strategic milestone in QIB’s mission to revolutionise financial services by integrating innovation and accessibility, in line with the QCB's strategy to support the collaboration between banks and fintech companies," said Tarek Fawzi, QIB’s general manager – Wholesale Banking Group.

By joining PayLater’s fintech expertise, QIB is enhancing its offering with tailored, customer-centric solutions that empower individuals and create new growth opportunities for merchants, reinforcing our role as a leading digital bank, he said.

Mohammed al-Delaimi, co-founder and managing partner of PayLater, said these solutions are transforming how consumers manage their finances while offering merchants new avenues to grow their business.

"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," he said.