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QIB and PayLater partner on Qatar’s Shari’a-Compliant BNPL solution. On December 9th , 2024, Qatar Islamic Bank (QIB), Qatar’s leading digital bank, signed a landmark Memorandum of Understanding (MoU) with PayLater, a Qatari FinTech company specializing in Buy Now, Pay Later (BNPL) solutions. The partnership will deliver Shari’a compliant BNPL services to customers and merchants in Qatar, providing flexible financing solutions that promote financial inclusion and support the growth of the nation’s digital economy. By combining QIB’s financial expertise with PayLater’s cutting-edge technology, the partnership will introduce seamless payment options for consumers to make purchases through interest-free instalment plans, while expanding the customer base of PayLater partner merchants. Commenting on the partnership, Mr. Bassel Gamal GCEO of QIB said: “Our partnership with PayLater represents a strategic milestone in QIB’s mission to revolutionize financial services by integrating innovation and accessibility. We are proud to be among the first banks to extend our support to Qatari start-ups specialized in technology in line with Qatar National Vision 2030. Mr. Mohammed Al-Delaimi, CEO of PayLater, 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.