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Postpay receives Sharia consent for its BNPL solutions

Monday 23 May 2022 12:51 CET | News

UAE-based payments solution provider Postpay has gotten Sharia certification from Shariyah Review Bureau for its Buy Now, Pay Later (BNPL) services.

The company offers a product which allows the customer to split their online payments into three equal parts. The first instalment is processed immediately, and the customer receives their product as usual. The remaining two instalments are due every month thereafter. The customer pays nothing more than the amount they were paying for their purchases.

Speaking on partnering with the Shariyah Review Bureau, company officials added that the institution is recognised as a professional Shari'a advisory firm in the region. Having worked with the traditional financial sector and diverse fintech companies, they wanted to leverage on their experience when it came to advising payment solution providers.

Shariyah Review Bureau provides end-to-end Sharia advisory solutions that are centrally deployed, and offer Sharia supervision, audit, and quick turnaround in product certification. This has become an option for supporting the needs of fintechs. In addition to reducing Sharia associated overheads, this approach helps clients administer and centralise all of their Shari'a requirements.


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Keywords: BNPL, instalment payments, fintech, certification
Categories: Payments & Commerce
Companies: Postpay, Shariyah Review Bureau
Countries: United Arab Emirates
This article is part of category

Payments & Commerce

Postpay

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Shariyah Review Bureau

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