This partnership aims to provide improved financing solutions, promoting financial inclusion and the growth of the nation’s digital economy.
This collaboration will introduce simple payment options, enabling consumers to make purchases through instalment plans while supporting merchants in expanding their customer base.
The services provided will be Shari’a-compliant. This means that they will be governed by the requirements of Shari’a’s laws and the principles of the Islamic religion. Shariah-compliant funds are considered to be a type of socially responsible investing.
QIB aims to be one of the first banks that extend support to Qatari start-ups specialised in technology in line with Qatar National Vision 2030.
Qatar National Vision aims to help Qatar become an advanced society capable of sustaining its development and providing a higher standard of living for its citizens by 2030.
According to the Government Communications Office, the National Vision projects development through four pillars. The first pillar is human development for all of Qatar’s citizens. The second one is societal development based on high moral standards and the capability of playing an important role in global development.
The third pillar is economic development, which aims to diversify the economy and secure a high standard of living for its people. The last pillar is environmental development, which aims to bring harmony between economic growth and environmental protection.
As a Qatar-based startup founded in 2023, PayLater is a BNPL service provider whose aim is to offer ethical financial products. PayLater allows customers to split payments into four equal instalments over three months for online and in-store payments.
PayLater is free for customers, with zero interest, no transaction costs, and no hidden fees as long as repayments are made on time.
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