QIIG, PayLater ink deal to offer Shari’a-compliant payment solutions

Doha, Qatar: Qatar Islamic Insurance Group (QIIG) has announced the signing of a strategic partnership with PayLater, the first Qatari company license...

Doha, Qatar: Qatar Islamic Insurance Group (QIIG) has announced the signing of a strategic partnership with PayLater, the first Qatari company licensed by the Qatar Central Bank to provide Buy Now, Pay Later (BNPL) services in compliance with Shari’a principles.

This partnership marks a significant step towards enhancing flexible and ethical payment solutions for QIIG customers across Qatar.

The agreement was signed during an official ceremony attended by Mohammed Al-Rasheed, Executive Director of Motor Insurance at Qatar Islamic Insurance Group, and Mohammad Al Dulaimi, Co-Founder of PayLater, along with several senior executives from both companies.

In his remarks, Al-Rasheed stated: “This partnership reinforces QIIG’s vision to enhance customer experience through innovative and accessible insurance solutions. Providing flexible installment options for our insurance products reflects our commitment to offering customers the financial convenience they need while also keeping pace with digital advancements through effective and fruitful partnerships.”

On his part, Al Dulaimi, representing PayLater, commented: “This partnership reflects our shared commitment to driving innovation in Qatar’s financial sector. Integrating PayLater’s services with QIIG’s trusted insurance solutions empowers customers to manage their premiums more flexibly and conveniently. Together, we are building customer-centric solutions that promote responsible financial empowerment and contribute to advancing the country’s fintech ecosystem.”