QIIG Partners with PayLater to Launch Shari’a-Compliant Payment Solutions

In a significant development for Qatar’s financial landscape, the Qatar Islamic Insurance Group (QIIG) has entered a strategic partnership with PayLater, the first Qatari company licensed by the Qatar Central Bank to offer Buy Now, Pay Later (BNPL) services compliant with Shari’a principles. This collaboration aims to enhance flexible and ethical payment solutions for QIIG customers throughout Qatar.

Strengthening Financial Accessibility

The agreement was formalized at an official ceremony attended by key figures including Mohammed Al-Rasheed, Executive Director of Motor Insurance at QIIG, and Mohammad Al Dulaimi, Co-Founder of PayLater, along with several senior executives from both organizations.

During the event, Al-Rasheed highlighted the importance of this partnership in aligning with QIIG’s vision to improve customer experience through innovative insurance solutions. He 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.”

Innovative Solutions for Customers

Al Dulaimi echoed these sentiments, emphasizing the collaborative effort to drive innovation in Qatar’s financial sector. “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,” he remarked.

As a result of this partnership, QIIG customers will have the opportunity to purchase any insurance product offered by the company and pay the premiums in four equal, interest-free installments using PayLater’s service. This initiative ensures a seamless, secure, and fully Shari’a-compliant payment experience, aligning with Qatar’s broader goals of digital transformation.

This collaboration not only underscores QIIG’s commitment to delivering innovative solutions that enhance customer satisfaction but also contributes to the growth of Qatar’s insurance sector. By adopting advanced digital financial technologies, both companies are poised to play a pivotal role in shaping the future of financial services within the region.