Qatar may soon welcome PayLater, the first homegrown Buy Now Pay Later (BNPL) platform in the country, in 2024.
The Shariah compliant BNPL solution will be offering short-term financing for the purchase of goods and services, with up to four payment installments and tenors of up to three months.
The service will be interest- and fee-free, with no hidden fees or any other fees applied if the financing is repaid on time, the company said.
“PayLater is striving towards close collaboration with key regulatory bodies in the State of Qatar, including the Qatar Central Bank (QCB) and the Credit Bureau, which underscores the company’s dedication to extensive compliance with regulatory and compliance frameworks, emphasizing transparency and integrity in its operations,” read a statement.
Khalifa Al Haroon, the co-founder of PayLater, said: “We strive to become the leading BNPL provider in the State of Qatar while fostering aggressive growth plans into the wider MENA region. We understand that alternative payments matter.”
In August 2023, the central bank issued BNPL regulations after launching its fintech strategy earlier this year, to regulate BNPL products and services offered by separately licensed BNPL companies.
The regulations apply to both conventional and Shariah compliant BNPL products, but for Islamic BNPL service providers, a Shariah advisor subject to the approval of the central bank must be appointed. The QCB started accepting applications for the BNPL licence in September this year.
The UAE’s Tabby is the only Shariah compliant BNPL offering services and products in Qatar as of this writing.