This partnership introduces, for the first time, a Shariah-compliant BNPL solution by a Qatari fintech, enabling customers to make purchases through flexible instalment plans, promoting financial inclusion and supporting the growth of Qatar’s digital economy.

The partnership brings together QIB’s trusted banking expertise and PayLater’s fintech innovation to offer seamless, Shariah-compliant financial solutions tailored to the evolving needs of consumers and merchants in Qatar.

Aligned with QIB’s sustainability agenda and the Qatar Central Bank’s (QCB) strategy to encourage collaboration between banks and fintech companies, the collaboration reinforces QIB’s commitment to expanding digital financial services while supporting the local fintech ecosystem.

“Our partnership with PayLater represents a strategic milestone in QIB’s mission to revolutionise financial services by integrating innovation and accessibility, in line with the QCB’s strategy to support the collaboration between banks and fintech companies,” said Tarek Fawzi, QIB’s general manager – Wholesale Banking Group.

By joining PayLater’s fintech expertise, QIB is enhancing its offering with tailored, customer-centric solutions that empower individuals and create new growth opportunities for merchants, reinforcing our role as a leading digital bank, he said.

Mohammed al-Delaimi, co-founder and managing partner of PayLater, said these solutions are transforming how consumers manage their finances while offering merchants new avenues to grow their business.

“Our partnership with QIB highlights the potential of collaborations between fintechs and banks to create customer-centric solutions that redefine the financial landscape in Qatar,” he said.

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This move aligns with Qatar’s Third Financial Sector Strategy and its broader FinTech strategy, underscoring the QCB’s commitment to developing and regulating the nation’s burgeoning FinTech ecosystem.

The approval highlights the QCB’s dedication to fostering the financial sector and advancing key objectives outlined in the Third Financial Sector Strategy.

It’s important to note that while this grants Paywise LLC (Dibsy) the status of an Authorized FinTech Express Sandbox Participant for regulatory activities, it does not equate to full-scale licensing approval.

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The partnership brings together QIB’s trusted banking expertise and PayLater’s fintech innovation to offer seamless, shari’a-compliant financial solutions tailored to the evolving needs of consumers and merchants in Qatar.

Aligned with QIB’s sustainability agenda and the Qatar Central Bank’s (QCB) strategy to encourage collaboration between banks and fintech companies, the collaboration reinforces QIB’s commitment to expanding digital financial services while supporting the local fintech ecosystem.

Commenting on the partnership, Mr. Tarek Fawzi, QIB’s General Manager – Wholesale Banking Group, said: “Our partnership with PayLater represents a strategic milestone in QIB’s mission to revolutionize financial services by integrating innovation and accessibility, in line with Qatar Central Bank’s strategy to support the collaboration between banks and fintech companies. We are pleased to be at the forefront of Innovation in Islamic banking thru our partnership with PayLater, which represents a strategic milestone for QIB, this is in addition to extending our support to Qatari start-ups specialized in technology in line with Qatar National Vision 2030. By joining PayLater’s fintech expertise, we are enhancing our offering with tailored, customer-centric solutions that empower individuals and create new growth opportunities for merchants, reinforcing our role as a leading digital bank.”

Mr. Mohammed Al-Delaimi, Co-founder and Managing Partner of PayLater, said:“We are delighted to start this valued partnership with Qatar Islamic Bank to introduce BNPL solutions in Qatar. These solutions are transforming how consumers manage their finances while offering merchants new avenues to grow their business. Our partnership with QIB highlights the potential of collaborations between finTechs and banks to create customer-centric solutions that redefine the financial landscape in Qatar.”

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This collaboration marks a significant milestone in the region’s digital transformation journey, as both entities join forces to offer innovative solutions through Ooredoo’s wallet platform.

Building on their existing strategic alliance, which to date has focused on the market leading Ooredoo Money proposition in Qatar, QNB will serve as the settlement bank for Ooredoo Fintech’s mobile wallet in Oman, leveraging its extensive expertise in banking and finance to facilitate seamless transactions and enhance its user experience. The partnership will empower consumers in Oman to enjoy a wide range of financial services directly from their mobile devices, including mobile payments, fund transfers, bill payments, and more.

Commenting on the partnership, Khalid Ahmed Al Sada, Senior Executive Vice President – Group Corporate and Institutional Banking, stated, “We are excited to collaborate with Ooredoo Fintech to bring cutting-edge fintech solutions to Oman. This partnership aligns with our commitment to supporting innovation in the countries we operate. By leveraging our robust banking infrastructure and Ooredoo’s expansive reach, we aim to empower individuals and businesses with convenient, secure, and accessible financial services.”

Similarly, Michelangelo Giacco, CEO of Ooredoo Fintech, expressed his enthusiasm for the collaboration, saying, “We are dedicated to leveraging technology to enrich the lives of our customers. This partnership with QNB represents a significant step towards realizing this vision, as we combine our expertise to deliver innovative fintech solutions tailored to the needs of the Omani market. Together, we aim to redefine the future of digital wallets and drive financial inclusion across the Sultanate.”

The partnership between QNB and Ooredoo Fintech underscores their shared commitment to fostering financial inclusion and driving digital innovation in Oman.

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Through this collaboration, EazyPay will serve as Tamara’s local acquirer and provide advanced payment gateway services, enabling secure, seamless, and efficient transaction processing across Tamara’s expanding network of merchants and customers in the Gulf.
The partnership was formalized during a signing ceremony held on Wednesday, 25 June 2025, underscoring both companies’ commitment to advancing the region’s digital payments infrastructure.

Nayef Tawfiq Al Alawi, Founder & CEO of EazyPay, commented: “Tamara has rapidly become a key player in how consumers across the region choose to pay—particularly with the rise of BNPL models. By supporting their platform with our payment gateway services, we’re enabling a smoother, faster, and more reliable experience for merchants and customers alike. It’s a strong example of how fintech collaboration can deliver real value to the market.”

Faris Al-Obaid, CEO and Vice Chairman of Tamara Bahrain B.S.C., added: “We are absolutely thrilled to announce our strategic partnership with EazyPay in Bahrain, marking a pivotal moment for Tamara’s expansion in the MENA region. EazyPay, a leader in payment solutions, will not only serve as our local acquirer but also as a key strategic partner for our growing operations in Bahrain. This collaboration is a testament to our commitment to enhancing our service offering and delivering a seamless, elevated experience to our customers. We are confident that EazyPay’s local expertise and strong infrastructure will help us achieve our shared goals and promote financial inclusivity in the Kingdom.”

This strategic alliance also reflects EazyPay’s continued efforts to drive innovation and foster collaboration within the regional fintech ecosystem. As a homegrown Bahraini fintech leader, EazyPay remains committed to forging strong partnerships that support the wider digital transformation agenda shaping the future of commerce in the GCC.

By combining Tamara’s innovative consumer payment experience with EazyPay’s proven technology infrastructure, this partnership is set to elevate the digital commerce experience across the Gulf, creating greater value and convenience for businesses and consumers alike.

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This step highlights QCB’s commitment to fostering the financial sector and advancing the objectives of the Third Financial Sector Strategy.

It is important to note that entry into the regulatory sandbox does not equate to full-scale licensing approval; however, the applicant is considered an Authorized FinTech Sandbox Participant for regulatory activities by the FinTech entity.

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The report outlines how Doha is building a pioneering open banking ecosystem aimed at transforming the financial services landscape by enabling secure data sharing and payment integration between banks, fintech firms, and third-party providers.

These initiatives are aligned with Qatar’s broader ambitions to enhance financial innovation, expand digital banking, and support sustainable economic transformation.

Open banking allows third-party service providers to access customer financial data through application programming interfaces (APIs), facilitating the creation of new financial products and services.

This model is particularly promising in Islamic finance, where it enables the development of personalized, Shariah-compliant solutions, such as real-time Zakat calculation tools and bespoke investment portfolios that include sukuk and equity funds.

QNB, Qatar’s largest financial institution, launched the country’s first open banking platform in 2022. The platform enables customers, partners, and fintech developers to securely access the bank’s core systems.

In May 2024, QNB extended its open banking services to corporate clients, further expanding the scope of financial innovation in the country.

Its collaboration with telecom operator Ooredoo on the Ooredoo Money platform serves as a benchmark for successful integration between traditional banks and fintech service providers.

The QFC report emphasizes that open banking is rapidly gaining traction across the Gulf Cooperation Council (GCC), with banks increasingly adopting the model to improve customer experience and enhance financial inclusion.

In Qatar, banks are integrating emerging technologies such as artificial intelligence, machine learning, and blockchain into their operations to drive digital transformation and increase efficiency.

Islamic banks are also tapping into open banking to deliver next-generation products that align with ESG goals and sustainability mandates.

These offerings support Qatar’s national decarbonisation and just transition efforts by enabling more sustainable, ethical, and inclusive financial systems.

A separate study by PricewaterhouseCoopers supports QFC’s findings, noting that open banking in Qatar is becoming a central pillar in the country’s digital banking roadmap.

The adoption of open banking frameworks is enhancing customer satisfaction, driving fintech growth, and facilitating the entry of new players into the market.

With growing regional momentum and increasing investor interest, Qatar’s open banking strategy is set to play a pivotal role in shaping the future of digital and Islamic finance in the Middle East.

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Visa has announced the appointment of Tareq Muhmood as Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA). In this role, Muhmood will oversee operations across more than 86 markets in the region, where Visa serves over 1,800 clients through 23 local offices.

Muhmood brings over three decades of experience in banking and payments. He most recently led Value-Added Services for Visa’s Europe region from London and joined the company in 2019 as Group Country Manager for Southeast Asia, based in Singapore. His previous roles include senior leadership positions at Ahli United Bank, ANZ, and HSBC.

Muhmood will be based in Dubai and reports to Oliver Jenkyn, Group President, Global Markets at Visa. He takes over from Andrew Torre, who has been appointed President of Visa’s Value-Added Services division. That unit has grown into a US$9 billion global business, with an annualized revenue growth rate of 20% since 2021. Commenting on his appointment, Muhmood said: “It is a great honor to lead the CEMEA region, and to continue the progress made in transforming the future of payments, commerce, and money movement across such dynamic markets. Having spent over a third of my career in the region, I am excited by the opportunity to further expand digital payments to more consumers, merchants, and economies. I look forward to working with our team to support growth with clients and partners throughout the region.”

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Qatar’s Islamic fintech market has seen remarkable growth during the past five years, reflecting a CAGR of 26%.Total transaction volumes for Islamic fintechs based in Qatar more than tripled from QR3bn in 2020 to nearly QR10bn in 2024; it said quoting the latest Global Islamic Fintech (GIFT) report.Qatar remained in the top 10 countries in the GIFT Index, ranking eighth in 2024, supported by a strong overall ecosystem, regulatory environment, and infrastructure for Islamic fintech. New York-based Wahed, a digital Islamic investment platform and one of the world’s largest Islamic fintechs, set up a regional office at the QFC in 2024, expanding its presence in the region. By offering innovative Shariah-compliant investment solutions, Wahed aims to cater to the growing demand for Islamic and ethical investments in the region.”

This strategic move marks a significant milestone for Islamic fintech in Qatar, aligning with the country’s vision to become a leading Islamic finance hub,” the report said.Payments and enabling technologies constitute the largest segments of Qatar’s Islamic fintech market, by number of companies, reflecting the region’s focus on modernizing Islamic financial services. This aligns with the broader region, where the digital payments sector is experiencing significant growth driven by the increasing adoption of e-commerce, mobile payments, and contactless payment solutions.”Growing use of digital wallets and mobile payment apps highlights the region’s shift towards seamless and secure digital transactions,” it said.

Enabling technologies, which include innovations such as blockchain and AI (artificial intelligence), are crucial for modernizing financial services in Qatar and enhancing the overall financial infrastructure, it said, adding they also support the development of more secure and efficient financial systems, which are essential for the growth of Islamic fintech.Meanwhile, the digital assets segment, encompassing digital currencies and tokenized assets, is growing in importance, reflecting the region’s efforts to integrate advanced financial instruments within the framework of Islamic finance, it said.

The report highlighted that the transparency, security, and decentralization provided by blockchain technology are particularly appealing in the context of Islamic finance, which emphasizes ethical and transparent financial practices.”This segment is poised for substantial growth, supported by the QFC’s increased regulatory and development focus on digital assets,” it added.
Highlighting that BNPL (Buy Now-Pay Later) solutions are rapidly gaining traction in the region, driven by increasing demand for flexible payment solutions and the rise of e-commerce; the report said the region has seen significant adoption of BNPL services, with companies like Tamara and Tabby leading the market and reshaping consumer behavior.”

In Qatar, the potential for Islamic fintechs in this area is substantial,” it said, adding by integrating BNPL services with Islamic finance, fintechs in Qatar can provide a value proposition that combines financial inclusivity with adherence to Shariah principles. Qatar has already taken significant steps to capitalize on this opportunity, with the QCB approving five companies, including Spendwisor and PayLater, to participate in a regulatory sandbox for BNPL services.

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Through this collaboration, Zoho will invest up to USD 5 million worth of wallet credits to enable areeba’s business customers across UAE, Qatar, Iraq, Jordan, Egypt and Lebanon to access Zoho’s expansive suite of over 55 cloud-based applications. These tools offer businesses a unified, secure platform to streamline all their business functions such as invoicing, payments, customer engagement, and workforce management. By combining areeba’s payment expertise with Zoho’s robust digital ecosystem, the partnership empowers businesses with enterprise-grade technology that enhances efficiency, improves operations, and supports long-term growth.

“Through areeba’s reach, we’re bringing Zoho closer to the heart of business communities across the region. This collaboration breaks down barriers to technology and empowers more organizations to modernize with confidence. It’s a powerful step in our mission to grow sustainably by staying locally rooted and globally connected, ” said Velumani.

“We are excited to partner with Zoho to bring added value to our customers by combining robust financial technology with world-class business software,” said Mikati. “This partnership is a major step forward in our mission to empower businesses with innovative, localized solutions,” he added.

Set to go live in the coming months, the partnership will provide joint onboarding support, educational webinars, and tailored packages for all business types.

Zoho has experienced a notable surge in demand for its product suite in Middle East and Africa since 2020, making it one of the company’s fastest-growing regions globally. Its top-selling products, including Zoho CRM, Zoho Desk, Zoho People, Zoho Books, and Zoho Creator, are available in multiple languages, such as Arabic and English. Additionally,  these Zoho products support Right-to-Left (RTL) functionality and integrate with both global and local payment gateway solutions including Telr and Tap Payments.

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