Beema in strategic partnership with PayLater to enable Shariah-compliant BNPL for insurance services

18/08/2025 05:32 AST

Damaan Islamic Insurance Company (Beema) has entered into a strategic partnership with PayLater; Qatar's first QCB-licensed, Shariah-compliant 'Buy Now, Pay Later provider', as part of its long-term fintech-driven transformation strategy.

The collaboration reflects Beema's commitment to reshaping the insurance landscape through innovative, customer-focused digital solutions that enhance accessibility, flexibility, and the overall service experience.

Through this partnership, Beema will introduce a seamless, interest-free instalment payment option for its range of Takaful products, allowing customers to pay premiums in four equal instalments via PayLater, available both online and at Beema branches.

This initiative empowers customers to better manage their insurance expenses while aligning with Islamic finance principles.

Nasser Rashid al-Misnad, CEO, Damaan Islamic Insurance Company, said: "This partnership with PayLater marks a key milestone in Beema's ongoing digital transformation journey. By integrating innovative payment solutions into our services, we are not only enhancing customer convenience but also reinforcing our commitment to lead the insurance sector into a more accessible, technology-driven future.

"This step reflects our vision to continuously evolve, meet the changing needs of our customers, and set new benchmarks for digital excellence in Takaful services."

Mohammed al-Delaimi, Co-Founder and Managing Partner of PayLater, said: "We are proud to partner with Beema, a trusted name in Qatar's insurance industry. This collaboration reflects our joint commitment to rethinking traditional financial experiences and delivering seamless, Shariah-compliant payment solutions that empower individuals and families to manage their expenses more comfortably.

"This integration is part of PayLater's ongoing mission to expand BNPL into sectors that directly impact daily life, offering customers meaningful and responsible financial options. The partnership between Paylater and Beema underscores the rising demand for digital financial solutions that align with the Islamic values and reinforce Qatar's commitment to lead in digital innovation transformation."

Gulf Times