UAE-based multi-strategy investment firm Shorooq has signed a Memorandum of Understanding (MOU) with PayLater, Qatar’s first Qatar Central Bank (QCB)-licensed, Sharia-compliant Buy Now, Pay Later (BNPL) provider, to explore the structuring of a scalable, institutional-grade credit facility.
The proposed facility is intended to support PayLater’s next phase of growth, providing non-dilutive, Sharia-aligned credit capital tailored to the needs of a regulated fintech platform operating under QCB supervision.
Founded as a category pioneer in Qatar, PayLater has built a strong market position through disciplined underwriting, regulatory compliance, and growing adoption among both merchants and consumers. The company operates fully under the oversight of the Qatar Central Bank and offers BNPL products designed specifically to meet local market and Sharia requirements.
For Shorooq, the MOU reinforces its positioning as an active player in structured credit, with a focus on designing bespoke financing solutions for high-growth, technology-enabled, and regulated businesses across the region. The potential transaction aligns with Shorooq’s broader strategy of supporting fintech platforms with capital structures that accelerate growth while preserving founder ownership.
Commenting on the development, Mahmoud Adi, Founding Partner at Shorooq, said:
“This MOU reflects our conviction that the next phase of fintech growth in the region will be driven by disciplined, well-regulated platforms capable of absorbing institutional capital at scale. PayLater has built a strong foundation as Qatar’s first QCB-licensed, Sharia-compliant BNPL provider, and we see significant potential in working together to structure a credit solution that supports sustainable growth while setting a new benchmark for the market.”
Dr. Devid Jegerson, Chief Executive Officer of PayLater, added:
“Partnering with Shorooq is a strong validation of the progress PayLater has made since inception. As we scale our platform, access to sophisticated, Sharia-compliant credit structures is critical to serving our customers and merchant partners responsibly. We look forward to exploring a partnership that supports our long-term vision and reinforces Qatar’s position as a leading fintech hub.”
The discussions come at a time of growing regional focus on Sharia-compliant digital finance and the development of institutional funding infrastructure to support regulated fintech platforms across the Middle East.
