Islamic Finance Initiation Network (“IFIN”), the first of its kind Islamic Fintech has announced its partnership with OurShopee.com (“OurShopee”), one of the leading and fast-growing virtual shopping websites with a strong presence in UAE, Oman, Qatar, Bahrain and Kuwait, to offer Shariah-compliant instant financing to online shoppers in Oman.
The partnership will enable OurShopee to offer instant financing solutions to its customers in Oman, making it the first e-commerce platform in the Sultanate to do so. After rolling out its first Buy-Now Pay-Later (BNPL) services in UAE during the pandemic, OurShopee is joining forces with IFIN to extend a similar service to Oman and the rest of the GCC markets where it operates.
IFIN is a digital platform that connects all types of Islamic financial institutions with merchants and retailers. This collaboration marks a notable development in the e-commerce and Fintech industry in Oman. It also complements IFIN’s global expansion strategy focused on revolutionising the Islamic financial industry and taking it to the next level.
The Omani e-commerce market has witnessed exponential growth in the past two years with the pandemic accelerating the demand for online shopping and cashless payments. Ourshopee.com offered an instalment scheme without Credit Card in the past, but for Oman, the company will be offering an instalment scheme without a Credit or Debit Card. Shoppers will enjoy more flexible payment terms through Islamic financing products when shopping online.
Dr Shaher Abbas, Founder and Chief Executive Officer of IFIN said: “Online shopping is booming in GCC markets and particularly in Oman. At IFIN, we have developed a unique state-of-the-art Fintech solution, digitalising the Islamic financing process, to offer Shariah-compliant instant financing by connecting Islamic Financial Institutions with retailers and businesses.
After partnering with several physical stores in the Sultanate last year, we are happy to welcome our first online store OurShopee.com. This marks a new milestone for IFIN. Together we are changing the landscape of online shopping in Oman.”
Dr Shanith Mangalat, Founder & Chairman of OurShopee.com said: “When we started offering BNPL facility to our customers in the UAE during the pandemic, we intended to ensure we boost the purchasing power of those customers who don’t hold credit cards and can still do the shopping and split their bills without paying interest.
As digital transactions are increasingly becoming the preferred payment option in the Sultanate of Oman and consumers are looking for solutions that are an alternative to debit or credit cards, we are very excited to work with IFIN to extend instant financing to our customers in the Omani market. —Zawya news