Bahrain-based Islamic Finance Initiation Network (IFIN) has entered into a partnership with OurShopee.com (OurShopee) in order to provide Shariah-compliant instant financing to online shoppers in Oman.
OurShopee is one of the leading and fast-growing virtual shopping websites with a strong presence in UAE, Oman, Qatar, Bahrain, and Kuwait.
The partnership will enable OurShopee to offer instant financing solutions to its customers in Oman, making it the first eCommerce platform in the Sultanate to do so.
Dr. Shaher Abbas Founder & CEO IFIN
“Online shopping is booming in GCC markets and particularly in Oman. At IFIN, we have developed a unique state-of-the-art Fintech solution, digitalizing 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.”
IFIN is the first of its kind Shariah-compliant Fintech platform offering instant Islamic financing solutions.
This collaboration marks a notable development in the eCommerce and Fintech industry in Oman. Furthermore, it complements IFIN’s global expansion strategy focused on revolutionizing the Islamic financial industry and taking it to the next level.
Dr. Shanith Mangalat, Founder & Chairman of OurShopee.com said that, “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. Our partnership is based on a shared vision to provide the best customer experience and offer innovative financial solutions to support customers’ needs,” Dr. Mangalat added.
