Mubasher: Qatar Islamic Bank (QIB) has inked an agreement with Qatar's largest fintech company QPAY International for launching the first Islamic point of sale (PoS) solution in the GCC nation.

According to the deal, QPAY will offer a portfolio of electronic payment solutions, according to QIB’s statement released late on Monday.

This agreement makes QIB the first Islamic bank offering solutions for Qatari merchants through providing them with innovative, secure, and highly efficient payment processing services.

“Both parties will help merchants setting up the systems, train and encourage usage of PoS terminals deployed at their premises,” according to Qatar Tribune.

Moreover, the best Islamic financial institution in the Middle East will promote the PoS acquiring business amongst its existing corporates including small and medium enterprises (SMEs) and prospective merchants, according to the statement.

"We have been leading the Qatari fintech space as we are now servicing more than 12,500 SMEs. This strong partnership will provide the most innovative SME financial services platform in Qatar," Nebil Ben Aissa, CEO and Founder of QPAY, commented.