OurShopee, regional online retailer, has partnered with the Islamic Finance Initiation Network to offer consumers in Oman instant finance solutions in accordance with Islamic Sharia law.
Shoppers in the sultanate can now shop on the Dubai-based e-commerce site without needing credit or debit cards and can repay bills in flexible instalments.
The collaboration comes amid the rise of e-commerce activity in Oman. Online transactions in the sultanate more than doubled last year, as per Euromonitor International’s Muscat in Oman report.
“Online shopping is booming in the GCC markets and particularly in Oman,” said Dr Shaher Abbas, founder and CEO of the Islamic Financial Initiation Network.
“At the Islamic Financial Initiation Network, 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.”
OurShopee is the first online retailer in the sultanate to offer the Islamic financial option.
“After partnering with several physical stores in the Sultanate last year, we are happy to welcome our first online store, OurShopee,” Dr Abbas added.
“This marks a new milestone for the Islamic Financial Initiation Network. Together, we are changing the landscape of online shopping in Oman.”
The partnership follows OurShopee’s introduction of buy-now-pay-later options to its consumers in the UAE amid the Covid-19 pandemic.
“When we started offering buy-now-pay-later 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,” said Dr Shanith Mangalat, founder and chairman of OurShopee.
“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 the Islamic Financial Initiation Network 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.”
The online retailer hopes to extend its Islamic financial options to other countries in the region, including the UAE, Kuwait, Qatar and Bahrain.
Oman’s e-commerce industry is estimated to value $6.52 million by 2026, and grow at a compound annual growth rate of over 20 per cent, according to business management consultant Mordor Intelligence.
