KSA – MIS Forward enters market with its Sharia compliant BNPL product

KSA – MIS Forward enters market with its Sharia compliant BNPL product

MIS Forward is a new entrant to the Saudi market, providing Buy Now Pay Later (BNPL) solution to its customers, to convert its purchases into interest-free instalments. It announces today receiving the Sharia compliance certification from Shariyah Review Bureau, for its MIS Forward App solution in light of Shari’a principles.

The solution offers customers a method to pay a purchase at the partner merchants’ site without any interest or fee for the customer. MIS Forward will be available to online stores and merchants in Saudi Arabia. Meshari Baselem, the compliance Manager of MIS Forward said, “The key process of the solution consists of 3 main steps, Onboarding through a profile check, usage and continuously repayment. The service allows eligible customer to buy now and pay later for goods or services that are purchased from stores and merchants listed in MIS Forward website or App. Not every customer is approved as each transaction is subject to a review and a detailed check.”

Commenting on receiving the Sharia certification from Shariyah Review Bureau (SRB), he stated, “We wanted to ensure our offering is Sharia compliant and to add value to our payment solution we secured the advisory of Shariah Review Bureau who are a