Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has launched its second series of Certificates of Deposit. The new Certificates of Deposit will be available for individuals and corporate customers in Qatari Riyal and US Dollar for different terms of one and two years.
Certificates of Deposit are developed to encourage customers to make long term saving and get attractive annual profit based on the certificate’s maturity and selected currency. QIB’s Certificates of Deposit annual profit in Qatari Riyal is expected to be 3.25 percent for one year, and 3.75 percent for two years.
As for the Certificates of Deposit in US Dollars the expected annual profit is 2.50 percent for one year and 2.75 percent for two years.Certificates of Deposit are fully Shari’a compliant and profits incurred will be distributed to customers every quarter.
The Certificate of Deposit holder is also able to apply for financing up to 95 percent of the Certificate of Deposit amount, with financing tenor equivalent to the certificate maturity. The minimum subscription in the Certificate of Deposit is QR100,000 or $25,000, with no maximum amount.
The Certificates of Deposit are cashable at any QIB counter to its holder exclusively and they are none tradable and none transferrable.
One benefit of this exceptional QIB offer is that it provides customers with the opportunity to grow their funds safely throughout the duration of the certificates. The offer of the second series of Certificates of Deposit is for a limited period, other series may be issued in the future.
“Following the successful launch of Series-I, it is our pleasure to introduce QIB’s Certificate of Deposit – Series II” said, D Anand, General Manager of QIB’s Personal Banking Group.
“We aim to instil a saving culture and support the people in Qatar to save for the future by providing a wide range of accessible financial products. The QIB’s Certificate of Deposit offers higher returns compared to traditional fixed deposits which will help our customers grow their savings”.
