Qatar Islamic Bank (QIB) has won the Product Innovation Award under the Islamic Finance category from Global Finance.
The award recognized QIB’s efforts in introducing innovative Sharia compliant products that meet customers’ needs by providing them with long-term deposits with flexible profit payment options.
The long-term deposits, with flexible profit payment options and higher expected yields, give customers the chance to choose how they want to receive the profit on their deposit: Upfront Profit Payment, Monthly, Quarterly or at Maturity. QIB manages and invests the funds on Murabaha basis, to realize the best profit.
With the flexible profit payment options introduction, customers can decide which frequency matches their own financial and liquidity needs. Customers do not have to wait for long periods to start receiving profits and their liquidity requirements are met without the need to break a term deposit.
The tenors of the offered term deposits are one year, 2 years, 3 years and 5 years. Longer tenors have better expected profit rates and customers can get QIB financing for up to 90% of the deposit value at a competitive rate.
“To improve the customer experience we offer, innovation is key,” commented QIB’s Group CEO Bassel Gamal.
“We’re pleased that our commitment to product innovation has been recognized. Through market research, we are able to tailor our services to meet and even exceed our customers’ expectations. We would like to thank our customers for their trust and loyalty to QIB". he said.
