DOHA: Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, yesterday announced the launch of its first series of Certificates of Deposit. First of its kind in Qatar, QIB’s Certificates of Deposit will be available for individuals and corporate customers in Qatari Riyal and US Dollar for different tenors of two, three and five 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. The Certificates of Deposit’ annual profit in Qatari Riyal is expected to be 3.5 percent for five years, 3.25 percent for three years and 2.75 percent for two years.
As for the Certificates of Deposit in US Dollars the expected annual profit is 2.75 percent for five years, 2.25 percent for three years and 1.75 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 US $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 transferable.
One remarkable 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 first series of Certificates of Deposit is for a limited period, other series may be issued in the future.
Bassel Gamal, QIB’s Group CEO commented: “We are proud to be the first bank in Qatar which launches the Certificates of Deposit for individual and corporate customers. This is part of our on-going efforts to provide our customers with new and innovative Shari’a compliant products that will enable them to grow their money safely while getting profits distributed every three months”.
“We have tried through these Certificates of Deposit to satisfy all segments of individuals and corporate, current and prospective customers by presenting various options in respect of the certificates currency and maturity period allowing clients to choose the type which meets their personal needs or supports their businesses. They may also get finance backed by the certificates value without the need to break the certificates in case the client needs cash for any emergency,” Basel added.
THE PENINSULA
DOHA: Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, yesterday announced the launch of its first series of Certificates of Deposit. First of its kind in Qatar, QIB’s Certificates of Deposit will be available for individuals and corporate customers in Qatari Riyal and US Dollar for different tenors of two, three and five 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. The Certificates of Deposit’ annual profit in Qatari Riyal is expected to be 3.5 percent for five years, 3.25 percent for three years and 2.75 percent for two years.
As for the Certificates of Deposit in US Dollars the expected annual profit is 2.75 percent for five years, 2.25 percent for three years and 1.75 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 US $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 transferable.
One remarkable 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 first series of Certificates of Deposit is for a limited period, other series may be issued in the future.
Bassel Gamal, QIB’s Group CEO commented: “We are proud to be the first bank in Qatar which launches the Certificates of Deposit for individual and corporate customers. This is part of our on-going efforts to provide our customers with new and innovative Shari’a compliant products that will enable them to grow their money safely while getting profits distributed every three months”.
“We have tried through these Certificates of Deposit to satisfy all segments of individuals and corporate, current and prospective customers by presenting various options in respect of the certificates currency and maturity period allowing clients to choose the type which meets their personal needs or supports their businesses. They may also get finance backed by the certificates value without the need to break the certificates in case the client needs cash for any emergency,” Basel added.
THE PENINSULA
