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Doha, Qatar: Qatar Islamic Bank (QIB) has been named ‘Islamic Finance Innovator 2019’ by Global Finance, a leading financial publication based in New York. As part of the publication sixth annual award program ‘The Innovators 2019,’ QIB was recognized for its new digital product ‘Instant Finance’ which was launched last year.
QIB is the first bank in Qatar to offer a full digital experience to provide financing to its customers and the first Islamic bank in the world to provide such an end-to-end fully digitized service. This innovative and fully-digital new service allows eligible Qatari customers to get a new or additional personal financing in a few clicks through QIB’s mobile banking application. Pre-approved customers receive an SMS inviting them to accept the financing that is waiting for them by login into their QIB mobile app. Following the simple instructions and confirming the legal documents with a one-time password, customers are immediately enjoying the financing balance transferred to their account.
Since the beginning of the year, a large number of customers have obtained their financing through this new service with 10% of them being outside Qatar and more than 15% performing the transaction outside office hours. ‘Instant Finance” allowed them to complete the process on average within only 5 minutes, without any paperwork or the need to physically visit a branch.
Commenting on the award, Mr. Bassel Gamal, GCEO of QIB said, “We take pride in the international recognition which we have received from Global Finance over the past few years. Digitalization of our products and services is at the core of our transformational approach to banking in Qatar. QIB will continue to diversify and enhance the portfolio of digital products and services being offered to constantly meet the requirements and expectation of our customers. From its ignition last year, Instant Finance has been a real success in terms of customers adopting the new method in a short time- span and providing us very positive feedback about their overall experience.”
“The Islamic Banking industry has been changing rapidly with the introduction of new technologies and new ways of developing new innovative solutions. QIB has made significant progress in simplifying and personalizing the banking experience for our customers. The investment in technology is in line with our customer centric approach, as it facilitates and enhances our customer’s experience, as well as with our focus on efficiency.” Mr. Bassel added.
Since last year, QIB has introduced several new innovative features to its mobile banking app helping customers manage their money quickly, in an easy and secured manner. Viewing their overall net-worth, creating and managing beneficiaries for local and international transfers, enabling card-less cash withdrawals (e-cash), activating magnetic stripe for debit and credit cards to ease the use of cards internationally, activating and deactivating any card for increased security, were introduced to meet the customers’ financial needs in a fast, efficient and secured way. Additionally, QIB’s mobile banking users can open new accounts, book a fixed deposit or subscribe to a Certificate of Deposits through a few easy steps. The new design of the mobile app is intuitive and allows the customer to complete any task with much fewer taps and faster than before.
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