Kamal (left), al-Naimi (centre) and King outline the features of IBQ Ladies Banking

The International Bank of Qatar (IBQ) yesterday launched an exclusive ladies package, offering hordes of benefits including an introductory 5.99% interest on loan, free cancer insurance cover and discounts at selected outlets.
The IBQ ‘Ladies Banking’, which offers a minimum loan of QR10,000 and a maximum of QR100,000 repayable in 18 months, is primarily aimed at working ladies and also non-working ladies having considerable say in the family’s financial matters. The bank is expecting to garner 15-20% market share.
The package, the first of its kind in Qatar’s banking industry, derives strength from a market study that said ladies are estimated to control around $246bn of the Middle East’s wealth, which is projected to reach $383bn by this year.
Customers can enjoy instant current account, QR50 credited to their credit card upon activation, premium savings account for themselves and their children and free AAA road assistance cover. The package, which assures fast approval, carries 0.75% as management fee and 0.25% as insurance charges.
On the cancer cover, the IBQ said it applies to ladies between 18 and 59 years and the coverage is up to QR50,000 payable one-time only.
“In Qatar, there is an increasing number of women playing a significant role in the corporate place. More than a third of the local workforce is made up of women and therefore it is only natural to design solutions, products and services that cater directly to their needs,” Buthaina al-Ansari, founder and chairperson of Qatariat T&D Holding, said launching the product.
The package also offers a host of discounts on health, beauty and fitness services through Ladies Merchant Card with exclusive discounts at high-end retailers such as Spa Chakra; special prices on fashion items, cosmetics, perfume and jewellery at 51 East and jewellery from Damas.
“This is a long-term commitment by the bank to provide women in Qatar with a dynamic and innovative product that will cater to their needs,” according to Muhannad Kamal, IBQ general manager.
Future plans for the IBQ Ladies Banking include initiatives to encourage financial literacy and individual financial security comprising support for a range of professional and non-professional women’s networks already operating in the country, Philip King, IBQ assistant general manager (retail banking), said in the presence of Jawaher al-Naimi, branch manager.