| Ahli Bank has requested customers to provide the IBAN that corresponds to their accounts and to anyone who wishes to transfer funds into the customer account with Ahli Bank |
Ahli Bank has completed all the necessary systems and technical requirements to comply with the International Bank Account Number (IBAN), which will come into effect tomorrow.
The aim is to globally standardise the structure of banking accounts, allowing the bank to operate accurately while executing local and international financial transactions.
The implementation of IBAN is in compliance with a Qatar Central Bank (QCB) directive.
Commenting on IBAN, Ahli Bank chief executive officer Salah Murad said, “IBAN is an international standard for identifying bank accounts across national borders with a minimal risk of propagating transcription errors. It is a simple, standard way to identify account details and helps to speed up clearance of payments. Both retail and corporate customers will benefit from this new system.
“For all local transfers, the IBAN of the beneficiary account should be used for transferring funds, instead of the existing account number itself. The system requests customers to provide the IBAN that corresponds to their accounts and to anyone who wishes to transfer funds into the customer account with Ahli Bank. Other transactions will continue as per current procedures, irrespective of IBAN implementation.”
Ahli Bank customers can have more information on how to receive their IBAN, through the bank’s contact centre (8002222) or website (www.ahlibank.com.qa).
IBAN is a mandatory procedure in Qatar that is applied across specific methods of local and international payments as well as standing orders to other IBAN compliant countries.