Qatar Islamic Bank (QIB) and Ooredoo have announced the launch of the first co-branded corporate credit card in Qatar, an “innovative payment solution” for corporates and small- and medium-sized enterprises (SMEs) to manage their purchasing, travel and entertainment expenses.
The new co-branded corporate credit card is tailored to meet the specific requirements of corporate clients, as well as business owners and SMEs customers.
In a statement yesterday, the bank said it is pleased to release three types of Shariah-compliant corporate credit cards: Purchasing, World and World Elite cards, which are tailored to the business needs of QIB’s clients in a convenient, secure, and timely manner.
The Purchasing card is mainly used by companies to settle suppliers’ payments, utility bills, and day-to-day expenses. When using corporate purchasing cards in combination with Mastercard proprietary reporting and expense management solutions, corporates will achieve direct savings, enhanced visibility into payment data, increased control and compliance with corporate policies.
The World and World Elite cards are used for travel and entertainment purposes. The new cards will allow control over expenses, improve policy compliance and become more efficient. When the cards are used in combination with reporting and expense management solutions, they bring better visibility and efficiency into corporate travel expenditures.
The three new cards work on a reward-based spending. Cardholders are entitled to get Nojoom points from Ooredoo every time a purchase is made. Each card provides great benefits to its user, such as the access to premium lounges in more than 600 airports globally, discounted rates on car rides and rentals, complimentary travel insurance, air tickets discounts, and hotel discounts.
Tarek Fawzi, general manager of QIB’s Wholesale Banking Group, said: “QIB takes pride in announcing its fourth digital product following the first Islamic Point of Sale, the new corporate online banking and wages processing centre.
“The launch of our co-branded credit cards is an example of our customer-centric approach, as we have a duty to our clients to always surpass their expectations. The partnership with Ooredoo and Mastercard on launching the first corporate credit cards comes with strategic importance, as we believe in rewarding our clients in the best manner possible.”
Manar Khalifa al-Muraikhi, director of PR and Corporate Communications at Ooredoo, said: “We’re delighted to be QIB’s trusted partner on this project. The launch of the new co-branded credit cards will enable big corporations and SMEs to better control their expenses and work more efficiently, while earning Nojoom points with Ooredoo and redeeming these points for special offers and discounts at our amazing network of Nojoom partners.”
Somu Roy, general manager for Kuwait and Qatar, Mastercard, added: “Managing operational and day-to-day expenses in a transparent, flexible, and easy manner is crucial to the sustainability and growth of SMEs.
“QIB’s new range of credit cards offers those very capabilities, adding further value with a very compelling rewards scheme with Ooredoo, complemented with the benefits that come with being a Mastercard cardholder. As a market leader in payments solutions, we continue to catalyse the acceptance of digital payments in Qatar, and help transition the state towards a cashless society.”
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