Qatar Islamic Bank (QIB) has become the first bank in Qatar to provide Takaful plans for customers on its mobile App, enabling them to purchase the policies on their phones from the convenience of their home or office, 24/7.
QIB now offers four types of Takaful plans, underwritten by Beema, on its award-winning QIB mobile App, making it an all-inclusive platform that allows customers to have a seamless banking experience.
Customers who have an existing auto Takaful policy from Beema can easily renew their policy on the QIB mobile App. QIB’s Auto Takaful policy covers accidental damage caused to a car and the damage or injury caused to another vehicle, or its driver, in an accident. The policy also covers damage to a car from fire or theft, and any other third party involved.
Family Shield is a Takaful policy available to both nationals and expatriates. It is tailor-made to provide financial security to the family of the insured, in case of unforeseen events like death or disability. For just QR75 per month, customers can purchase a Family Shield term Takaful plan through the QIB mobile App and get Takaful coverage for QR250,000.
Customers can also activate their Credit Shield Takaful plan on their preferred card instantly through the App at a nominal fee applied monthly to the credit card. Credit Shield covers the outstanding balance on a credit card, in case the customer is unable to settle, due to unfortunate incidents.
QIB customers can now purchase a Travel Takaful plan through the App instantly, at any time, from the comfort of their home or office. The plan provides multiple coverages and benefits to ensure that QIB customers have a complete peace of mind during their trip.
Once customers successfully apply and complete the required simple steps, the policy issuance is managed fully and digitally through the App, as it’s linked through Beema’s API network. A confirmation email from Beema will be sent along with a reference number and policy documents.
D Anand, QIB’s general manager – Personal Banking Group, said: “The QIB mobile App has become our customers’ preferred banking channel. It’s a digital ‘one-stop-shop’ answering to all the banking needs of our valued customers. Our team continuously looks for innovative solutions that enhance the customers’ digital banking experience, ultimately enabling simpler, faster and more convenient banking services for our customers.
“With the latest development, we have created a marketplace for customers to buy a suite of third-party products and services such as Beema’s Takaful plans, which are readily accessible to all our customers through our award-winning mobile App.”
Furthermore, Nasser al-Misnad, CEO, Damaan Islamic Insurance Company (Beema), said: “Beema is delighted to participate in QIB’s digital journey. We have tailor-made our Takaful products to suit QIB’s customers’ requirements, which we believe will be beneficial and cost effective. We are certain QIB will be able to enhance their customer satisfaction level with the updated App. We wish QIB all the success in their endeavour of digital transformation.”
In recognition of the bank’s digital transformation results, QIB was recently named ‘Qatar's Best Bank’ by Euromoney, ‘Best Digital Bank in Qatar’ by the Asian Banker and ‘Qatar’s Most Innovative Digital Bank’ and ‘Qatar’s Best Consumer Digital Bank’ by Global Finance.