* QIB’s Domestic Workers Digital Accounts and Integrated Services on POS for Corporate and SMEs ranked amongst top innovations in Islamic Finance this year
Qatar Islamic Bank (QIB) was again crowned for revolutionizing the banking sector in Qatar and the global Islamic Banking industry with the introduction of innovative digital banking solutions for both retail and corporate customers. The Bank was awarded two prestigious accolades at Global Finance’s 2021 Innovators Awards, with both QIB’s Domestic Workers Digital Accounts and Integrated Services on PoS for Corporate and SME Customers winning ‘Outstanding Innovations in Islamic Finance’.
In its ninth annual selection for The Innovators - the unique recognition program that honours entities that regularly identify new paths and design new tools in finance - Global Finance Magazine has recognized QIB’s digital solutions to be amongst the most innovative in the world of Islamic Finance in 2021.
Commenting on this recognition, Mr. Bassel Gamal, QIB Group CEO said: ‘We are proud to be recognized amongst the top innovators in the banking industry for the second year, with two of our recently-launched digital solutions winning Outstanding Innovations in Islamic Finance by world renowned media entity, Global Finance.’
Mr. Bassel added: ‘QIB is now synonymous with digital innovation in Qatar, the region and around the world. We are proud to continue building on our repertoire of digital innovation and being market leaders when it comes to offering the best, most convenience and trusted digital banking solutions for both our retail and corporate customers.’
QIB is the first and only bank in Qatar to offer domestic workers a fully digital end-to-end solution to open their own bank accounts, directly through the QIB’s award-winning Mobile App. Launched in 2020 as part of QIB’s efforts to support digital and financial inclusion in Qatar, the Domestic Workers Digital Account is an onboarding solution that has so far allowed domestic workers in Qatar for the first time to open a bank account remotely, in just few minutes and with no fees, charges on issuing Cards, or requirement of a minimum balance.
This innovative solution has also allowed domestic workers in Qatar to have the full benefits associated with having a QIB bank account, including a free Debit Card, full control on their accounts and cards via the QIB Mobile App, and the ability to perform local and international transfers in just a few clicks, from anywhere in the world and round the clock via the App.
In early 2021, QIB launched the first fully integrated postal delivery Point of Sale (PoS) in collaboration with Qatar Post. Using the new QIB-provided state-of-the art PoS devices, the integration of the postal delivery services has allowed Qatar Post customers to make cashless payments on delivery when receiving parcels and other mail items, and has since become a super convenient and safe method of payment for all Qatar Post customers. The smart PoS also allows Qatar Post’s delivery agents to precisely know the exact customer details for each delivery, including the total amount to be collected, by simply scanning the item using the PoS, which has been fully integrated with Qatar Post’s back-end tracking system.
The Bank also partnered with Vodafone Qatar – the leading telecom operator in the country - to make the telecom operator’s electronic recharge and bill payment services available via QIB’s PoS machines available for all merchants in Qatar.
Both solutions, provided to both Qatar Post and Vodafone Qatar, have led to reduce the margin of error when processing payments, and offered merchants extra efficiency when collecting and receiving payments, in addition to extra convenience and safety for customers when paying for these services.
Headquartered in New York with offices around the world, Global Finance’s audience includes senior corporate and financial executives responsible for making investment and strategic decisions at multinational companies and financial institutions. The magazine regularly selects the top performing banks and other providers of financial services, and its awards programs have become a trusted standard of excellence within the global financial community.
