The award recognized QIB’s efforts in introducing Shariah-compliant products that meet customer needs, providing them with long-term deposits that incorporate flexible profit payment options.
The long-term deposits, with flexible profit payment options and higher expected yields, give customers the chance to choose how they want to receive the profit on their deposit: upfront profit payment, monthly, quarterly or at maturity. QIB manages and invests the funds on Murabaha basis, to realize the best profit.
With the flexible profit payment options introduction, customers can decide which frequency matches their own financial and liquidity needs. Customers do not have to wait for long periods to start receiving profits and their liquidity requirements are met without the need to break a term deposit.
The tenors of the offered term deposits are one year, two years, three years and five years. Longer tenors have better expected profit rates and customers can get QIB financing for up to 90% of the deposit value at a competitive rate.
“To improve the customer experience we offer, innovation is key,” said QIB Group CEO Bassel Gamal. “Through market research, we are able to tailor our services to meet and even exceed our customers’ expectations. Over the past few years, QIB has been investing in evolving the Bank’s products and services to meet the growing needs of all customers.”