QIB wins Visa International award for ‘Best New Islamic Product’ in Qatar

Qatar Islamic Bank (QIB) has won the ‘Best New Islamic Product’ award in Qatar from Visa International for the launch of its highly-successful ‘Murabaha’ based credit card. The award recognised QIB’s continuous efforts in providing premium Islamic products for its customers, the bank said in a statement.The ‘Best New Islamic Product in Qatar’ award was conferred after considering the “unanimous” and “encouraging response” from QIB’s customers compared to product offerings of other Qatari Banks and taking into account the products’ innovativeness, benefits, and added value to customers.“QIB aims for excellence and offers only the best Islamic banking solutions to its growing customer base. The revolving card exceeded expectations and was met with enthusiastic feedback from our customers. “We are happy for this recognition and appreciate Visa International’s cooperation in enhancing the range of our credit cards. Our commitment to our customers’ satisfaction drives us to continue developing the necessary solutions to meet their changing needs,” said D Anand, general manager of the Personal Banking Group.Launched last year, the credit card offers customers the flexibility to pay 5% or 100% based on their preference, with monthly settlements automatically deducted from their accounts and the ability to perform early payments at the customer’s discretion at all times. Additionally, the card offers attractive reward points based on a customer’s spend which can be redeemed for Qmiles from Qatar Airways. Customers also benefit from higher credit limits, up to two times their monthly salary. The card, which is offered with no annual fees for the first year, comes in Infinite, Platinum and Gold variants with tailor-made services for each product. Customers also benefit from free global lounge access, complimentary access to Visa’s worldwide concierge service, discounts at hotels around the world, purchase protection, and extended warranty of up to 12 months for items purchased through the card, among others.Ibrahim Selim Ergoz, general manager, Qatar, the UAE and Pakistan, Visa, said: “This award recognises QIB for launching the ‘Best New Islamic Product in 2016’ for the QIB Shariah-compliant credit cards. The Shariah-compliant credit cards have placed flexibility at the core of their proposition. “Working closely in partnership with Visa, QIB has delivered an outstanding suite of cards that are packed with features and benefits while also providing cardholders with the choice to repay their balance from a minimum of 5%. Visa congratulates QIB on the success of its strategy to address customer needs with innovative, flexible and rewarding products and services.”