Senior management from both organisations formalised the partnership at an MoU signing ceremony at the Commercial Bank Plaza.
Under the terms of the MoU, the QFC will refer all new registered firms to Commercial Bank for their corporate banking needs, and allow Commercial Bank to offer retail banking services to the firms’ new and existing employees.
Commercial Bank Group CEO Joseph Abraham said, “We are delighted to be the QFC’s strategic banking partner, extending our services to new QFC firms and supporting the QFC in their efforts of promoting economic development in Qatar and attracting foreign direct investment. Commercial Bank has built an outstanding client franchise in both corporate and retail banking over the years based on our strong customer relationships and continued innovation.”
Commercial Bank executive general manager and head (Retail Banking) Amit Sah said, “Commercial Bank has a strong reputation in the country as having great customer service and was the first to launch bank account packages for new arrivals into Qatar. Our ‘Life in Qatar’ website attracts and helps thousands of people every day.
“Customers are clearly pleased as they continue to choose us as their bank, which has been recognised by The Asian Banker who awarded us the title ‘Best retail bank in Qatar for 2018’ for the second year in a row. We are delighted to work with the QFC and we believe our partnership will support and facilitate growth of new investments into Qatar.”
On the MoU, QFC Authority chief executive officer Yousuf Mohamed al-Jaida said: “The MoU offers QFC licensed firms and their employees the opportunity to benefit from seamless banking transactions as part of the Commercial Bank offering.
“This is another step towards ensuring that the QFC continues its mission of being a platform of choice for firms looking to set up in Qatar and expand regionally, and I would like to sincerely thank our partners at Commercial Bank for all their efforts throughout this process”.
QFCA chief commercial officer Raed al-Emadi also highlighted the importance of the MoU by stating: “This agreement is a testament to our on-going commitment to providing our firms with world-class facilities and services. Through Commercial Bank, our firms will be able to benefit from a customised banking experience that allows them to focus on their business and growth plans.”
Once a company submits its application to the QFC, a dedicated relationship manager is appointed to provide guidance on the registration process, obtaining a licence and setting up operations.
QFC firms enjoy competitive benefits, such as operating within a legal environment based on English common law, the right to trade in any currency, 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with more than 60 countries.
