Posted on June 29, 2020

The Asian Banker, a leading international provider of strategic intelligence on the financial services industry, has recognized Qatar Islamic Bank (QIB) as the “Best SME Bank in Qatar”. The award is a confirmation of QIB’s commitment to provide tailor made banking solutions covering the specific financial needs of small and medium enterprises (SME’s) and to contribute to the growth and diversification of the local economy.

QIB’s business strategy is closely tied with Qatar’s National Vision (QNV) 2030 and the government’s commitment to investment in the country’s infrastructure, the diversification of the economy, and the development of a strong private sector. QIB’s Group CEO, Mr. Bassel Gamal, said: “We would like to thank The Asian Banker for recognizing our efforts towards the SME sector in Qatar. It is a pleasure to receive such a prestigious award, which truly reflects the hard work and dedication our Bank has put forward to support the growth of SMEs and the private sector in the country.”

He added: “In recent years, we have increased our attention to the private sector, as it plays a strategic role in diversifying the economy. We have strengthen our partnership with Qatar Development Bank to support SME's and entrepreneurs, as they are instrumental in bringing innovation to the country. Last year, we have digitized the end-to-end SME Financing process, leveraging a parametrized lending model and global best practices, significantly reducing the approval time and “time to cash” for SME customers applying for finance. To support our SME customers which have been impacted by the current market conditions due to the necessary Covid-19 related restrictions, we proactively postponed financial instalments and due documentary credits for 6 months”.

QIB’s focus on SMEs operating in Qatar is reflected in the Bank’s specialized Aamaly (meaning “My Business”) proposition, designed to provide tailored products and services to SMEs, offering financial benefits, guidance and advice from specialized Relationship Managers throughout all the phases of a company’s lifecycle. The program features several benefits for SMEs including special SME-centric banking centers, 24-hour banking, payroll services, cash and cheque collection, all type of accounts and time deposits, together with flexible lending and financing options. Specific sector-related packages to meet the different financial needs of SMEs in sectors such as construction, trading and services, offering tailored products and services at very competitive terms are also available.

QIB has launched a set of comprehensive digital solutions allowing its corporate and SME customers to perform the majority of the daily financially needs online. Those include a continuously upgraded Corporate Internet Banking platform and the online Wages Protection System (WPS) for the automatic processing of monthly payrolls. To encourage further its customers to use digital channels to complete all their banking transactions, QIB recently launched a new Corporate Deposit Only Card. The card allows large corporations, as well as SMEs, to deposit cash or cheques in their accounts at any time through QIB's 40 self-service Cash & Cheque Deposit Machines (CDMs) in a very convenient and secure method.

The Asian Banker’s Excellence in Retail Financial Services Awards honors outstanding institutions in financial services that demonstrate a long-term sustainable franchise leading to a consistent and profitable performance. It recognizes financial institutions for their vision, execution capabilities and market leading propositions that make a real impact to the financial sector and its consumers.

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