Qatar Islamic Bank (QIB) has announced the launch of a new series of Flexible Certificate of Deposits (Flexi CD), with the ability to make partial redemptions, for its retail customers in Qatari Riyal and US Dollar with one, two and three year tenors.
In addition to offering better-expected profit rates, QIB’s new Flexi CD offers customers more flexibility and control. It is issued as an investment ‘Mudaraba’ product, allowing retail customers to collect profits by the end of each quarter and to make early and partial redemptions during the tenor of their Flexi CD. In case of early redemption, the balance amount of the Flexi CD will continue to earn the same expected profit rate. These CDs can be booked in a few simple steps, anytime through the QIB Mobile app.
Through the QIB Mobile App, customers will be able to perform up to two partial redemptions with no charges, provided that the value of both redemptions does not exceed 50 percent of the original value of the Flexi CD.
Flexi Certificate of Deposits is developed to encourage customers to make long-term savings and get attractive annual profit based on the certificate’s maturity and selected currency. These Flexi CDs are offered in a range of options in QAR and USD and different tenors of one, two or three years with higher expected profit rates as high as 2.6 percent.
Moreover, the Flexi Certificate of Deposit holder can apply for a financing amount up to 100 percent of the Flexi CD value, and for a financing tenor equivalent to the certificate maturity. The minimum subscription in the Flexi Certificate of Deposit is QR100,000 or $25,000.
Commenting on the new Flexi Certificate of Deposits, QIB Personal Banking Group General Manager D Anand said, “Being the first bank in Qatar to have launched the Certificate of Deposits, we are pleased to further enhance this product and offer our retail customers more flexibility with new and innovative Shari’a compliant products. At QIB, we have a saving culture and we encourage our customers to grow their savings and we offer them higher expected returns.”
Anand said, “We are proud to launch the new Flexi Certificate of Deposits, a new and exceptional offering that offers high expected profit rates and will make it easier for our customers to make partial redemptions at their convenience. The new launch comes as part of our ongoing efforts to provide our retail customers with new and innovative products that will enable them to grow their money safely while getting profits distributed every quarter-end. We believe that such type of services will help customers optimize the utilization of their deposits and grow their deposit portfolio.”
QIB Mobile App provides customers with the ability to open additional accounts and deposits instantly through simple and secure steps. Customers have the option to open any type of account, current or saving, in addition to Fixed Deposit or Certificate of Deposit with the ability to choose the currency and the tenor allowing them to benefit from all the different types of accounts and deposits instantly from the App.