Posted on September 05, 2019

Qatar Islamic Bank (QIB) announces the launch of Bedaya Account, a new initiative within the framework of the Bank’s Corporate Social Responsibility (CSR) Program, which provides the opportunity to University students to open their first banking account in an easy, fast and modern way. It also allows students to start using and getting acquainted to a spectrum of banking products and services.

The launch of Bedaya Account follows last year’s introduction of QIB’s financial literacy program, called “How money works?”, which educates school and university students on techniques to manage money prudently by budgeting, saving and investing.

Today, there are around 30,000 University students in the country with around 65% of them being Qatari nationals. To identify the optimum package of financial products and services to be offered to this important segment of society, QIB has invited a large number of current students to participate in a comprehensive market research. The research took into account the needs of the participants, as well as studied similar packages offered by international and digital banks around the world. With the key purpose behind its design to help Qatar’s future leaders to acquire and further develop the right banking habits towards saving, budgeting and responsible spending, the Bedaya Account enables students over the age of 18 to manage their finances on their own, learning along the way the path to financial independence and success.  

With the QIB Bedaya Account, students get to open a Misk Savings Account offering them the chance to win weekly cash prizes and encouraging them to save more. After successfully passing a short quiz on the proper use of credit, they can apply for the first of its kind student Credit Card in Qatar, an important first step towards responsible budgeting and spending. Catering also for the lifestyle of young people, they will also receive a free QIB-MyBook App subscription providing ‘Buy 1 get 1 Free’ offers from 500 different merchants in Qatar including restaurants, coffee shops, health and fitness clubs, hotels and various other retailers. 24x7 access to their accounts is provided through the award winning QIB mobile app and the use of their debit cards in case they are in need of cash.

At launch, the new account will be available for Qatar University students, who can visit the dedicated QIB kiosks on their campus from 8:30am till 2:30pm. For male students, the kiosk can be found at the Male Activity Building, and for female students, at the Science Faculty Building. These kiosks will allow students to easily and conveniently sign up for their first bank account. Acknowledging students preferred, new ways of banking, QIB has introduced a novel onboarding mobile App, called QIB Bedaya Account, simplifying the process of opening an account. During the account on-boarding, students will take a short quiz about credit cards and they will get an instant online score that will allow them to opt for a credit card. The students will then be asked to visit a QIB kiosk to sign all the required documents and collect their debit and credit cards.

Commenting on the QIB Bedaya Account launch, D. Anand General Manager, Personal Banking Group, said: “Students represent the future of the country and QIB wants to support the local youth towards securing a better financial future for themselves by obtaining a wealth of financial knowledge from a young age. This is something very important to us at QIB, as we are pleased to offer to students in Qatar relevant and convenient banking solutions. The Bedaya Account will cover their daily banking needs and at the same time contribute to their financial education.”

D.Anand added: “We are appreciative to Qatar University for collaborating with us and enabling us to fulfil our mission to equip the Qatari youth with the necessary skills and tools they need to make sound financial decisions today and in the future. We look forward to widening our collaboration with them in the future.”

QIB and QU joined forces to provide the best banking experience for the local youth. Earlier this year, QIB and QU signed an agreement where they committed to using their expertise and resources to organize various activities for students. This includes providing students with banking services and presenting them with QIB's financial literacy program.

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