Posted on November 09, 2019

Qatar Islamic Bank (QIB) was recently awarded by The Asian Banker as the Best Digital Bank in Qatar. The award recognizes the Bank’s digital transformation efforts by introducing personalized and innovative digital products and services that simplify banking and improve the customers' overall experience.

The Asian Banker runs several international awards programs within the banking and financial services industry, which measures performance of the best banks and financial institutions. The awards cover primarily retail financial services, transaction finance, risk management and financial technology. The awards are viewed by executives as the most prestigious, rigorous and transparent recognition programs of its kind, anywhere in the world today. The Asian Banker and the international panel of advisors look out for innovations that work. They identify and award frictionless transaction services that have significantly contributed to the transformation of the industry and have added value in serving the customers as well as improving the institution’s performance. In doing so, they look at the degree of innovation, the quality of strategy and execution, as well as actionable results.

Commenting on the award, Mr. Bassel Gamal, QIB Group Chief Executive Officer, said: “We are humbled by the international recognition we have been receiving for our digital transformation outcomes. In recent years, we have replaced our core banking system, developed a brand new omni-channel digital platform for both our retail and corporate customers, and embarked on a bank-wide digital transformation to make the use of all our key products and services simpler, faster, and more convenient for our customers".

Mr. Bassel added that: "We worked hard to become a real 24/7 institution, offering our customers the possibility to perform the majority of their daily banking needs through our Mobile App and Internet Banking platforms without the need to visit a branch. At the same time, as we are introducing end to end digital solutions, the automation of our processes along with the migration of front end activity to digital channels are creating significant internal efficiencies". Last year, QIB was the first bank in Qatar and the first Islamic bank in the world to provide “Instant Finance”, an end-to-end fully digitized service. This innovative service allows eligible customers to get new or additional personal financing in a few clicks through the award-winning QIB Mobile App.

Additionally, the Bank recently launched a new digital onboarding process allowing new customers to start a relationship with the Bank by opening a current, MISK or Savings account through the QIB Mobile App. A new Retail Internet Banking platform was launched, which among a plethora of new features allows customers to get a holistic view of their accounts upon logging in. Through a dashboard on the homepage, customers are presented with charts that display their spending transactions in categories, giving them a snapshot of where most of their money goes, as well as their net worth, upcoming payments, and "ABSHER" rewards program points.

A brand-new version of QIB's Corporate Internet Banking is available for corporate, medium and small enterprises. The online portal is easy to use, with a lot of new additional features and a highly secured passageway for QIB’s corporate clients to conveniently manage all their daily business banking transactions. The enhancement of the Corporate Internet Banking provides notable value to QIB's corporate clients, by reducing the administrative time that it takes to finish their banking procedures and eliminating the need to visit a branch.

QIB has also introduced the first Islamic POS in the country and a new online Wage Protection System (WPS). The Islamic POS provides a secure and highly efficient payment method helping companies to increase their sales, while the WPS portal has been added to QIB's online solutions to ease the monthly salaries payment process. Similarly, last year, QIB launched the QIB Investor Relations App which is designed to enhance investor communication and keep them updated on the latest financial developments related to share prices, stock performance, the Banks news, financial results, and key financial reports.