How to open a bank account in Masraf Al Rayan

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

May, 2023

Last contact

November, 2024

Last update

June, 2024

the bank was founded in 2006, one of the largest Islamic banks in Qatar;
the bank opens savings (deposit) and current accounts;
the bank only opens accounts for local companies registered in Qatar, as well as personal accounts also only for residents of Qatar;
to open an account for a foreign company, you will need to open a branch in Qatar;
after opening an account a deposit of QAR 2 000 000* (~ USD 550 000) is required for approximately 3 months;
personal visit of the founders and the account signatory in Qatar is required to open the account;
the main available currencies: QAR, USD (the bank first opens an account in QAR, and then you can add currencies);
it is possible to issue bank cards and checkbooks;
pre-approval is possible before the account opening process;
fee for transfer to a foreign bank is ~ QAR 75* (~ USD 20), the conversion fee is 0,5%;
Internet-banking in English;
account opening time: about 2 weeks

*The rates shown are approximate as they may ultimately vary depending on the service program chosen by the client at the bank

GSL rating

Beginning of cooperation

May, 2023

Last contact

November, 2024

Last update

June, 2024

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

Not rated

Global rating

1

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

2006

History

Masraf Al Rayan was incorporated as a Qatari Public Shareholding Company in 2006 and is a Shari'ah compliant bank headquartered in Doha, Qatar

Personnel

There are English-speaking staff

Bank’s shareholders

Qatari government entities are major shareholders with more than 30% ownership

Confidentiality

Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

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Minimum requirements

0

Minimum balance, €

No restrictions

Transactions permitted per month

510 830

Initial deposit of funds, €

1

Deadline for the initial deposit, month

Minimum balance, €

There is no minimum deposit requirement on the account (there is an initial deposit which is made for 3 months)

Transactions permitted per month

No limit on number of transfers

Initial deposit of funds, €

After opening an account you need to make a deposit of QAR 2 000 000 (~ USD 550 000) for about 3 months

Deadline for the initial deposit, month

As soon as the account is opened

Minimum turnover, €/year

No minimum turnover limit

How fast payments are executed

Same day or next day

Tariffs and services

269

Outcoming transfer, €

0

Incoming transfer, €

N/A

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

Fee for transfer to a foreign bank is ~ QAR 75 (~ USD 20) + 0,5% conversion fee

Incoming transfer, €

The bank does not charge a fee for crediting

Distant access to the account

Internet-banking in English

Financial products

Masraf Al Rayan is structured into three main business divisions:
Retail Banking offers a variety of products and services such as current and saving accounts, time deposit accounts, financing, credit cards;
Wholesale Banking offers products and services such as corporate finance & advisory services, financing products, cash management, treasury, trade finance and products and services designed to meet the needs of small and medium enterprises; and
Private Banking which offers tailored solutions in the areas of investment planning & asset management, wealth management, credit planning and management

Credit/debit cards

It is possible to issue bank cards and checkbooks

Account opening procedure

Days to open for incoming transfers

Case by case

Days to open for outcoming transfers

Case by case

References

Not necessary

Purpose of the account

Savings & current

Visit to the bank

Personal visit of the founders and the account signatory in Qatar is required to open the account

Required

For legal entities: Trade License; Memorandum and Articles of Association; Company Registration; Request for account opening indicating the account signatory; Tax Card, Computer Card; Registration Certificate (QFC), Commercial Registration Extract (QFC); completed bank form for the company and owner; copies of current contracts with counterparties; office rental contracts, cash flow chart, ownership structure chart, etc.
. For private person (directors / shareholders / beneficiaries / attorneys): Confirmation of identity (passport) + QID; Confirmation of address (Metrash) not older than 3 months; Resume; Bank reference + bank statements for the last 6 months

Types of accounts

Savings; Current

Chances to open an account

Predictable

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