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

April, 2024

Last update

October, 2023
  • 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
April, 2024
Last update
October, 2023
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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

    Banks of Qatar

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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