How to open a bank account in Qatar International Islamic Bank (QIIB)

• QIIB was founded in 1991, 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;
• to open a corporate account you need to make a deposit of QAR 20 000* (~ USD 5 500) and open a credit card for QAR 24 000 (~ USD 6 600); for personal – from QAR 10 000 (~ USD 2 750) + credit card for QAR 5 000 (~ USD 1 370); if less then you will be charged QAR 350;
• 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 foreign bank is ~ QAR 150* (~ USD 41);
• Internet-banking in English;
• time of account opening: about 1-2 weeks

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