GSL / Offshore and International Law. Offshore companies registration. / Offshore Banking / Qatar International Islamic Bank (QIIB)

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

GSL reference about the bank What is it?

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GSL rating

rating

Beginning of cooperation

May, 2023

Last contact

October, 2024

Last update

June, 2024
  • 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.

GSL rating
rating
Beginning of cooperation
May, 2023
Last contact
October, 2024
Last update
June, 2024
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General information and rating
General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1991
History
QIIB is a private Islamic bank in Qatar offering personal and corporate Islamic banking solutions. It was founded in 1991. It has 12 branches and about 50 ATMs throughout Qatar
Personnel
There are English-speaking staff
Bank’s shareholders
The majority shareholder - Qatar Investment Authority (Investment Company) - 16.6%
Confidentiality
Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
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    Minimum requirements
    Minimum requirements

    5 095
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    5 095
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    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).
    To open a personal account - a deposit of QAR 10 000 (~ USD 2 750) + a credit card for QAR 5 000 (~ USD 1 370); if less, then a commission of QAR 350 is charged
    Transactions permitted per month
    No limit on the number of transfers
    Initial deposit of funds, €
    The initial payment is equal to the minimum deposit on the account
    Deadline for the initial deposit, month
    1 month
    Minimum turnover, €/year
    No minimum turnover limit
    How fast payments are executed
    Same day or next day

    Tariffs and services
    Tariffs and services

    38
    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 150 (~ USD 41)
    Incoming transfer, €
    The bank does not charge for incoming payments
    Distant access to the account
    QIIB Mobile Banking, QIIB Internet Banking and QIIB Phone Banking (in English)
    Financial products
    Bank works within local and international standards to deliver the best Shariaa compliant deposit, finance and insurance products for our customers.
    Credit/debit cards
    It is possible to issue bank cards and checkbooks

    Account opening procedure
    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
    To open an account, a personal visit of the founders and the account signatory to Qatar is required
    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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