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

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

May, 2023

Last contact

December, 2024

Last update

June, 2024

the bank was founded in 1982, the largest Islamic bank 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;
minimum balance required is QAR 50 000* (~ USD 14 000); if below this, there is a QAR 200 fee;
for account opening a personal visit of the founders and the account signatory in Qatar is required;
the main available currencies: QAR, USD;
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 150* (~ USD 41 ), within Qatar – QAR 100 (~ USD 27);
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

December, 2024

Last update

June, 2024

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+44 0 207 822 85 93

General information and rating

Not rated

Global rating

2

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

1982

History

Established in 1982 as Qatar’s first Islamic financial institution, Qatar Islamic Bank (QIB) is the largest Private Bank in the country, with 22 branches, more than 170 ATMs and around 40% of the total assets of domestic Sharia-compliant banks. QIB is also the second largest of all banks in Qatar, with a market share of just over 11% of assets, financing and deposits

Personnel

There are English-speaking staff

Bank’s shareholders

The Qatar Investment Authority (QIA) is the single largest shareholder of QIB. The balance of QIB’s shareholders comprise other Qatari individuals, families and institutions; and QIB’s shares are listed on the Qatar Exchange

Confidentiality

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

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Minimum requirements

12 740

Minimum balance, €

No restrictions

Transactions permitted per month

12 740

Initial deposit of funds, €

1

Deadline for the initial deposit, month

Minimum balance, €

Minimum balance on the account - QAR 50 000 (~ USD 14 000), if lower, a fee of QAR 200 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 balance of 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

38

Outcoming transfer, €

0

Incoming transfer, €

0

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 ), within Qatar - QAR 100 (~ USD 27)

Incoming transfer, €

The bank does not charge for incoming payments

Account maintenance, €/year

The fee is not charged if the minimum balance on the account is QAR 50 000 (~ USD 14 000). If lower - fee QAR 200 is charged

Distant access to the account

The bank has accelerated its investments in digital channels providing its services through the QIB Mobile App, as well as a Corporate customer specific Mobile App, internet banking platforms for retail and corporate clients, multi-functional ATMs, an Interactive Teller Machine (ITM) and the Call Center

Financial products

QIB is a stable group covering all segments of the financial markets, including individuals, government institutions, large corporations and SME’s providing innovative Sharia-compliant banking solutions that fit every segment’s needs

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

For account opening a personal visit of the founders and the account signatory in 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

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