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

April, 2024

Last update

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

    Banks of Qatar

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