Qatar Islamic Bank recognized for its SME support services at Asiamoney

By Amirtha P S, Desk Reporter
  • Follow author on
Representational Image

Qatar Islamic Bank (QIB), the leading digital bank in the country, was honored as the “Best Bank for SMEs in Qatar” at the Asiamoney Middle East’s Best Bank Awards 2021 for its innovative financial services.

The accolade is a testament to QIB’s innovative approach towards the small and medium-sized enterprises (SMEs) in Qatar, which are a key component to Qatar’s national economy, and to its efforts in supporting the growth of the country’s private sector.

QIB’s SME offering includes a host of innovative products and services catered towards fulfilling the banking requirements of the sector, including the Aamaly (My Business) program, which offers tailored products and services to SMEs in Qatar. The program offers entrepreneurs financial services, advice, and guidance, and features several benefits for SMEs, including a special SME-dedicated banking center, 24-hour banking, WPS integration, cash and cheque collection, accounts, and time deposits, together with flexible lending and financing options.

Further, the bank has accelerated the digitization of SME financing and launching new products offering a full package of financial solutions and services to its SME clients which includes Merchant Acquiring Services, mobile POS, and online Wages Protection System (WPS) for the automatic processing of monthly payrolls, as well as new co-branded corporate credit cards in collaboration with Ooredoo, and corporate deposit cards.

Tarek Fawzi
Tarek Fawzi
General Manager
Wholesale Banking Group

“We are proud to once again be recognized for our offerings and support to small and medium-sized enterprises in Qatar. We will continue to support this vital sector which represents one of the pillars of our national economy which is in tandem with Qatar’s National Vision 2030 and beyond. Innovation and digitization will remain the cornerstones of our SME program, as we strive to introduce more innovative and secure financial products and services in the market to meet and exceed our SME customers’ needs and expectations.”

The bank has continued to contribute significantly to Qatar Development Bank’s (QDB) Al Dhameen Program, which encourages SMEs to acquire suitable financing from banks to grow their businesses, in addition to other initiatives launched by QDB to offer easier access to financing for Qatari SMEs.

QIB also played a significant role in the proactive national response to the economic implications of the COVID-19 crisis on SMEs and has immediately postponed financial installments for SMEs. 

Established in 1989, Asiamoney is a division of global media group Euromoney Institutional Investor. The monthly publication reports and offers analysis on the financial and investment markets for capital issuers, borrowers, institutional investors and senior corporate and government monetary decision-makers with business interests in Asia.

Related: QIIB secures “Excellence Awards” from the prestigious GIFA