QIIB to pay charges for transferring accounts

February 28, 2013 - 4:38:02 am

DOHA: The Qatar International Islamic Bank (QIIB) has announced to pay (bear) the transfer charges levied on customers of other banks who are willing to leaving their existing banks to join QIIB, a press statement said yesterday. 

As per rules banks usually charge one percent of the total amount of liabilities of their customers when they transfer their accounts to other banks. The QIIB, as part of its business strategy has come out with an offer to bear the account transfer costs for the customers willing to join them. The offer will remain valid till March 31. According to the offer, QIIB’s new customers with an account liability of QR100,000 will get a bonus of QR1000 once they repay the liabilities of their former banks. 

The amount of repayment installments for such customers with a loan of QR100,000 will be QR1,599 per month for Qatari Citizens with 72 months maturity, and QR2, 299 for expatriates with 48 months maturity, and they will get a grace period of six and three months respectively. 

The Bank has also come out with a special scheme for car finance that too without the need of having any mortgage with a promise to complete the process with in an hour’s time.  The installments for a car loan worth QR100,000 will be QR1,574 for citizens and QR2,267 fro expatriates. The maturity conditions and grace periods for repayment of loans for citizens and expatriates will be applicable as mentioned above.        

The Peninsula