QIB customers can now update their CRS/FATCA tax information, postpone their finance Monthly Installment, and get the exclusive Certificate of Deposits for COVID-19 frontliners through the Mobile App

17 August 2020, Doha, Qatar:  Qatar Islamic Bank (QIB) has introduced new features to its award-winning Mobile App, in line with the bank’s ongoing efforts to provide customers with innovative digital options to fulfill all their banking needs remotely.

Developed with customers’ daily banking requirements in mind, the QIB Mobile App now allows customers to benefit from new and simplified features, including the postponement of their Personal Finance Monthly Installment, opening the exclusive Certificates of Deposit for COVID-19 frontliners, filling and submitting the Common Reporting Standard (CRS), and completing Foreign Account Tax Compliance Act (FATCA) declarations.

With the new QIB Mobile App updates, eligible Qatari customers can now postpone their Personal Finance Monthly Installment through the Mobile App. This solution allows QIB eligible customers to postpone their next three months’ personal finance installments and provides them the option of adjusting the new financing to take place after the maturity of their existing finance terms. The postponement can be submitted any time before the 20th day of the month in order to immediately take effect starting from the next upcoming installment.

As a tribute to COVID-19 front-liners and their contribution to keeping the entire community safe during the current circumstances, employees of the Ministry of Public Health, Hamad Medical Corporation, Primary Health Care Corporation, Sidra Medical and Research Center, Ahli Hospital, American Hospital Doha, Doha Clinic, Al Emadi Hospital, in addition to the Ministry of Interior personnel and volunteers can now request the exclusive Certificate of Deposit for COVID-19 front-liners through the QIB Mobile App. The Certificate of Deposit is introduced to help front-liners increase their long-term savings, with a minimum amount of QAR 5,000 and no maximum amount. These special Certificates of Deposit offer exclusive returns allowing COVID-19 frontline employees to benefit from a higher expected profit rate.

In compliance with the local regulatory requirements, all banking customers must update their tax information by filling the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) forms. In order to simplify the update process, QIB has introduced this feature on the QIB Mobile App allowing customers to update their tax information instantly. The required update takes less than a minute and customers are requested to enter a one-time password (OTP), received on their registered mobile number, for security purposes.   

Commenting on the new Mobile App features, Mr. D. Anand, QIB’s General Manager – Personal Banking Group said: “QIB is committed to continue implementing its strategy of offering most of its banking services through the QIB Mobile App, as part of our customer-centric approach. The new Mobile App features are yet another testimonial of our promise towards providing a fully digitized banking experience. We remain committed to offering innovative digital solutions responding to the banking needs of all our customers, while guaranteeing easy and safe services that can be used by our customers anytime and from anywhere in the world.” 

QIB Mobile App is available on Apple and Google Play stores, and customers can easily self-register using their Debit Card number and PIN. QIB Mobile App offers a seamless banking experience, and allows customers to access all their accounts, check their finance status, perform many activities on their cards, transfer money locally and internationally and pay their bills. The QIB Mobile App offers further innovative services, including Instant Finance, Instant Credit Card, Digital Onboarding, and Opening New Accounts for Existing Customers.