Qatar International Islamic Bank (QIIB) has unveiled new Retail Financing Products on the occasion of Qatar National Day, including Personal and Vehicle Finance, in partnership with Qatar Airways Privilege Club, the bank announced in a statement on Tuesday.
QIIB decided to celebrate Qatar National Day this year by launching new offerings that will further enhance the benefits provided to customers and cater to their aspirations and needs.
The new offers are designed to meet the evolving market trends, while integrating industry best practices and emphasising on providing extra benefits to customers, in order to thank and honour them for their loyalty and trust.
The new Personal and Vehicle Finance allows QIIB customers or customers of other banks’who wish to transfer their salaries and liabilities to QIIB, to receive a Personal and Vehicle Finance at a competitive annual rate, starting from 3.7 percent (fixed profit rate of 1.97 percent), with a grace period of up to 12 months for Qataris and 3 months for expatriates.
As part of the offer, which runs from December 5 to January 31, 2022, customers will be able to earn 18,000 bonus Qmiles and multiples thereof, for each Personal or Vehicle Finance worth QR100,000, if they apply via QIIB Mobile or Internet Banking. They will then be able to use their Qmiles to enjoy award flights, cabin upgrades, extra baggage and much more.
This step is aimed at promoting sustainability and encouraging consumer behavior that is more sustainable by moving customer engagement to digital channels.
The benefits will get reduced if customers apply for the finance at one of the QIIB branches. Accordingly, customers will earn 10,000 bonus Qmiles and multiples thereof, when they apply for a Personal or Vehicle Finance of QR100,000.
Qatar Airways Group Chief Executive Akbar al Baker said: “Qatar Airways Privilege Club is delighted to be part of this offer with QIIB, providing Privilege Club members with the opportunity to earn Qmiles and reach their rewards faster.
“We remain dedicated to redefining travel experiences for our valued members and will continue to offer unparalleled opportunities to enjoy rewards both on and off the ground.”
Commenting on the new offers, QIIB Chief Executive Officer Abdulbasit Ahmed al Shaibei said, “Qatar National Day is an occasion that is dear to our hearts. This year, we undertake to celebrate the Qatar National Day by introducing new consumer lending offers that bring more value to our customers, at competitive rates with flexible grace periods and a streamlined application process.”
He said, “Our Qatar National Day offer this year is an opportunity to emphasise on our efforts to keep up with the rapid pace of technological change and digital transformation that the Qatari banking sector has undergone recently to address customer expectations and market challenges.
“This gets translated in the additional benefits offered to Customers who apply for their Finance via the QIIB Mobile and Internet Banking as opposed to applications made at one of the bank’s branches.
“Applications submitted through our digital channel will be completed quickly and processed within minutes, without the need to visit the branch. In fact, during the past period, we have seen a growing customer interest in digital engagement as more customers use our digital channels for different products and services, which prompted us to unveil the new offers on the occasion of the National Day.”
Shaibei indicated, “QIIB targets all categories of customers, including citizens, residents, existing customers and non-customers, who wish to transfer their liabilities to QIIB.
“We have made sure that the offers are competitive in all aspects, including pricing, which is considered to be the best in the local banking sector as well as the quality of service, transparency and speed of application processing. In fact, we, at QIIB, work hard to achieve a level that meets the growing expectations of our customers and remain competitive in the market”.
The QIIB CEO added: “Over the past period, QIIB has seen a steady increase in customer satisfaction, which is reflected in the growth of the bank’s operational activities.
“As our Customer base continues to grow and expand, we are deepening our commitment to enhance our offerings, with our quality of service remaining our number one priority.
“We continue to focus our efforts on diversifying our services by introducing new products to the market across different channels in order to achieve customer satisfaction and provide an integrated banking