QNB Al Islami introduces promotion for new salaried accounts

AME Info : QNB Al Islami, the Islamic branch of Qatar National Bank (QNB), announced the launch of (Tawlia), the first Islamic finance promotion of its kind in Qatar.

The promotion runs from August 10 to September 25, 2008.

This promotion joins a vast array of innovative products and services offered by QNB Al Islami which has been providing new and utility based services since it was established three years ago.

Tawlia involves 'the sale of a commodity or service to the customer at its purchase or cost price' with zero profit for the Bank. Although, it is an Islamic finance formula that has always existed, QNB Al Islami is the first to launch the product in the local banking market. Tawlia has been launched after obtaining approval from the Shari'a Advisory Board.

This product is only available to new customers who apply for a salaried account at QNB Al Islami during the limited period of the promotion.

This limited-time promotion also includes three free of charge outgoing cash transfers for all new QNB Al Islami salaried account applicants who apply for Tawlia. QNB Al Islami will also offer 25% reduced finance fees for all other finance products offered by the Bank during the promotion period.

Through this product, customers benefit from financing up to twice their monthly salary subject to a maximum of QR50,000 which can be repaid in 12 instalments with no profits.

Customers may utilise Tawlia to purchase any commodity or service and can benefit from other privileges accompanying this product.

QNB Al Islami is the first Islamic branch to be opened by a conventional bank in Qatar. It has a Shari'a Advisory Board consisting of Sheikh Yousef Al Qaradawi, Dr. Ali Al Qurrah Daghi and Dr. Sultan Al Hashemi.