QIB launches ‘Flexi CD’, its new flexible certificate of deposits – The Peninsula

QIB launches ‘Flexi CD’, its new flexible certificate of deposits – The Peninsula

Doha: Qatar Islamic Bank (QIB) has announced the launch of a new series of Flexible Certificate of Deposits (Flexi CD), with the ability to make partial redemptions, for its retail customers in Qatari Riyal and US Dollar with one, two and three year tenors.

In addition to offering better expected profit rates, QIB’s new Flexi CD offers customers more flexibility and control. It is issued as an investment “Mudaraba” product, allowing retail customers to collect profits by the end of each quarter and to make early and partial redemptions during the tenor of their Flexi CD. In case of an early redemption, the balance amount of the Flexi CD will continue to earn the same expected profit rate. These CDs can be booked in a few simple steps, anytime through QIB Mobile app.

Through the QIB Mobile App, Customers will be able to perform up to two partial redemptions with no charges, provided that the value of both redemptions does not exceed 50% of the original value of the Flexi CD.

Flexi Certificate of Deposits are developed to encourage customers to make long-term savings and get attractive annual profit based on the certificate’s maturity and selected currency. These Flexi CD’s are offered in