Qatar’s QIB unveils new Flexible Certificate of Deposits for retail clients

Qatar’s QIB unveils new Flexible Certificate of Deposits for retail clients

Qatar’s first Islamic financial institution, Qatar Islamic Bank (QIB) has launched its new series of Flexible Certificate of Deposits (Flexi CD) with the ability to make partial redemptions in Qatari Riyal and US Dollar with one, two, and three-year tenors.

According to the statement, QIB’s new Flexi CD provides its consumers more flexibility and control, in addition to better-expected profit rates.

It is issued as an investment “Mudaraba” product, allowing retail customers to collect profits by the end of each quarter as well as to make early and partial redemptions during the tenor of their Flexi CD.

“In case of 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,” as per the statement.

D Anand

GM – Personal Banking Group

QIB “Being the first bank in Qatar to have launched the Certificate of Deposits, we are pleased to further enhance this product and offer our retail customers more flexibility with new and innovative Shariah-compliant products. At QIB, we have a saving culture and we encourage our customers to grow their savings and we offer them higher expected returns. The new launch comes