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Doha - Qatar Islamic Bank (QIB) has received the 'Product Innovation Award' under the Islamic Finance category from Global Finance for the bank's efforts in introducing innovative Shariah-compliant products, including long-term deposits with flexible profit payment options.

The long-term deposits with flexible profit payment options and higher expected yields allow customers to choose how they want to receive the profit on their deposit � upfront profit payment, monthly, quarterly, or at maturity. QIB manages and invests the funds on Murabaha basis to realize the best profit, Gulf Times-News reported.

With the flexible profit payment options introduction, customers can decide which frequency matches their own financial and liquidity needs. Customers do not have to wait for long periods to start receiving profits and their liquidity requirements are met without the need to break a term deposit.

The tenors of the offered term deposits are one, two, three, and five years. Longer tenors have better-expected profit rates, and customers can get QIB financing for up to 90 percent of the deposit value at a competitive rate.

To improve the customer experience we offer; innovation is key; we're pleased that our commitment to product innovation has been recognized. Through market research, we are able to tailor our services to meet and even exceed our customers' expectations. We would like to thank our customers for their trust and loyalty to QIB.

Over the past few years, QIB has been investing in evolving the bank's products and services to meet the growing needs of all customers. The bank is improving the banking experience it offers, having completed the installation of a brand new core banking system last year and embarking on a new journey to further simplify and digitalise its services, said QIB Group CEO Bassel Gamal.

He added: We are pleased to be representing the Qatar banking industry in the innovator's award. This particular award is a testament to our excellent track record in delivering a high-quality banking experience as we continue to focus on offering innovative Islamic banking products and services to our customers.

The Global Finance magazine, headquartered in New York, is a reputable source for developments in the financial industry. Each year, Global Finance selects the best financial institutions around the world. These awards have become a recognized and trusted standard of excellence.

Global Finance magazine has announced The Innovators 2017, Islamic Finance, the publication's second annual listing of Shariah-compliant financial institutions and service providers that have fully recognised the critical importance of product and service innovation together with technology enhancement and investment.

QIB's profit grew by 12.8 percent reaching QR555mn for three months ending on March 31 compared to same period last year. QIB assets currently stand at QR143.3bn having grown by 9.1 percent on a year-on-year basis. Financing activities have reached QR99.5bn, up 9.3 percent compared to March 2016. Total Income reached QR1.4bn compared to a total income of QR1.2bn during the same period of last year registering a growth of 16.3 percent.

The bank has been recognized by the industry, receiving multiple awards from highly-reputable entities. Recently, QIB won the 'Best Islamic Financial Institution in Qatar and the GCC' award from Global Finance, cementing its position as a leading Islamic bank in Qatar and a major player in the regional Islamic banking sector.

Source: International Islamic News Agency

Paris - Emmanuel Macron was elected president of France on Sunday after winning 65.5 percent of the votes.Macron, who has a business-friendly vision of European integration, defeated Marine Le Pen, a far-right nationalist who threatened to take France...

Cairo (IINA) � Egypt's Central Bank said remittances from Egyptians working abroad increased by 13.8 percent reaching $8 billion during the period from November to March this fiscal year.

The Central Bank said in a statement on Tuesday that remittances surged to $8 billion over the five months, compared with $7 billion in the same period a year earlier. In March, remittances rose to $1.6 billion, compared to $1.5 billion during the same month last year.

According to the statement, the Central Bank now has a total cash reserve of about $29 billion.

The Central Bank floated the Egyptian pound on 3 November 2016, aimed to unlock foreign currency inflows and crush a black market for dollars that had discouraged people from channeling foreign currency through the banking system.

Ayman Mohammed/AB/IINA

Source: International Islamic News Agency

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AJK President Sardar Masood Khan lauded the role of people and government of Khyber Pakhtunkhwa for supporting the Kashmiris at every forum.He expressed these views during his visit to Khyber Pakhtunkhwa Assembly in Peshawar on Monday.Deputy Speaker Kh...

New York (IINA) � UN Secretary General Antonio Guterres and the Security Council on Sunday condemned the bombings of two Coptic churches in the Egyptian cities of Tanta and Alexandria, which killed at least 41 people and injured more than 100 others.

The secretary general hoped the perpetrators of this horrific terrorist act will be swiftly identified and brought to justice, his spokesperson said in a statement.

In a separate press statement, the Security Council called the bombings heinous and cowardly, and reaffirmed that terrorism is one of the most serious threats to international peace and security.

The explosions were also strongly condemned by the High Representative for the UN Alliance of Civilizations (UNAOC), pointing out that the attacks took place during Palm Sunday celebrations when both churches were packed with worshippers aimed at ruining the unity and diversity that characterize the Egyptian society.

The UN chief, the Security Council and the UNAOC conveyed their sincere condolences to the families of the victims and to the Egyptian government and wished a speedy and full recovery to those who were injured, according to separate statements.

The 15-member Council also stressed the need to bring everyone responsible for the attacks to justice and urged UN member states to cooperate with the government of Egypt and all other relevant authorities.

Source: International Islamic News Agency