Islamic Finance News Portal – Bringing you the latest updates in global Shariah finance

Watch out for news alert!

Bank launches Islamic product

leave a comment »

Points of Essence:

  • QNB Islami of Qatar National Bank has launched Tawlia which offers zero profit Islamic financing or at purchase or cost price for commodity sales or services to its customers.
  • The financing is the first of its kind in Qatar.

DOHA • QNB Al Islami, the Islamic branch of Qatar National Bank (QNB) recently, launched Tawlia, the first Islamic finance promotion of its kind in Qatar.

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 Shariah Advisory Board.

The product is only available to new customers who apply for a salary account at QNB Al Islami during the period of the promotion, from August 10 to September 25.

The promotion also includes three free of charge outgoing cash transfers for all who apply for Tawlia. The bank will also offer 25 percent reduced finance fee for all other finance products offered by QNB during the promotion period. Through the 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 can utilise Tawlia to purchase any commodity or service and can benefit from other privileges accompanying this product.

Source: http://www.thepeninsulaqatar.com

Advertisements

Written by Suapi Shaffaii

August 20, 2008 at 3:06 pm

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: