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QIB collaborates with QPAY to launch the first Islamic PoS Solution in Qatar

06/05/2018, Doha,Qatar

QIB collaborates with QPAY to launch the first Islamic PoS Solution in Qatar

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has signed an agreement with Qatar’s largest Fintech Company: QPAY International to launch the first Islamic point of sale (PoS) solution in Qatar. Under this agreement, QPAY, a Qatari based company offering a wide portfolio of electronic payment solutions, will be setting up MasterCard and Visa PoS acquiring network across Qatar to serve all QIB existing and new customers. This will position QIB as the first Islamic Bank who will offer acquiring solutions to merchants in Qatar by providing them with innovative, secure, and highly efficient payment processing services.

This collaboration will feature the launch of a wide array of payment processing services including point of sale (POS) credit/debit cards acceptance, mobile point of sale (mPoS), mobile payments, e-commerce, and online billing. Both parties will help merchants setting up the systems, train and encourage usage of PoS terminals deployed at their premises. QIB will promote the PoS acquiring business amongst its existing corporates including small and medium enterprises (SMEs) and prospective merchants.

“Being the first Islamic Bank in Qatar to launch PoS solutions sets a new benchmark for the industry and showcases QIB’s ongoing efforts to introduce innovative financial technology solutions,” said Tarek Fawzi, General Manager of QIB’s Wholesale Banking Group. He added “We value the relationship with QPAY, a local company, which will deliver the added value services that our customers are expecting from the leading Islamic Bank in Qatar.”

“Our entry into merchant acquiring business is yet another step towards creating a one stop shop environment for our growing client base; We have listened to our customers’ business needs and we are committed to provide them innovative solutions to help them grow their businesses.”, concluded Tarek Fawzi.

Commenting on this partnership, Mr. Nebil Ben Aissa, CEO and Founder of QPAY said, “We have been leading the Qatari Fintech space as we are now servicing more than 12,500 SMEs. This strong partnership will provide the most innovative SME financial services platform in Qatar.” He added, “This partnership will focus on the Qatari SME market as well as the local corporates, which will greatly benefit Qatar as our electronic payment offerings align perfectly with various Qatar Central Bank electronic payment initiatives and with Qatar National Vision 2030 for a cashless society.”

About QIB:

Qatar Islamic Bank (QIB) – Established in 1982, the first Islamic financial institution in Qatar. Since then, QIB have emerged as a force in the local and international markets. Today, the Bank plays a leading role in developing competitive and innovative Shari’a-compliant financial products and services worldwide. The Bank currently holds 42% share of the Islamic banking sector and approximately 11% of the total domestic banking sector. As of end of December 2017, QIB’s profit reached QAR 2,405 Million and Total Assets of the Bank now stand at QAR 150 Billion, which allowed the Bank to maintain its position as the second largest bank in Qatar.

About QPAY:

Founded in 2011, QPAY is the largest Financial Technology (Fintech) Company in Qatar, with a primary focus on servicing Qatar’s Small and Mid-size Enterprise (SME) sector. Currently, QPAY is servicing more than 12,500 SMEs and more than 300,000 consumers. QPAY received Three (3) prestigious awards in 2017 by peers in the Middle East Cards and Payments Industry: (1) Best Mobile App: “Payroll Lite”; (2) Leading Payment Enterprise, and (3) Banking Technology Leading Award. QPAY’s success is due to its commitment to innovation, highest standards of security, customer service quality and its full alignment with the Qatar Central Bank’s rules and regulations. QPAY is a key supporter of the Qatar 2022 FIFA World Cup initiative and the Qatar 2030 vision for a safe, secure and cashless economy.

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