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Certificate of Deposit

Certificate of Deposit

An exceptional opportunity to grow your money

QIB Certificate of Deposit Series||, which is an investment Mudaraba product that will enable you to grow your money.

The second series of Certificate of Deposit will offer you the following benefits:

  • High profit rate throughout the certificate duration
  • Distribution of profit will take place on Quarter end
  • Option to the select the duration of the certificate: 1 and 2 years
  • Ability to apply for financing up to 95% of the value of the Certificate of Deposit backed by the certificate value
  • Flexibility to select the currency of the certificate in Qatari Riyal or USD
  • Minimum Subscription of QR 100,000 or USD 25,000
Expected Annual Profit Rate
1 Year 2 Years
Qatari Riyal 3.25% 3.75%
US Dollar 2.50% 2.75%
  • Issuance of Certificates is for a limited period

Certificate of Deposits (CD) – Terms & Conditions

  • CDs are none tradable and none transferrable; they are cashable at QIB counters and only payable to CD owner.
  • CD amount is QAR 100,000 or USD 25,000 and multiples of QAR 20,000 or USD 5,000 with no maximum amount.
  • CD duration is for 1 and 2 years.
  • CD’s are invested in abidance with Islamic Shari’a regulations and the bank will act as the Mudareb to invest on behalf of the owner (Rab al Mal) as per Mudaraba contract, and the fund will be placed in the general deposit pool of the Bank. Share of the Mudareb (QIB) will be 95% and share of Rab Al Mal (CD owner) will be 5% as per Mudaraba terms. And if the return of the Mudaraba achieved the expected profit rate (EPR) the remainder will be as an incentive to QIB.
  • In case of redemption, or finance against the pledge of the CD, original CD or replacement (in case of loss) has to be presented.
  • Each party is entitled to the share of the profits. The Mudareb may donate part of his share to CD owner (Rab Al Mal) in case the share of the CD owner (Rab Al Mal) is lower than the expected profits.
  • Expected Profit is credited to client’s account after quarter ends.
  • Financing facilities against this CD up to (95%) of its nominal value possible at a rate not less than (1.5%) over applicable CD profit rate.
  • Financing tenor against the CD’s shall not exceed the tenor of the CD’s.
  • CD’s profit or redeemed value will be paid during bank’s working days. If maturity date falls on a vacation date, payment will be executed the next working day.
  • Early Exit from Certificate of Deposit:
    • In case any client wishes to early exit his/her CDs prior its maturity, and conditioned 6 months has elapsed, the original EPR on the CDs will not be applied but rather the profits will be based on the period that the client kept his/her money with QIB, and the profit rate will be the profit rate applied for the subject period at the time of breakage of CD, accordingly QIB will break the CD and the outcome of the early exit will be the CD notional amount plus the actual profit rate that was achieved till the period of breakage minus a 0.10% of notional redemption fee.
    • In case of early exit from CD before 6 months period, the outcome of the early exit from CD will be the CD notional amount minus 0.10% of notional amount as redemption fee.
  • In case of redemption before CD’s maturity date, the month on which the redemption takes place will not be calculated. Also, partial redemption and/or partial top-up are not allowed.
  • In the absence of client’s instructions for renewal, the proceeds shall be credited to his/her account at the final maturity date of the CD.
  • The bank has the right to close the subscription in the CD’s once the objective is reached and as per the bank’s discretion.
  • The bank may in future issue CD’s under different denominations and conditions as per the bank’s discretion.
  • Certificate of Deposit issuance and Profits calculation shall be after five working days from date of investing in the certificate of deposit.
  • QIB (Mudareb) shall not bear any loss which may arise unintentionally or violation or default. The same shall be solely borne by the customer (capital owner) in case it took place (God forbid that).
  • QIB may put aside the deposits transferred to the customer’s accounts in case of suspicions inclusive of money laundry, financing terrorism or terrorist organizations.
  • In case of any dispute arising between the two parties (God forbid that) relating to execution or interpretation hereof, the same shall be settled amicably. But in case of impossibility of that, the matter shall be referred to the competent courts in the State of Qatar to decide on it.
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  • Visit your nearest branch
  • Call 44448444