Mastercard has recognized Qatar Islamic Bank (QIB) for the launch and outstanding performance of its Ooredoo Co-Branded Corporate Credit Cards, the first-of-their-kind corporate payment solutions in Qatar that have been designed to help large corporates and SMEs manage their business purchases and general expenses.
Launched in partnership with Mastercard in late 2019, QIB’s Ooredoo Co-Branded Corporate Credit Cards are the first Islamic co-branded corporate credit cards in Qatar. The innovative payment solutions allow corporate customers to have full control over their expenses and improve their policy compliance for further efficiencies.
QIB’s innovative corporate payment solutions have also been instrumental in assisting large companies and SMEs to settle their suppliers’ payments, utility bills and day-to-day expenses. The Cards are adaptable, and can be used in combination with corporate reporting and expense management solutions. They have also driven better visibility and efficiency into corporate purchasing decisions and general expenditures.
Commenting on the latest recognition, Mr. Tarek Fawzi, QIB’s Wholesale Banking Group General Manager said: “We are pleased to once again be recognized for the innovative and exclusive solutions we offer to all our corporate customers. As the leading Islamic Bank in Qatar, QIB is committed to offering the best payment solutions to both large corporates and our SME customers, and to take part in helping them efficiently manage their expenses in a way that eases the achievement of their business targets.”
Mr. Fawzi added: “Our partnership with Mastercard, the market leaders of Corporate Credit Cards, has always been fruitful in introducing innovative and tailored solutions that respond to all the business needs of our corporate customers, including market-first payment solutions such as our Ooredoo Co-Branded Corporate Credit Cards. We would like to thank Mastercard for their recognition today, and we will continue building on our fruitful cooperation to offer more innovative services to all our corporate customers, and to be their trusted banking companion.”
Nadia Ghissassi, Country Manager for Qatar, Oman, Kuwait and Iraq, Mastercard, said: “For a while now, Mastercard and QIB have enjoyed a long-term strategic partnership in Qatar, and we’re proud to recognize the bank today for this exceptional achievement. Our Corporate Credit Card solutions are tailor-made to assist businesses in managing all their purchases and expenses, which in turn can improve their overall efficiency and transparency. We will continue to leverage our partnerships to offer businesses innovative solutions for them to scale and grow.”
Sabah Rabiah Al-Kuwari, Director PR at Ooredoo Qatar, said: “We’re delighted to be recognised for our involvement in launching the Ooredoo co-branded QIB corporate credit cards recently. Forging partnerships that enable us to enhance the services we offer our customers is a key part of our corporate strategy, as is providing ever more innovative solutions, and we’re proud to be working with QIB and Mastercard on this initiative.”
QIB’s Ooredoo Co-Branded Corporate Credit Cards include different types of cards: Purchasing Cards – a B2B payment solution that enables corporates to manage their purchasing and business expenses and World Cards – the perfect offering for business travel; tailored to business owners and senior corporate executives.
The Cards also come with multiple benefits and rewards, such as allowing corporate customers to earn Nojoom Points on every spend, a profit free period of up to 45 days, the option to carry forward the balance at a monthly profit rate of 1 percent on Murabaha basis, as well as the option of only paying a minimum payment of 5 percent for a better cash flow management.
Source: Qatar Islamic Bank