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Mastercard Recognizes Qatar Islamic Bank on the Anniversary of First Islamic Point of Sale Solution in Qatar

Apr 19, 2022 by Qanect

Doha, Qatar – April 18, 2022: Qatar Islamic Bank (QIB) has received recognition from Mastercard on the third anniversary of the launch of Qatar’s first Islamic Point of Sale (PoS) solution, and for showcasing continuous outstanding performance.

 

Launched in 2018, QIB’s PoS solution and online payment gateway was introduced to serve the Bank’s corporate customers and support their banking needs. Developed by Android smart technology, the Islamic PoS solution provides innovative, secure and a highly efficient payment processing service. The PoS supports contactless card transactions, eWallet, a QR code scanner as well as online billing and settlement. Online payment gateway enables business to offer their customers an option to pay online at any time through a hassle-free process.

 

Following the successful launch of the PoS, QIB collaborated with Qatar Post to launch Qatar’s first fully integrated postal delivery Point of Sale (PoS). Through the PoS device, customers can make cashless payments on delivery when receiving parcels. The smart PoS allows Qatar Post’s delivery driver to precisely know the exact customer details for each delivery, including the total amount to be collected, by simply scanning the item using the PoS device, which has been fully integrated with Qatar Post back-end tracking system.  In addition, Vodafone Qatar has partnered with QIB to make the telecom operator’s electronic recharge and bill payment services available via their QIB select Point of Sales (POS) machines.

 

QIB’s entry into merchant acquiring business and its continuous growth year-on-year, is a testimony to the Bank’s successful digitization and growth strategy. Following the adoption of PoS, the corporate portfolio witnessed an increase in the number of onboarded customers and liquidity levels year-on-year.

 

Commenting on the recognition, Mr. Tarek Fawzi, QIB’s Wholesale Banking Group General Manager said: “We are proud to be recognized by Mastercard in being the first Islamic bank in Qatar to launch an Islamic PoS solution. This milestone for QIB is setting the benchmark for the industry and showcasing QIB’s ongoing efforts to introduce innovative financial solutions and digital services to support retail and corporate customers, which perfectly aligns with Qatar National Vision 2030 for a cashless society.”

 

J.K. Khalil, Country General Manager, MENA East, Mastercard said: “QIB has continuously demonstrated its leadership in driving digitization across the market, and we are delighted to celebrate the anniversary of the launch of this milestone in Islamic payment solutions. Mastercard will continue to join forces with partners like QIB to evolve Qatar’s digital payments ecosystem. By connecting people to each other through digital solutions and extending acceptance infrastructure, we are bringing everyone closer to an inclusive, digital world.”

 

For more information on QIB Payment solution, please visit www.qib.com.qa