Under the patronage of HE Sheikh Abdullah Saud Al-Thani, Governor of Qatar Central Bank (QCB) and in line with its ongoing commitment to expand its network, Al Yusr Islamic banking service of IBQ, announced the opening of a new dedicated retail branch in the Al Rayyan area of Doha. The new branch officially opens on February 4.
The opening ceremony will also see attendance from other dignitaries, including Sheikh Waleed Bin Hadi, Head of the Sharia Board, Ibrahim Dabdoub, Vice Chairman of the Board of IBQ and Group CEO of NBK, and other members of the Board. The new branch, located on Al Shafi Street in Al Rayyan, will offer the full range of Islamic banking services available. These include current, savings and term deposit accounts, consumer and personal finance solutions, in addition to Elite and Private banking services (corporate banking).
Al Yusr Islamic Banking Service already offers eight products in the retail segment with more products planned for launch in 2010, including credit card solutions and online banking services.
“Following the remarkable success of the launch of our Islamic banking service last year, we are delighted to further strengthen the Al Yusr network,” said Mr. Nasra, Managing Director of IBQ. “The branch network expansion is part of our ongoing commitment to enhance the range and quality of our Islamic offering and to facilitate accessibility for our clients.”
Highlighting the growing significance of Islamic banking, Nasra said: “Recent reports suggest Islamic banking assets, worldwide, rose by over 25 per cent in 2009. This is significant growth for a period that saw continued strains on the banking sector, as a result of the global financial crisis. Indeed, Qatar and the wider GCC region continue to be the epicentre for Islamic finance, driving much of the demand for Islamic banking services. We are confident that our product strategy strongly positions us to not only meet these demands, but also lead innovation and further sophistication of Islamic banking in the Middle East.”
“The retail division of Al Yusr Islamic Banking Service has been witnessing strong growth ever since it commenced operations in May 2009,” said Hassan Al Mullah, Head of Islamic banking. “The past year has been especially significant for us, having launched four new products in the final quarter, a period which also saw customer base double. The new branch at Al Rayyan is ideally located to serve this fast growing business and residential hub of Doha, while providing easier access and a range of specialised services for its existing customers.
“Our product pipeline for Al Yusr Islamic Banking Service continues to be robust, with new products ready for launch in 2010. Having already developed a full range of solutions, we are now focused on further expanding and enhancing our product portfolio as well as strengthening our network by adding new branches,” said Al Mulla.
The new Al Yusr branch in Al Rayyan offers customers a host of facilities, including an ATM for cash withdrawal and deposit 24 hours a day. Opening hours are 7:30 am to 1pm, Sunday through Thursday, and 5:30pm to 7:30 pm, Sunday and Wednesday.
