QIB launches payment plan on its award-winning mobile app

Qatar Islamic Bank (QIB) announced the launch of a new feature on its QIB Mobile App on the occasion of Qatar National Day. The Easy Payment Plan (EPP) feature enables QIB Co-Branded, Revolve, and Charge Credit cardholders to convert their transactions to easy instalments and gives them more financial flexibility.

According to Zawya, the Sharia-compliant Murabaha-based Easy Payment Plan (EPP) feature would enable Revolve and Charge Credit cardholders to convert their single transactions above QAR 5,000 completed in the last 35 days as instalment payments.

The transactions can be paid in equal instalments over 6, 9, 12, or 24 months with attractive rates and without processing fees.

Moreover, the instalments will be converted to personal finance and the funds will be automatically credited to the respective credit card from the customer’s account.

QIB Credit cardholders can apply for up to 10 EPP and pay in instalments without impacting their credit limit. An additional EPP can be available by repaying an existing one.

Commenting on the launch of the new feature, D Anand, QIB’s General Manager, Personal Banking Group, said: “We are delighted to introduce a new feature on QIB’s award-winning mobile app offering our customers more convenience to spend anywhere and pay back in easy instalments. The new feature is part of the bank’s digital strategy to simplify its customers’ payment obligations transparently through the mobile app.”

To download the app, all citizens and residents in Qatar can visit their respective app stores and search for QIB Mobile. QIB customers can self-register to the app using their debit card details.