Qatar Islamic Bank (QIB) and Ooredoo, in partnership with Mastercard, have recently introduced the first Islamic co-branded corporate credit card in Qatar, which is an innovative Islamic payment solution for corporates and small and medium enterprises (SMEs) to manage their purchasing, travel and entertainment expenses.
The new co-branded corporate credit cards are tailored to meet the specific requirements of corporate clients, as well as SME business owners. QIB has introduced three types of cards; The Purchasing Card, The World & World Elite Card for Executives & CEOs.
The new cards will allow businesses full control over their expenses, improve policy compliance and become more efficient. When the cards are used in combination with reporting and expense management solutions, they bring better visibility and efficiency into corporate purchasing and travel expenditures.
The Purchasing Card is mainly a B2B payment solution which is used by companies to settle their suppliers' payments, utility bills and day-to-day expenses. Benefits for businesses include the earning of Nojoom Points on every spend, a profit free period of up to 45 days, option to carry forward the balance at a monthly profit rate of 1% on Murabaha basis, with an option to pay a minimum payment of 5% for a better cash flow management.
World Card covers all the Travel & Entertainment Expenditures, with Nojoom Points earned every time they use their cards. Card holders also get unlimited airport lounge access with lounge key service, waiver travel accident and inconvenience insurance, liability waiver, a unique collection of over 2000 handpicked experiences in 77 cities across 43 countries, global Wi-Fi access, and VAT reclaim services. Business travellers holding the Corporate Co-Branded World Card will also receive discounts on Careem rides and complimentary subscription to Mybook Qatar App to receive buy 1 get 1 offers.
In addition to the World Card benefits, The Metal World Elite is a prestigious metal card that is designed for senior executives and business owners who would like to enjoy the complimentary upgrade to Qatar Airways Gold Tier Privilege Club and one world�, which enables them priority check-in, excess baggage allowance, guaranteed award seats, and accelerated reward points. 24-hour concierge English and Arabic assistants are available to help World Elite card holders with luxury travel services, reservations, scheduling personalized shopping experiences at luxury retail brands. In addition, they receive 10% off airline tickets from ClearTrip, 15% discount on airport meet and greet, travel inconvenience and medical insurances, collision damage waiver, and Mastercard global emergency services.
World Elite card holders will also get the DISCOVERY Black-level membership which grants them exclusive benefits at more than 550 hotels and resorts in 76 countries globally, discounts at the top rent car outlets, 10% discount on luxury serviced apartments, an itinerary set by Lushescapes, Virtuoso benefits at 1,200 hotels worldwide, Marriott Bonvoy Hotels complimentary nights, and Soneva complimentary nights.
Tarek Fawzi, General Manager of QIB's Wholesale Banking Group, said: We have carefully studied the different business needs of our corporate segment in the market to come up with, for the first time in Qatar, a multiple payment Islamic solution that will support all corporate needs and offer card holders a reward that meets and exceeds their expectations. These cards come with an exclusive set of features and benefits that would add great value to their organisation and employees, from direct savings and rewards, to luxury services.
Source: Qatar Islamic Bank