Press Release Content

QNB AL Islami announced the launching of a new product under the name of "Vehicle Lease" in Qatar, thereby being the first Islamic bank in Qatar and the region to offer it.

The legal name of the product is Vehicle Lease (Ijarah Al Markabat) or as defined lease ends with ownership". This product was approved by the Shari'a Board of QNB Al Islami.

This formula will allow the bank to finance both new and used vehicles at very competitive profit rates, considered the lowest in the Islamic and commercial banking market in the State of Qatar.

To comply with Islamic Shari'a principles, the bank will first buy the vehicle then lease it out to the client. At the end of the lease period the vehicle will be sold or given away to the client.

The product is available to both Qataris and expatriates alike. QNB Al Islami customers can avail of finance tenor of up to 96 months for Qataris and 72 months for expatriates as well as grace period facilities. Non-customers can avail of finance tenor of up to 84 months for Qataris and 60 months for expatriates.

The 'Vehicle Lease' is available to all salaried customers. However salary transfer is not prerequisite. Applicants do not need to make down payment nor require a guarantor thus benefiting from a hassle-free process.

QNB Al Islami also utilizes this formula to finance constructive projects. Last year the bank developed the "lease ending in ownership" which allows customers to have their various construction projects financed with competitive prices.

QNB Al Islami is considered the first branch to be opened by a commercial bank in Qatar. It started operations on 17 April 2005, and has achieved within a short period record-breaking financial figures on the levels of profit, assets and customers.

Notes and contacts

About Qatar National Bank (QNB)

Qatar National Bank (QNB) was established in 1964 as the country's first Qatari-owned commercial bank, with an ownership structure split between Qatar Investment Authority (50%) and the private sector (50%). QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country with a market share approaching 45% of banking sector assets.

QNB has the largest distribution network of 42 branches and offices (including 3 mobile branches), in addition to 10 Islamic branches and offices, and 130 Automated Teller Machines (ATMs). QNB's international presence is rapidly expanding to include new locations around the world to supplement existing branches in London and Paris and the Representative Office in Iran.

QNB's new branches in Yemen, Oman & Kuwait and its representative offices in Libya & Singapore began its operations in 2007. Recently, QNB, obtained licenses to operate in Sudan and Mauritania. As part of the same expansion plan, QNB has acquired 30.5% of the shares of the Jordan based, The Housing Bank for Trade and Finance (HBTF) which operates in Palestine, Bahrain, Algeria, Syria, UAE, Libya and Iraq, in addition to Jordan.

QNB also signed an agreement to establish the Qatar National Bank-Syria jointly with other Syrian private and public sectors institutions with 49% share.QNB offers a full range of retail, corporate, investment, treasury, wealth management, and Islamic banking products and services for individuals, corporate institutions and government entities. QNB is constantly striving to provide intelligent banking solutions and its range of products and services, and delivery channels across all disciplines continues to be unrivalled.

Through its Islamic branch, QNB Al Islami, QNB was the first commercial bank in Qatar to offer Islamic Banking products and services, and the first Qatari bank to launch equity funds (Al Watani Funds) for companies listed in the Doha Securities Market. The London-based Ansbacher, QNB's Wealth Management and Private Banking subsidiary, operates in Switzerland, Channel Islands, the Bahamas, Dubai International Financial Center and Qatar Financial Center.

Ansbacher was the first financial institution to be granted a license to operate at Qatar Financial Centre providing a wide range of wealth management services in Qatar and the region. QNB has the highest credit rating among regional banks from leading rating agencies including Standard & Poor's, Moody's, Fitch, and Capital Intelligence.

The Bank has also been the recipient of many awards for its innovative products, services and remarkable performance from leading international specialized financial publications. QNB has an active community support program and sponsors various social, educational, and sports events.

You can learn more about this press release by visiting - www.qnb.com.qa

LATEST PRESS RELEASES