(Peninsula, The (Qatar) Via Acquire Media NewsEdge) DOHA: Customers of Qatar Islamic Bank (QIB) can find their International Bank Account Numbers (IBAN) printed on their bank statements, as well as in Internet banking accounts under the 'Account Details' menu item via the QIB Mobile Application or by contacting the bank's call centre number 444 48444, said a statement issued by the Shariah-compliant lender yesterday.
In line with directives issued by the Qatar Central Bank (QCB), all the banks (conventional as well as Islamic), including QIB are implementing the IBAN for their customers' accounts, effective from the beginning of 2014.
D Anand, General Manager of QIB's Personal Banking Group said: "The implementation of IBAN will not only bring more efficiency to cross border transactions, but will also result in the facilitation of domestic electronic transfers." Anand added: "With the use of IBAN, any input errors are immediately recognised, leading to fewer rejections and minimising transaction delay. This will result in faster credit and faster throughput times. "In addition, the implementation of IBAN will enhance the safety and efficiency of electronic banking payments." The adoption of the IBAN standard will facilitate 'Straight Through Processing' of electronic payments by minimising delays and extra costs associated with incorrect account numbers.
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