Qatar Islamic Bank recently launched a new online payment management offering aimed at large corporate clients, touting what the bank says will be automated services that promise more “ease, speed and safety.”
The bank states in the offering’s announcement that this is the first Islamic bank to enable fully automated transactions initiated by enterprise resource planning (ERP) systems.
The new system operates with a host-to-host framework and all data is encrypted during transit, the bank states in its announcement. “This solution is ideal for large corporates who process large volumes of payments regularly … it will eliminate any possible human error and will fast-track the payment process to reach their respective payees.”
Qatar Islamic Bank Wholesale Banking Group General Manager Tarek Fawzi said in a prepared statement: “In addition to being another milestone toward the full digitization of our corporate banking products and solutions, our new digital H2H Payment Management Solution will certainly enhance the banking experience of all our large corporate customers.” Fawzi said the system is appropriate for “payments of all sizes.”
Qatar Islamic Bank’s unveiling of the new offering is consistent with a trend of financial institutions (FIs) and FinTechs increasingly seeking ways to offer products that give corporate users the type of innovative products that typically roll out for individuals rather than businesses.
One main difference between Islamic banks and conventional Western banks is that Islamic banks don’t charge interest on loans. Instead, borrowers pay the banks portions of profits along with the principal. A bad loan generates no profit for its issuer.
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