Daily Deposit Scheme - Qatar

Masraf Al Rayan has launched the "daily deposit" scheme, the first of its kind in the Islamic banking sector, in Qatar. With this new service, corporate clients and high net worth individuals who meet certain criteria can deposit from a period as short as one day with Masraf Al Rayan and benefit from Shari'ah compliant profit. An added advantage is that Masraf Al Rayan can disclose the profit rate the customer will receive upon maturity of the deposit.

Nasser Al-Abdulla, GM - Retail Banking, expressed his optimism that this new service will give Masraf Al Rayan customers the chance to benefit from Shari'ah compliant profits: "Their money can generate profits even if deposited for one day, which is definitely beneficial for corporations and high net worth individuals who have surplus funds to invest over short periods of time."

"The daily deposit service is an addition to a series of products & services that the Masraf Al Rayan has launched since operations started in October 2006. The regular introduction of new products and services comes in line with Masraf Al Rayan's objectives to add creativity to the banking sector and set the standards in Islamic banking. This service is the latest in a string of "Firsts" which proves, once again the capability of Masraf Al Rayan to create, innovate and lead in its sector", he added.-(TradeArabia News Service)