Doha – Mubasher: Qatar Islamic Bank (QIB) announced on Tuesday that it issued its first-of-its-kind certificates of deposit for customers, individuals and businesses, in Qatari riyal (QAR) and U.S. dollar (USD), with different maturity dates of two, three and five years.
The annual profit of deposit certificates in QAR is expected to be 3.5% for five years, 3.25% for three years and 2.75% for two years, while certificates in USD will generate profit of 2.75% for five years, 2.25% for three years and 1.75% for two years.
Deposit certificates will be invested according to the provisions of Islamic sharia and profits will be paid to customers every quarter.
The minimum subscription in the new non-tradable certificates is QAR 100,000 or $25,000, with no maximum amount.
