QIB-UK, a wholly owned subsidiary of QIB Group, has received official licensing to directly provide Sharia-compliant Murabaha Facilities for London properties which are intended for own use.
This new product enables QIB-UK to finance a buy-to-live property as well as refinance customers’ existing properties in London. The new license that the Bank has gained is coupled with an existing experienced property search service that puts the customer’s best interest first. QIB-UK’s in-house property specialists, who have a long experience in the London property market and an in-depth knowledge of the current market trends, will be dedicated to support finding the right property quickly and conveniently.
“The fusion of knowing our customers for over three decades in Qatar and our experience in the London property market means we are perfectly placed to help them find the right property and get the most from their investment” said Duncan Steele-Bodger, Chief Executive Officer of QIB-UK.
QIB-UK has undergone a restructuring process whereby a new strategy was implemented to streamline the operating model and direct it to focus on serving the Bank’s high-net-worth clients by addressing their specific financial needs in UK. “QIB-UK’s customer-centric approach guides its strategy development. We understand our customers’ needs at home and around the world, and thus we have developed this service for those who may be studying in UK, traveling for business, living here while receiving medical treatments, or simply visiting for leisure. Our customers come to us because they trust that we have the experience to advise them and that we hold their best interests at heart,” added Duncan. QIB-UK offers its customers a range of Sharia-compliant banking services including Current Accounts in GBP allowing for convenient settlement of UK payments, cheques, inward and outward transfers, direct debits, standing orders and more.
The Bank also provides Debit Cards which are linked to a client’s current account with a high daily allowance of £15,000 (£12,000 for purchases and £3,000 for cash withdrawals). Additionally, the Bank offers Wakala Deposits, Instant Access Savings Account, Notice Accounts and other premium products and services at atrractive rates. QIB-UK’s location in the heart of London’s affluent Mayfair district, at 43 Grosvenor Street, reflects the Bank’s commitment to its UK business, dedicated to serving its high net worth clients from a centrally-located headquarters.
Grosvenor Street is internationally recognised as one of London’s most prestigious office locations, covering a broad range of leading international enterprises. Through its Private Banking relationship management team, and with the support of product specialists in real estate finance, and treasury, QIB-UK strives to deliver service excellence and Shari’a-compliant tailor-made solutions to its customers.
QIB-UK, was fully authorised as an Islamic Bank by the UK Financial Services Authority in January 2008, and is fully owned by Qatar Islamic Bank.