Qatar Islamic Bank recently launched a new online payment management offering for large corporate customers, which the bank says is promoting automated services that promise more “ease, speed and security”.
In the announcement of the offer, the bank states that this will be the first Islamic bank to enable fully automated transactions initiated by ERP (Enterprise Resource Planning) systems.
The new system works with a host-to-host framework and all data will be encrypted during transit, according to the bank’s announcement. “This solution is ideal for large companies that regularly process large volumes of payments. It eliminates potential human error and speeds up the payment process to reach their respective payees.”
Tarek Fawzi, General Manager of Qatar Islamic Bank Wholesale Banking Group, said in a prepared statement: “Our new H2H digital payment management solution is not just another milestone in the full digitization of our corporate banking products and solutions, it is sure to be Banking experience all improve our large corporate clients. “Fawzi said the system is suitable for” payments of all sizes “.
The introduction of the new offering by Qatar Islamic Bank is in line with the trend that financial institutions and financial institutions are increasingly looking for ways to offer products that provide corporate users with the kind of innovative products that are typically introduced to individuals rather than companies.
A key difference between Islamic banks and conventional Western banks is that Islamic banks do not charge interest on loans. Instead, the borrowers pay the banks part of the profit along with the capital. A bad loan does not bring its issuer any profit.
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