Qatar International Islamic Bank (QIIB) has signed a Memorandum of Understanding (MoU) with Mastercard in order to establish a strategic partnership.
The agreement builds on the long-standing collaboration between the two parties. Initially, this will focus on developing the bank’s digital channels for international remittances and payments and increasing its customer base.
Dr. Abdulbasit Ahmed al-Shaibei CEO – QIIB
“We are extremely pleased to sign this Memorandum of Understanding with such an important and trusted global partner as Mastercard. We would like to thank them for their interest in developing cooperation with us and enhancing it strategically in the coming period. Our relationship with Mastercard is deeply rooted, and over the years, we have woven a relationship of mutual cooperation with various dimensions. Through this memorandum, we seek to strengthen these working relationships for the benefit of both parties. The Memorandum of Understanding signed primarily focuses on the development of our digital channels in the field of international remittances and payments. We aspire to leverage the advanced solutions provided by Mastercard in this regard and aim to be among the first banks in Qatar to use Mastercard solutions in cross-border remittances, taking us to a new level of operation in this area.”
The move is part of the digital transformation plan implemented by QIIB in line with the Qatar Central Bank’s strategy for a comprehensive digital transformation of the banking sector. The agreement also serves the goal of expanding the bank’s customer base through the development of international remittance services.
Mastercard Division President, Middle East & North Africa, Mr. Khalid Elgibali said that, “Mastercard is pleased to strengthen its long-term partnership with QIIB, a leading bank in Qatar. We look forward to leveraging our cutting-edge technology and extensive experience in cross-border payments to support the bank in providing fast, seamless, and secure remittance services. We are also keen to explore new opportunities for collaboration in areas of common interest to help accelerate the bank’s digital transformation journey.”
“Qatar’s dynamic banking sector is undergoing rapid growth and continuous evolution. Mastercard is partnering with leading financial institutions like QIIB to fuel this dynamic digital transformation journey as we work towards a connected, inclusive, and sustainable future,” Mr. Elgibali added.
