Qatar Islamic Financial institution just lately launched a brand new on-line fee administration providing aimed toward giant company shoppers, touting what the financial institution says might be automated companies that promise extra “ease, pace and security.”
The financial institution states within the providing’s announcement that that is the primary Islamic financial institution to allow absolutely automated transactions initiated by enterprise useful resource planning (ERP) programs.
The brand new system operates with a host-to-host framework and all information is encrypted throughout transit, the financial institution states in its announcement. “This answer is good for giant corporates who course of giant volumes of funds recurrently … it should get rid of any attainable human error and can fast-track the fee course of to achieve their respective payees.”
Qatar Islamic Financial institution Wholesale Banking Group Common Supervisor Tarek Fawzi stated in a ready assertion: “Along with being one other milestone towards the complete digitization of our company banking merchandise and options, our new digital H2H Cost Administration Answer will definitely improve the banking expertise of all our giant company prospects.” Fawzi stated the system is suitable for “funds of all sizes.”
Qatar Islamic Financial institution’s unveiling of the brand new providing is in line with a development of economic establishments (FIs) and FinTechs more and more searching for methods to supply merchandise that give company customers the kind of progressive merchandise that usually roll out for people reasonably than companies.
One foremost distinction between Islamic banks and standard Western banks is that Islamic banks don’t cost curiosity on loans. As an alternative, debtors pay the banks parts of earnings together with the principal. A nasty mortgage generates no revenue for its issuer.