Qatar Islamic Bank (QIB), the forefront of digital banking in Qatar, proudly unveils its latest offering: the instant payment service “FAWRAN” on the QIB Mobile App. This groundbreaking service, spearheaded by Qatar Central Bank (QCB), revolutionizes payment transactions across the nation, setting new standards for efficiency and convenience.

Meaning “instantly” in Arabic, “FAWRAN” simplifies the payment and transfer process for both new and existing customers. By employing alternative identifiers for account details, the service enables customers to seamlessly send and receive funds without the hassle of inputting traditional beneficiary details, ensuring a swift and effortless transaction process. With “FAWRAN,” users can initiate instant transfers anytime, anywhere, bolstering the transition towards a cashless society in alignment with Qatar’s national goals.

Commenting on the launch of FAWRAN, Mr. D. Anand, QIB’s General Manager – Personal Banking Group, said: “FAWRAN is a new approach to instant local transactions in Qatar. The service provides a seamless, fast, convenient, and secure transfer process by creating an account name as an alternative identifier for the bank account, which allows customers to transfer money instantly within Qatar. This aligns with the country’s efforts to promote the transition to a cashless society. This innovative service confirms our commitment to providing effective and easy financial solutions to all the citizens and residents in the country.”

Underlining its commitment to aligning with Qatar’s Third Financial Sector Strategy, QIB empowers customers to make local transfers seamlessly through “FAWRAN” without the need for entering beneficiary bank account details. By registering and assigning a unique Alias name to their bank accounts, customers unlock a world of instantaneous transactions, where funds can be transferred with just the beneficiary’s Alias name, amount, and purpose.

With security, safety, and speed at the forefront, “FAWRAN” ensures that beneficiaries receive credited funds within seconds, with each transaction capped at QAR 50,000. The service also offers customers the flexibility to manage Alias names linked to their accounts and track transaction histories effortlessly.

The launch of “FAWRAN” underscores Qatar Central Bank’s commitment to advancing payment systems infrastructure, embracing the latest global developments in electronic fund transfers. It marks yet another milestone in Qatar’s journey towards pioneering and innovative initiatives in digital payments and transfers.

The QIB Mobile App, available on App Store, Google Play, and Huawei AppGallery, empowers customers to register for “FAWRAN” seamlessly, providing full control over accounts, cards, and transactions. Additionally, customers can explore a range of banking services, from opening new accounts to securing personal financing or credit cards, all within the convenience of the QIB Mobile App.