al khaliji introduces ‘fusion’: qatar’s first interest paying current account

Published August 21st, 2008 - 06:10 GMT

al khaliji introduces a next generation innovation with the launch of its new ‘fusion’ account, the first in Qatar to pay customers interest on their current account.

The new al khaliji next generation product called ‘fusion’, combines the convenience of a current account with the growth potential of a savings account in one account. ‘fusion’ has also been created to make it easy for customers to access their funds while earning a competitive interest rate on their balances.

Welcoming ‘fusion’ to the market Andrew Liew, al khaliji Managing Executive, Retail Banking commented: ‘fusion’ is new. ‘fusion’ is exciting. With a ‘fusion’ account, our customers enjoy an attractive return on their hard earned savings and easy access to their funds via cheque books, ATMs and over the phone. ‘fusion’ is a fresh approach to banking, offering an account which maximises both value and convenience for our customers.”

He added: “For a nominal monthly fee, al khaliji customers are not just saving money, they are getting much more. Our customers also enjoy a wide range of services, including instant account opening through our newly opened branches at Q-Post and C-Ring, instant cheque book and international Visa debit card issuance, and telephone banking services around the clock by calling ‘al khaliji answers’ on 494 0000.”

About al khaliji
al khaliji was incorporated in Doha in January 2007 with an aim to become a regional GCC bank offering conventional and Islamic banking services.  Since incorporation al khaliji   completed its IPO and listing on the Doha Securities Market and raised QAR 7.2bn of authorised capital, recruited 337 staff, successfully launched all four of its business lines (Corporate & Institutional Banking, Treasury & Debt Capital Markets, Premium / Business and Retail Banking).  It also announced a commercial agreement to purchase the UAE assets of BLC (France) S.A. and opened an office in the Dubai International Financial Centre.

al khaliji key milestones - Since our incorporation in January last year, al khaliji has passed many key milestones on its journey towards delivering what we call “next generation banking” to our customers. Our fresh approach to banking informs everything we do, from communicating important financial information to our shareholders, listening to our customers and how we talk to and treat our fellow colleagues. Highlights so far include:

• َََQ3 (337 staff) – we opened our first full service branch on C-Ring Road. We arranged two regional deals worth over $6.6bn contributing US$100 for Dubai World and US$ 70mm for Orascom Telecom Iraq Corp
• Q2 (317 staff) – we launched our retail banking operations in Qatar and opened “al khaliji Q-Post Centre” in West Bay. We also received a license from the Dubai International Financial Centre (DIFC) to operate in the UAE for non banking activities. In the same quarter we received the approval to open Islamic banking branches in Qatar and we are joint lead manager for AED 600mln Sukuk issue for Almana Group
• Q1 (260 staff) – we announced our Q1 2008 Interim Condensed Financial Statements and contributed $75mln as one of the mandated lead arrangers in $700mln financing deal for Barwa Real Estate Company

• Q4 (241 staff) – we launched our Corporate and Institutional Banking business ahead of schedule with key corporate deals including major loans for Q-Tel, Dubai World and Barwa. We participated in the Qatari Capital Markets Day at the London Stock Exchange
• Q3 (137 staff) – our shares began trading on the Doha Securities Market. We entered negotiations to purchase the UAE assets of BLC Bank (France) S.A.
• Q2 (61 staff) – our QR 1.2bn Initial Public Offering introduced a new, quick, transparent and fair process for allocating shares attracting 86,547 investors
• Q1 (2 staff) - our head office in West bay, Doha was established and we launched our QR 2.88bn private equity placement

Mashreq CEO Abdul Aziz Al-Ghurair to be honored in New York by ABANA

The Arab Bankers Association of North America (ABANA) will present Abdul Aziz Abdullah Al-Ghurair, Chief Executive Officer of MashreqBank, with its 2008 Achievement Award during a gala dinner event on Tuesday, October 14, 2008.

Each year, ABANA presents the Achievement Award to exceptional individuals or groups who have made significant contributions to the financial services industry in the Arab world, or individuals of Arab descent who have made considerable contributions to the field in general.  Previous recipients of the ABANA Achievement Award have most recently included the Lebanese banking system represented by H.E. Mr. Riad Salamé, Governor of the Banque du Liban, Dr. Mohamed El-Erian, Co-CEO of PIMCO, Faisal Hamad Al Ayyar, Chairman of United Gulf Bank, Lubna Olayan, CEO of Olayan Financing Company, Dr. Richard Debs, Founding President of Morgan Stanley International, and Prince Alwaleed Bin Talal, Chairman of Kingdom Holding Company.

This year, ABANA is proud to celebrate Abdul Aziz Al-Ghurair’s accomplishments.  Mr. Al-Ghurair joined MashreqBank in 1977, working in a progressive capacity until he acquired his leading post in the early 1990s.  A strategic leader and man of distinction, his determination to distinguish Mashreq has taken the bank to new levels of success.  His carefully-planned strategy has made Mashreq one of the top banking institutions in the United Arab Emirates.

“ABANA is honored to present the 2008 Achievement Award to Abdul Aziz Al-Ghurair for his business acumen, commitment to excellence and substantial achievements,” said Laura Osman, President of ABANA.

Mr. Al-Ghurair is also President of Al-Ghurair City, Chairman of Masafi Mineral Water Company and Director of Abdulla Al-Ghurair Group of Companies.  Mr. Al-Ghurair is on the board of the Dubai Chamber of Commerce and Industry, the Economic Council of Dubai and a member of the Governing Council of Dubai’s Higher Colleges of Technology.  In August of 2006, Mr. Al-Ghurair was appointed Chairman of the Arab Business Angels Network.  Mr. Al-Ghurair, a native of the United Arab Emirates, holds a Bachelor’s in Engineering from California State Polytechnic University in the United States.

The award ceremony, which will be held at The Pierre Hotel in New York City, will begin with a reception at 6:00 pm followed by a dinner gala at 7:00 pm.  For more information about the event, including attendance and corporate sponsorship opportunities, please visit

ABANA is a not-for-profit professional association with more than 600 individual members and 60 institutional members from the financial services industry in the Arab world and in North America.  Through its programs, web site and publications, ABANA fosters improved relations, information-sharing and understanding between the Arab and American public and private financial sectors.


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