MasterCard Signs Strategic Agreement with Qatar Islamic Bank

Published July 18th, 2010 - 11:52 GMT

MasterCard Worldwide today announced a 5 year Premium Debit MasterCard® exclusivity agreement with Qatar Islamic Bank (QIB), Qatar's first Islamic bank and a key MasterCard issuer.

The strategic agreement will streamline QIB's Premium Debit MasterCard issuance, while offering more benefits and enhanced insight as the Bank manages its premium debit portfolio. Initiated to provide added value to QIB's premium customers, the MasterCard-QIB agreement will give customers the flexibility, convenience and security they have come to expect when using MasterCard cards.

"This collaboration reflects the Bank's vision to offer innovative MasterCard payment solutions to its customers," said Salah Jaidah QIB's CEO. "We have worked with MasterCard since 2003, and have developed a strong, value-based relationship that meets the evolving needs of QIB MasterCard cardholders. QIB chose to collaborate with MasterCard because of the company's fundamental understanding of the payments market, expertise and product innovation; elements that fall in line with the Bank's customer service mission. Through this agreement, QIB is able to differentiate its product offerings, better serve its clients and further deliver enhanced and customized product features and privileges."

"This agreement underscores our commitment to work with our customers to develop products and solutions that are customized to cater to the diverse needs of consumers," said Eyad Al-Kourdi, vice president and country manager, Southern Gulf - UAE, Qatar & Oman, MasterCard Worldwide. "MasterCard is delighted to cooperate with Qatar Islamic Bank to develop a payment solution tailored to appeal to the affluent consumer. We are delighted that Qatar Islamic Bank has collaborated with us to further develop their debit portfolio business."

QIB has been a MasterCard issuer for more than seven years. As part of the latest multi-year MasterCard agreement, QIB will issue PIN based Premium Debit Cards to its VVIP and affluent client base. This agreement will add value in the form of lounge access, concierge service and many other privileged benefits. Debit MasterCard cards enjoy global acceptance at more than 30.2 million acceptance locations, including ATMs. 

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