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QIB unveils “FAWRAN” instant payment service on its mobile app

By Delisha Fernandes

March 11, 2024

  • Bank Accounts
  • Financial Solutions
  • fintech MENA
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Qatar Islamic Bank, QIB,Qatar Islamic Bank (QIB) has announced the launch of the instant payment service “FAWRAN” on the QIB Mobile App to facilitate instant transactions nationwide.

“FAWRAN”, which means instantly in Arabic, streamlines the payment and transfer process for new and existing customers. It uses alternative identifiers for account details, empowering customers to instantly send and receive funds without the need to input traditional beneficiary details, making the process fast and easy. By facilitating instant transfers, “FAWRAN” offers a rapid and secure electronic payment solution that is accessible 24/7.

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.”

As part of QIB’s efforts to enhance payment and transfer processing methods in line with Qatar’s Third Financial Sector Strategy, customers can make local transfers through “FAWRAN” without the need to enter the details of the beneficiary’s bank account. To benefit from the innovative “FAWRAN” service, customers need to register by assigning a unique Alias name to each of their bank accounts.

After completing the registration process and setting up the Alias name, customers can easily transfer funds to anyone who is also registered for the “FAWRAN” service and has provided them with their unique Alias name. This easy process allows transfers to be initiated simply by entering the beneficiary’s account Alias name, along with the purpose and amount, eliminating the need for the IBAN/Bank Account details.

The “FAWRAN” system ensures security, safety, and speed throughout the local transfer process, crediting the beneficiary’s account within seconds. The service allows customers to transfer up to QAR 50,000 per transaction. “FAWRAN” will also offer customers the option to manage the linkage of Alias names to their desired accounts and track their transactions through its payment history.

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