Oxygen Park

Mortgages: Check with each bank first. Documents usually required: Valuation Report from an approved real estate agent; salary assignment letter if the home loan is the first facility with the bank; ID for Qataris or passport and valid residence card for expatriates; copy of the Title Deed and map; and building insurance cover. Discuss provision for life assurance against any loan amount taken and consider updating your will. Bank charges: Banks must prominently display all interest rates on personal loans and credit cards, as well as publish them in local newspapers. Credit cards: A maximum 12% annual interest rate and usually only issued when customers transfer their salary or have an adequate deposit at the bank. Interest rates: Announced by QCB on overnight deposit and loan transactions between QCB and local banks via the Qatar Money Market Rate Standing Facility, a monetary instrument through which local banks can request access to loan and deposit facilities with QCB at daily interest rates. QCB and Bloomberg jointly launched the first Qatar interbank offer rate (QIBOR) fixing in 2012. This is the interest rate charged by banks in Qatar for interbank transactions. As there is fixed parity between the Qatari riyal and the US dollar, QCB short term interest rates policies are subordinated to the fixed exchange rate policy, making QCB overnight interest rates closely related to its USD counterpart, the Fed Funds Rate. In March 2020 the overnight lending rate was decreased to 2.5%, and the deposit rate and the repo rate to 1%.

Accounts

Standard bank facilities: Debit/credit cards, standing orders, money transfers, personal loans, vehicle loans, and mortgages on current and savings accounts (including joint accounts). Some accounts offer longer terms, higher interest and the option to save in USD, GBP and Euros. 24/7 telephone and internet banking services and apps offer additional options, while some services such as ordering a cheque book can be accessed via the bank's ATM network. With mobile banking a customer relations officer can visit you at home or work to assist with banking requirements. Most banks offer premium banking services. International bank account number (IBAN): Adopted in January 2014 as a standard for identifying and numbering all bank accounts in Qatar, and effective from May 2014. The system applies to all accounts in banks operating in the country, found on bank statements or online in account details. The existing account number is not replaced; additional characters appear in front of the account number to form a 29‑character IBAN. All incoming and outgoing transfers to and from banks and financial institutions must use IBAN. Opening an Account: Documents usually required: • A valid residence card or work visa. A worker’s dependants (eg spouse and family) can open an account but may require his permission as he is their sponsor (check with the individual bank). • Valid passport. • For current accounts, a letter from the employer/ sponsor confirming the monthly salary in Qatari

Riyals, with the company’s official stamp. You may have to transfer your salary to the new account but check with the individual bank. • Some banks may ask to see your tenancy agreement to establish your residential address. • Take copies of these documents, along with identity photographs. Ask for photocopies of any documents signed.

The Wage Protection Scheme (WPS) is an electronic salary transfer system that ensures workers are paid as per their employment agreement, initiated by the

Ministry of Labor and QCB. Employees therefore need a local bank account in order to receive their wages from the employer.

Cheques: A chequebook can be issued with a current account. They are not widely accepted for instant payment; post‑dated cheques are commonly used for house rental payments. The onus of responsibility is on the banks not to encash cheques before the designated date. Issuing a cheque without the necessary funds in your account is a serious criminal offence and the bank or creditor may notify the police, leading to possible prosecution. Punishment for causing a cheque to bounce due to insufficient funds can be severe: jail terms of between three months and three years, and/ or fines of between QAR3,000 and QAR10,000. Cases being filed are on the rise in the country, mostly for cheques for large amounts, and the Capital Security Department records all cases electronically to speed up the process. Under new QCB instructions, the Qatar Credit Bureau lists individuals and companies who have issued at least one bounced cheque. Banks are not obligated to issue new cheque books to these customers unless the amount has been settled and their name removed. Banks must also report any customer who has issued a bounced cheque.