Ahli Bank Q.S.C. : Ahli Bank Implements the IBAN System

Ahli Bank Implements the IBAN System

Ahli Bank announced that it has completed all of the necessary systems and technical requirements to comply with the International Bank Account Number (IBAN), with an aim to globally standardize the structure of banking accounts, allowing the Bank to operate accurately while executing local and international financial transactions.

The implementation of the IBAN, which has come into effect on the 1st January 2014, is in compliance with a directive by Qatar Central Bank (QCB).

Commenting on the IBAN, Mr. Salah Murad, Chief Executive Officer at Ahli Bank said: "The IBAN is an international standard for identifying bank accounts across national borders with a minimal risk of propagating transcription errors. It is a simple, standard way to identify account details and helps to speed clearance of payments. Both retail and corporate customers will benefit from this new system."

"For all local transfers, the IBAN of the beneficiary account should be used for transferring funds, instead of the existing account number itself. The system requests customers to provide the IBAN that corresponds to their accounts and to anyone who wishes to transfer funds into the customer account with Ahli Bank. Other transactions will continue as per current procedures, irrespective of IBAN implementation." Murad added.

Ahli Bank urges its customers to inquire on how to receive their IBAN, through Ahli Bank's Contact Center or through the Bank's website. IBAN is a mandatory procedure in Qatar that is applied across specific methods of local and international payments as well as standing orders to other IBAN compliant countries.

To find out more about Ahli Bank's IBAN system, customers are encouraged to visit any of Ahli Bank's branches, or call Ahli Contact Center on 8002222. They can also log online to Ahli Bank's website on www.ahlibank.com.

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