The Recent Regulatory Changes are Good for Banks and Customers including Stake Holders
Doha Bank announced yesterday that it has fully applied the new regulations on loans against salaries granted to individuals, in line with the recent circular issued by Qatar Central Bank. Doha Bank has acclaimed the prudent decisions of QCB Authorities and viewed the new regulations as constructive since they directly benefit its customers. In fact, Doha Bank has now taken all necessary steps to reduce the interest rates on personal loans, car loans and credit cards to ripple the benefits immediately, with full conviction in supporting all initiatives that bring welfare and value to its customers.
Mr. R. Seetharaman-CEO Doha Bank Group said: “We are convinced that the new ceiling on personal loans will not curtail consumer lending. In fact it is positively synchronized to encourage the banking sector to steer much of the funds and surplus into venture financing which is undeniably allied to the aggregate productivity of the economy.” He added: “We are confident that the current tribulations of these resolutions will prove positive in supporting the private sector’s credit growth.”
“We at Doha Bank are in no doubt that the rulings related to risk management and eligibility in correlations to the customer’s financial commitments will help banks combat non-performing loans, and reduce risks of customer’s defaults. We are persuaded that these edicts are in alignment with the Qatari Government’s most recent endeavor in the formation of the Credit Bureau as well.”
Mr. Louis Scotto, Head of Retail Banking said:” We fully endorse the decisions of Qatar Central Bank to support the social well-being of Qatar residents, especially in regards to personal loan monthly installments versus the purchasing power of the borrower. These are noticeably rationalized and designed to suit the per capita income distribution in Qatar with prominent attention paid to the Qatari borrower and equivalent attentiveness to the expatriate’s profile.”
He added: “Doha Bank is fully committed to the prosperity of its customers and believe that the recent QCB decisions will directly translate to actual benefits for many people especially in reducing the interest burden on prevailing personal loans that are currently for both nationals and expatriates. Accordingly, we have initiated diligent efforts to reduce the interest rates on personal loans and credit cards which will be effective from 10th April, 2011.”
In addition to these benefits, Doha Bank is committed to provide customers with the finest level of servicing. Actually, customers will enjoy the privileges of enhanced customer services and superior product offers with further value added benefits.
Our commitment at Doha Bank to innovation and to customer engagement will now be further reinforced following the bank’s slogan “There’s So Much to Look Forward To.”