QIIB Gets STP Awards 2014 for Cash Management and Trade

Doha, October 03 (QNA) - Qatar International Islamic bank QIIB has won the prestigious STP Awards for Cash Management and Trade for 2014 from Commerzbank. At a ceremony held at QIIBs headquarters at Grand Hamad Street in Doha, the awards were handed over by senior Commerzbank executives, Ertugrul Goezelel Relationship Manager, and Farrah Antoun, Assistant Relationship Manager to Ehab Eshehawi, QIIBs Chief Operating Officer, QIIB press release said. Accepting the awards, Mr. Eshehawi said QIIB values its relationship with Commerzbank, a reputable German bank with years of high quality, reliable operations. "At QIIB, we are indeed delighted to receive the prestigious STP Awards 2014 for Cash Management and Trade from Commerzbank. Proper management and processing of domestic and cross-border payments, professional risk mitigation for international trade and asset and liability management are integral to a banks successful performance. "At QIIB, we give priority to train and equip our staff using advanced banking techniques, and also ensure that the bank has the latest technology in line with the STP requirements. Our team must be congratulated for its performance in achieving such remarkable results." Eshehawi said the award strongly attests QIIBs commendable performance in formatting foreign payments in the areas of Commercial Payments and Trade Finance with no errors. Proper formatting of payments is extremely important because it ensures payments go through the system without any manual intervention, thereby reducing costs, eliminating errors and facilitating timely delivery to end-beneficiaries. These can be achieved only with a high level of efficiency, which the bank has clearly demonstrated. In his remarks at the award ceremony, Mr Goezelel said the STP procedures adopted by QIIB were among the best standards in Straight Through Processing globally. "We have been dealing with QIIB for a long time, we appreciate the efficiency with which the bank responds to the standards that are required, particularly in the area of payments" said Mr. Goezelel. QIIB, which is one of the regions leading Islamic banks, has won numerous global international awards in various Shariah-compliant banking portfolios, which emphasises excellence and leadership in various banking activities. About Commerzbank: Commerzbank is a leading international commercial bank with branches and offices in more than 50 countries. The core markets of Commerzbank are Germany and Poland. With some 1,100 branches and approximately 90 advisory centres for business customers Commerzbank has one of the densest branch networks among German private banks. (QNA)