(MENAFN- Gulf Times) Qatar Islamic Bank (QIB) has implemented the new Qatar Central Bank (QCB) regulation regarding the centralisation of cheque book printing through the Ministry of Interior (MOI).
QIB is the first bank in Qatar to implement the new regulation. The step comes after QCB issued a circular requiring all banks operating in the country to use the Ministry of Interior cheque printing services instead of private companies.
QIB has changed and implemented all the necessary procedures to comply with these requirements and apply them within the period specified by QCB. The new regulation requires that all old cheque books be replaced by the end of the year. QIB customers wishing to replace their cheque books are requested to visit their respective branch.
The new requirement is part of QCB's strategic efforts to further secure and standardise the banking system in Qatar. It involves specific printing standards which will safeguard banking customers' transactions and enhance the safety of cheques as a payment instrument. The new standards ensure that cheques issued in Qatar can leverage all new and emerging image technologies.
'QIB has been at the forefront in providing its customer base with the highest security features for cheque printing since four years ago. The new QCB requirement supports the development of the banking sector as it introduces controls and keeps a close monitoring to mitigate any potential risks for the Banks and the banking customers in the country, QIB group chief executive Bassel Gamal said.
The bank has now completed the implementation of the new QCB cheque book printing requirements, in collaboration with Ministry of Interior Security Printing Press, which will help standardise the printing process to offer QIB customers a highly secure service, he added.
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