IBAN stands for International Bank Account Number.
It will be assigned to your account/s with Masraf Al Rayan
to smooth the automatic processing of money transfers between Qatar and other countries. It will not replace your existing account number/s.
This happens as a result of a decision made by Qatar Central Bank (QCB)
per standardized ISO 13616-1
, in order of identifying bank accounts across the globe with reduced risk of propagating transaction errors.
has declared the beginning of 2014
to start using IBAN
for local and international fund transfers.
Masraf Al Rayan
has been working diligently with QCB
to apply the new changes and save no effort to communicate with you the progress to start using the new account format (IBAN) by the QCB set date.
For any question or concern you can always call us at 4425 3333