MAR - Personal Finance

Masraf Al Rayan Personal Finance Campaign – 2024
Offer Details/Terms & Conditions

Campaign Period

• Valid from 02 July 2024 Till 30th September 2024

Main Target Segment

• New to bank Qatari Nationals with salary transfer
• New to bank Non-Qataris (Residents) with salary transfer
• Existing MAR salary transfer customers without personal or vehicle finance

Minimum Salary Amount to qualify

• QAR 10,000 per month for Qataris
• QAR 20,000 per month for Non-Qataris

Minimum Finance Amount to Qualify

• QR 50,000

Maximum Finance amount

• QAR 2,000,000 including profit for Qataris
• QAR 400,000 including profit for Non-Qataris

Maximum Finance Tenure

• Up to 6 years for Qataris
• Up to 4 years for non-Qataris
• The above tenure includes grace period, if any

Offer Details

• Reducing Balance Profit Rate of 4.50% ( Flat Profit rate 2.42%)

Key Conditions

• Minimum finance amount is QAR 50,000
• Only one finance facility can be taken during the campaign period
• Cash Back of 1% per year on your Al Thahabi savings Account if average monthly balances are between QR 100K & QR 500K. Cash back payable as long as you have the personal finance with the bank. (6 Years for Qataris and 4 years for non-Qataris)
• For Premier Banking customers (Salary 35,000 QAR and above) assured cash back of 5% of the 1st salary transferred to the bank.
• Bank account and debit card with Zero balance requirement and no monthly fee
• Access to Masraf Al Rayan Qatar Airways co-branded Visa Signature & Infinite credit cards with up to 50,000 bonus Avios points on joining and up to 1 AVIOS point for every 4 QAR spent on your credit card, Free Takaful Insurance, and many more
• 50,000 QAR as daily cash withdrawal limit and spend limit
• Reward of QR 1,000 whenever somebody successfully refers a salary transfer customer with finance to MAR.
• Automatic enrollment to Al Rayan reward points program
• Airport Lounge access
• Free access to mobile banking and internet banking allows you to perform a host of transactions remotely.
• Tokenization of your credit cards and debit cards through Apple Pay and Google Pay.

Maximum Age at end of Tenure

• 70 years – Qatari, 60 years – expats

Grace period

• Up to 4 months Grace period is allowed for all customers
Income Sources Allowed • Income must be from Salary
Salary Transfer • Mandatory
End of Service benefits • Mandatory to transfer to the bank for Non-Qataris (Residents) only
Takaful Life Insurance
• Mandatory to be paid by customer
• Masraf Al Rayan will provide Takaful Life Insurance through Group Insurance Policy issued by Damaan Islamic Insurance Company (Beema)

Early Settlement Charges for Personal Finance

• 100% of outstanding profit payable if liability is transferred to another bank.

Cashback refund on deposits (Al Thahabi Savings Account)

• Customers are required to refund the entire cashback amount if they move to another bank before 2 years of the date of account opening