iBURAQ Instant Payment System

iBURAQ is an instant payment system managed by the Palestine Monetary Authority, which enables customers to make payments and transfers instantly without commissions.

Through iBURAQ system, you can transfer funds instantly and easily to beneficiaries in other local banks and other Arab Bank customers enrolled in the service through “Arabi Mobile” app.

iBURAQ system provides several key features such as:

• Instant fund transfers through the “Transfers” option on the main page of iBURAQ service. This service allows you to transfer funds using the beneficiary’s Alias, IBAN number, or by scanning the beneficiary’s QR code, or by using the beneficiary’s mobile number linked to the e-wallet.
• Request to Pay, which allows you to send and receive payments through the “Payments” option available on the main page of iBURAQ service, through creating a payment request using the payer’s Alias, or IBAN number, or by scanning the payer’s QR code, or through the payer’s mobile number linked to the e-wallet.
• Request to recall a transfer, which can be made by navigating to the “Previous Transactions” option available on the main page of the iBURAQ service. You can submit a request to recall a transfer sent from your account within 3 days from the transfer date.
• Return an incoming payment to the account, which can be done by navigating to the “Previous Transactions” option available on the main page of iBURAQ service. You can return an incoming transfer to your account within 3 days from the date it was received.
• Create a QR code for each account so that the customer is able to select “Scan the QR code” option to transfer funds to another customer, or receive transfers on this account when scanning the QR code from another customer.
• Create a dynamic QR code linked to each account (with a specified amount and an expiry of 5 minutes from creation). This allows merchants to use the QR scan option to transfer funds to another authorized merchant, or to make a payment to a merchant by scanning the code at POS devices.

You can transfer funds around the clock and in a matter of seconds using the beneficiary account’s IBAN number or their alias (which is the beneficiary’s mobile number), while allowing you to verify the recipient’s details before completing the transfer.

You can activate iBURAQ service through “Arabi Mobile” app, by selecting “More” on the main screen, selecting “iBURAQ” under the “e-Payments” menu, and then creating a profile by entering the mobile number linked to your account, filling out the required information, reading the terms and conditions and then accepting them.

For more information, please call our Customer Care Center at 022953333.