Deputy General Manager of Commercial Sector Kuwait Finance House “KFH”, Ahmed Mohamed Al-Khaled, said that: “KFH has spent in 2011Q1 KD 118 million in the local retail sector. These funds were used to finance purchases and rent of vehicles, material purchases, structural works, furniture, electric and electronics and electronic appliances and heavy equipment for both individuals and corporate entities. He added that financing exceeded KD 450 million last year and the 2011 target was to be increased through various activities and fields within the Kuwaiti market.
Al-Khaled added: "With the help of Allah, we could achieve these positive results by applying proper strategies and instructions of the top management, compliance with the decisions and controls of regulatory authorities that oversee the consumer's financing market and the great effort made by the employees of KFH.
Suppliers
Al-Khaled indicated that at present, KFH cooperates with all suppliers within the local market in all sectors. In fact its share with the local market suppliers (companies and institutions) increases by 20 new suppliers every month. KFH relies on this level of cooperation optimally by supporting sales through promotion campaigns in different market sectors and establishing strategic alliances and joint programs achieving the client's benefits as well as leveraging on contracts concluded between KFH and suppliers.
He explained that KFH organizes training courses for employees to develop their sales skills on the aspects of Islamic economy and compliance of transactions with Islamic Sharia. Employees will be more aware of the best practices required to carry out any transaction to reinforce the theme "security and assurance", KFH promotes under its mission as the first financial institution operating in compliance with the provisions of Islamic Sharia in Kuwait.
New Plans
Al-Khaled referred to KHF concern to address the trends prevailing in the new commercial sector. He said that as financial service providers we will maintain positions within customer service locations where a great segment of suppliers are present. This, he said, will contribute to boosting communication as well as other privileges leveraged from strategic alliances with suppliers. He added: "This will reinforce partnership and have positive impact on customers while facilitating transaction procedures and ensuring suitable finance to support their purchases.
He added: "KFH provides financing services and products in more than 80 sales outlets covering all governorates of Kuwait. This supports its role as a main supporter of the local economy. The Commercial Sector fairs have seen extended acceptance by customers thus increasing suppliers' trust in cooperation with KFH in the field of sales support of all types and its ability to watch the market and its variables carefully through expert eyes of specialized teams through daily and quarterly reports that represent the main indicators of market growth.