Kuwait Finance House (KFH) launched Al-Nuwair investment deposit that promises clients with expected profit rates as per sharia, Islamic Wakala contract.

Executive Manager of Savings and Investments department at KFH, Mohammed Ghandour, stated that the deposit, which has numerous advantages and features, comes as part of KFH’s efforts to offer its clients new investment opportunities that cater for their investment needs.

Ghandour added that Al-Nuwair deposit is distinguished by its Islamic Wakala structure, where KFH acts as an agent on behalf of the clients to manage their investment activities. In contrast KFH promises the clients with expected profit rates based on different investment periods, noting that the deposit allows clients to receive returns without the need to wait until end of the fiscal year. In addition, clients can withdraw up to 30% of the invested amount without having to cancel the deposit.

Moreover, he explained that Al-Nuwair provides flexible investment tenures ranging from one month to three years and clients can identify the tenure of investment in number of days starting from 30 days. He indicated that clients can reinvest their profits at each renewal date to achieve higher returns; also they can pre-request to modify the invested amount of the deposit at maturity date. 

He noted that the minimum deposit to open is KD 5000, and KFH can arrange for high investment returns for deposits with 50,000KD and more. The deposit is available to all individuals and corporate entities and can be opened through KFH branches.

Furthermore, Ghandour mentioned that by launching Al-Nuwair investment deposit, KFH offers clients an outstanding variety of investment opportunities that meet their needs and give them competitive investment returns.

He said that KFH’s deposits are the best in market in terms of investment ratios, tenure, profit rates and flexible distributions of which clients can avail when opening deposits through KFH branches and e-channels.

It is also pertinent to say that KFH was ranked first among Kuwaiti banks in achieving best returns on deposits in 2013 thanks to the outstanding performance and high level indicators, not to mention the diversification in investment opportunities.