Deputy General Manager SME and Business Banking at Kuwait Finance House (KFH), Yousef Almutawa said “I am pleased to take part in the MoneyTech summit that sheds light on key topics in digital banking, start-ups and Fintech, in addition to other topics presented by technology experts in Kuwait.”

In his speech at the MoneyTech summit, Almutawa added: “I would like to point out that KFH plays an active role in supporting and financing SMEs as strategic business partners. In line with KFH’s strategy, we focus on supporting and financing companies and responding to customers’ requests under the changing dynamics and competition because we are well aware of the significant role SMEs sector has in the economy and development.”

Almutawa noted that KFH offers a wide range of Sharia-compliant banking and financing solutions that meet the different needs of SMEs, including cash financing services such as Murabaha, Tawarruq and Ijara and non-cash finance, such as various types of letters of credit and letters of guarantee.

He added that KFH provides other services such as points of sale (POS) as well as all e-banking services that would facilitate the management of corporate accounts, e.g., balance inquiries, bank transfers, employee salary transfers, viewing POS reports and many other e-banking services.

Almutawa reiterated that the significance of the SME Sector lies in the fact that it forms a potential seed for the emerging of major companies, thus providing job opportunities for the Kuwaiti youth. In addition, the SME sector is characterized by using local resources at a large scale, supporting suppliers and merchants, and enhancing the local economic cycle. Also, the sector contributes to the enhancement of self-sufficiency policies for certain commodities and services and plays its role in supporting domestic products.

He noted that KFH’s endeavors have been appreciated worldwide, as the Bank was classified by Euromoney Magazine as the Market Leader in banking services at Kuwait level. This emphasizes KFH’s prestigious standing and its successful efforts in meeting corporates’ aspirations by providing an integrated package of distinguished financing services and effectively contributing to the economic development.