Kuwait Finance House (KFH) has stressed the significance of designing future financial plans and setting aside a financial provision to achieve goals and ambitions and encounter needs and requirements considering the changes in lifestyle and spending in the past, present and future. The Bank added in a press release that saving and investment are two inseparable elements of financial planning. Saving alone is not enough as it should be linked with investment and the understanding of financial planning practices so that saving would not lose part of its value as time elapses.

KFH is fully aware of the significance of investment planning for individuals and society. Accordingly, KFH took the initiative, being the first bank in Kuwait, to design a variable set of investment products that would help in facing what the future holds in store in terms of developments, surprises and requirements that demand financial coverage capabilities. Investment products play a significant role in achieving future aspirations and goals e.g., establishing a private project, buying a house or other life requirements in all its stages, starting with education and moving to marriage, work and retirement, let alone routine medical care.

Jameati and Rafaa

KFH indicated that Jameati Higher Education Investment Plan has been designed for children when they reach the age of 18. The customer can determine the targeted amount for the plan. Amounts are invested and profits are deposited on annual basis so that the customer would benefit from the invested amount and all accumulated profits when children enter university.

KFH has also designed Rafaa Marriage Investment Plan to cover marriage costs of children and early planning of their family life. Parents can contribute to their children marriage from now on by determining a certain amount to cover marriage expenses. The plan shall enable them to save the targeted amount with all accrued investment profits and collect them all at the end of the plan.

Injaz and Thimar

KFH referred also to Injaz multipurpose plan which is prepared specially to achieve youth aspirations. According to this plan, youth are able to make a predetermined planning and realize their future dreams by starting to invest their savings till the appropriate time comes to achieve their goals e.g., establishing a private project or purchase of a suitable house …etc.

Additionally, KFH pointed out that it offers investment plans for the post-retirement stage through Thimar plan which helps retirees to enjoy a comfortable retirement life following long years of work. According to this plan, the customer may determine an amount and all paid amounts shall be invested. All amounts shall mature at the end of the plan term when the retirement age is reached.

Shifaa

KFH offers Shifaa Long Term Investment Plan, which provides Takaful coverage for special medical care cases. Shifaa plan encourages 21 – 60 years old customers to perform gradual saving of small amounts and benefit therefrom upon expiry of the plan or when need arises. The plan comprises two main elements, saving accumulated amounts with profits including Takaful coverage for individuals in cases of death due to sickness or accident and total permanent disability due to sickness or accident in addition to several other more common diseases.

Investment plan

The customer targets the amount which he wishes to receive in the future, ranging between KD 4 thousand to KD 120 thousand. Based on this plan, the customer shall save the amount based on monthly payments within a pre-determined period ranging 2 – 39 yeas according to the plan terms. Meanwhile, the accumulated amounts shall be invested, and investment profits shall be calculated on annual basis.

All long-term investment plans comprise Takaful coverage with several options including diminishing Takaful coverage and fixed Takaful coverage. The customer may withdraw from the investment plan account upon the lapse of the first year during the investment plan period. Long term plans are also characterized by their full flexibility concerning the amendment of the amount to be invested and the monthly payments at any time. The customer may deposit certain payments in addition to the monthly deducted amounts without any impact on the investment plan time schedule or the targeted amount.