KFH witnesses surge in private banking clients

Manama : Kuwait Finance House-Bahrain (KFH), one of the leading Islamic banks in the country, has recorded a positive surge in its private banking clients’ portfolio, noting the improved economic climate and increased customer appetite for Sharia’a compliant investments.

KFH-Bahrain launched its revamped ‘Private Banking’ division in October 2016 to be in line with the new strategic focus of its parent company - the KFH Group - and the shift in the Group’s structure. 

Since then, the KFH Private Banking Department, considered one of the core divisions within the KFH Group, has grown from strength to strength, enhancing its offerings and benefiting its clients through Private Personalized Banking services to High Net Worth individuals, the bank said in a statement.  

KFH-Bahrain’s Private Banking Department excels in the personalized, premium services it offers which are aligned to the personal and corporate needs of High Net Worth Individuals, Family Offices and Private Corporations. The Private Banking division offers unmatched benefits, dedicated Relationship Manager, priority call routing bespoke banking and financing
solutions.

Abdul Razak Jawahery, Executive Manager of the KFH-Bahrain Private Banking Department said, “KFH-Bahrain’s Private Banking Department has been recognised for its superior service and comprehensive product offerings.” 

The bank provides a host of banking solutions such as Current and VIP Saving accounts, as well as Sharia’a compliant Investments Accounts, namely Murabaha and Wakala. 

Clients benefit from the new Wakala where profits generated for the Wakala Investment Accounts are distributed to the clients’ accounts on a monthly basis, Jawahery said. 

“All accounts can be opened in Bahraini Dinars as well as in other major foreign currencies. In addition, our clients benefit from a dedicated Relationship Manager, preferential foreign exchange rates, reduced service charges and specially-designed cheque books, all advantages to help make their banking experience with KFH-Bahrain, that much more personal and that more fulfilling.”

“Furthermore, in line with the KFH Group strategy which steers all its sub-divisions to adopt a unique approach to the banking services we provide, we have launched our new ‘Wakala Investment Accounts’, which expands the choice and financial tools available to clients. Holders of a Wakala Investment Account earn a agreed profit from an investment transaction conducted by the Bank on behalf of the client,” Jawahery added.

In addition, KFH’s Private Banking offers its clients the VISA Signature Card, which entitles them to an attractive range of benefits, such as free access to over 500 airport lounges globally, a personal concierge service, access to VISA’s extensive portfolio of luxury hotels, personal accident travel insurance, extended warranty and purchase protection. This is all in addition to the peace of mind and convenience of VISA’s worldwide acceptance.