- AS PARENTS, THE BEST GIFT YOU GIVE TO YOUR CHILDREN IS GOOD EDUCATION
- Good higher education will be the key to their success.
- Good higher education will cost KD 12,000 to KD 120,000 depending on the university & country
- If you have more than one child, the financial commitment will be greater.
- Start planning for your child’s higher education , the earlier you start the easier it gets
This account is specially designed by Kuwait Finance House to help you secure your children’s academic future. If your child is below the age of 14 years, “Jameati account” will methodically make you save monthly while earning higher investment profits on your saving. When your child becomes 18 years, your total savings & profits will be readily available to meet the most needed higher education expenses.
The Future of your child is further secured by “Jameati” Takaful (insurance) Cover which will protect the total saving amount. This Takaful protection complies with the provisions and principles of Islamic sharie’a.
Simply open the account by determining the total saving amount that you wish to give to your child, and the rest will be automatically managed by KFH.
- The child should be below 14 years.
- The account will be opened under the name of the child along with Jameati Takaful cover for the guardian.
- The total saving amount starts from KD 4,000.
- The saving plan period starts from 4 years to 18 years ( as per the child’s age; e.g. if the child is 10 years old, the saving period will be 8 years, which is the period required for the child to reach 18 years).
- The guardian should be below 65 years.
- Automatic monthly transfer from the guardian’s account to child's Jameati Account.
- The guardian should agree for restricted withdrawals from the Jameati Account.
Plan your child's "Jameati" Account with the
Takaful Cover / Protection
Jameati account when opened will be automatically covered by a Jameati Takaful (insurance) policy. The policy will cover the unpaid saving amount if the guardian could not complete the savings due to death or permanent disability (due to sickness or accident) during the saving plan.
Nominal premium will be charged monthly for the Takaful Cover.
Changing the saving amounts
The guardian has the option to change the total saving amount or the value of the monthly saving at any time, in order to reduce or increase the saving installments.
Jameati account is specially designed to save for the child’s higher education, therefore withdrawals from this account is limited, as following:
- Withdrawal up to 40% of the saved amount by the end of the 2nd year.
- Withdrawal up to 30% of the saved amount by the end of the 5th year and after.
If any amount is withdrawn, the client should re-calculate the target amount & the monthly saving installment.
Completion / Maturity
On completion of the saving period (when the child is 18 years) the targeted saving amount and the profits will be available.
Closing of Account
- This account could be closed at any time, all savings and declared profits in the Jameati account will be refunded, subject to a cancellation fee of KD 10, if there is any unearned profits, it will be treated as a normal saving account.
For more information, please visit the nearest KFH branch Or call “Allo Baitak -1803333”.