Kuwait Finance House (KFH) was named as best bank in financing cars by The Banker Middle East magazine; thus cementing its leading status in the field of selling and financing of cars in Kuwait. During the past 33 years, thousands of clients took advantage of the privileges that KFH offers. KFH also managed to boost car sales and support car agencies, which plays a role in developing the economy.
The reasons that allowed KFH to win this award include being the first bank to offer Islamic financing and car leasing services since 1979, adding numerous products and services that turned the cars sector into an important sector in the Kuwaiti economy, and establishing partnerships with car agents and others in the market.
KFH’s AGM for Commercial Sector Ahmed Al-Khaled stated that KFH has always led this sector of the market, since it has the largest market share, despite the existence of other competitors. He added that KFH introduced Islamic financing instruments, such as Murabaha and Ijarah, which have been highly demanded by clients. He went on to say that KFH is the first bank that allows the completion of all the car purchasing procedures under one roof. He revealed that KFH’s car showroom in Shuweikh is considered to be the biggest in the region, where it has 18 authorized car dealers, in addition to its other three car showrooms in other areas in Kuwait including Farwaniya showroom that has a collection of used cars.
Moreover, he explained that KFH allows clients and suppliers to sell their cars through KFH’s showrooms in return for fees, which is called Amanah selling. KFH also offers its clients additional services, such as maintenance, full insurance, and additional warranty. Hew ent on to say that KFH also allows its clients to drive any car they please for up to five years, including Takaful insurance and a substitute car if the client’s car is under maintenance. Clients can take advantage of a discount if they pay the full due amount early. At the end of the leasing contract, the client can either purchase the car or return it to KFH without any obligations.