The leading Islamic financial institution Kuwait Finance House (KFH) offered a new financing product that allows the public to purchase seats at schools and universities using monthly installments. This comes as part of KFH’s efforts to reinforce its financial products and diversify its services, in order to meet the requirements of the clients.
Chief of Retail Banking Services at KFH Mohammed Al-Fouzan stated that the educational product that KFH offers for the first time, serves a large segment of Kuwaitis and non-Kuwaitis. He explained that KFH purchases seats at universities, schools, and institutes, then resells those seats to the public. People can pay through monthly installments, and the ceiling of the service is KD 15,000. He added that the first installment can be postponed for six months, and the service is possible for all people in Kuwait, regardless of whether they are KFH clients or not. However, the service is subject to the credit rules and regulations.
Moreover, Al-Fouzan noted that the client should present a price quote from the educational institution to any KFH branch. He stressed that the person requiring the service must have an original price quote, original ID, a recent salary certificate that shows the net salary, and a balance inquiry for the clients of other banks.
Furthermore, Al-Fouzan said that KFH seeks to diversify its financing services that play a role in meeting the needs of clients in all fields, whether commercial or industrial finances, in addition to educational services at schools and universities in Kuwait, and overseas scholarships; especially that the cost of education is high.