Kuwait Finance House (KFH), a global leading Islamic financial institution, today announced the official launch of its new Gold Account. This innovative product enables KFH’s clients to buy and sell physical gold biscuits securely, effectively and conveniently as it is the first unique product deployed in Kuwait
Available at KFH’s Head Office branch in Kuwait, the gold biscuits each weigh 100grams and have a purity value of 999.9, the purest form of gold and one not readily available in the open market. Each gold biscuit is issued and certified by KFH and the Ministry of Commerce.
Mohamed Al Fouzan, Chief Retail Officer underlined the increasing interest from clients in gold products and expected the new Gold Account will prove very popular. Gold remains an important commodity for clients looking to diversify their investment and savings portfolios or hedge financial risks in these volatile global markets.”
He said that KFH clients will be able to open Gold Accounts from 01 July by purchasing a minimum of one gold biscuit. Once clients have a Gold Account they will then be able to choose whether to withdraw the physical gold on the spot or to keep it in custody with KFH without charge for an initial period. Further purchases or sales of gold can then be done conveniently and securely through crediting or debiting a customers’ current or savings account.
Al-Fouzan mentioned that KFH is able to offer gold to clients at very attractive rates due to the KFH Group’s access to international gold markets, and with no fees charged for opening a Gold Account, this is a very affordable proposition,” added Mohamed Al Fouzan, “people increasingly want to own physical gold and we believe that the KFH Gold Account will provide them with the optimal way of profiting from this.”
KFH currently plans to offer customers the ability to open Gold Accounts in other branches in Kuwait City in the near future.