Rules allow other banks’ clients to take advantage of KFH credit facilities
Kuwait Finance House (KFH) is keen to comply with regulatory authorities’ instructions and adhere to the highest standards of professionalism by coordinating with the Central Bank of Kuwait (CBK) and embed as always the concept of transparency and disclosures of banking and financial transactions in an effort to improve banking services and create favorable environment to safeguard clients’ rights in a balanced banking framework.
Abiding to CBK principles and rules of rearranging contract terms of clients’ consumer and installment financing, KFH announces its maximum readiness to respond to these rules that will contribute to revitalizing the market as most individuals’ finances are consumer finances. Therefore the process of rearranging their contracts terms contributes to boosting the market.
KFH clients are able to rearrange the terms of their finances contract being it consumer or installment and get new financing as long as they have settled not less than 30 percent of the existing finance installments. In addition, the new rules will also allow other banks’ clients to take advantage of KFH credit facilities when transferring their existing finances to KFH as per CBK regulations.
Moreover, CBK principles and rules of rearranging contract terms of clients’ consumer and installment finances are entirely consistent with KFH’s policy in supporting clients and enhancing financial solutions and instruments that aim at prioritizing them, bearing in mind the utmost importance of consumer protection in the field of financial services. The rules include an array of general principles that ensure protecting banks’ clients namely: educating clients financially, reinforcing transparency, offering banking services in a professional framework that takes into consideration competition fundamentals and safeguarding the privacy of clients’ information.
It’s worth noting that such initiative will contribute to stimulate local credit market and will result in fierce competition among banks for the sake of attracting clients. This will reflect positively on the quality of financing services, and allow KFH to pose itself as a leading financial institution distinguished by its wide range of innovative services that meet various clients’ needs as per the international standards of service quality.