Kuwait Finance House (KFH) held a two-day training course for 200 students of Gulf University for Science and Technology (GUST) on wholesale banking and the most prominent mechanisms, products and services in this regard.
The training course was presented by Executive Manager Business Banking at (KFH) Manaf Al-Menaifi. It was held as part of KFH’s strategic participation with the Finance Club at GUST, and in efforts to increase students’ banking awareness, which contributes in empowering them in further knowing the career path and deciding on the suitable major for them in line with the market’s demands and needs.
Al-Menaifi demonstrated, during his lecture that was held in GUST, the modus operandi of wholesale banking and tasks of a KFH staff to assume, such as conducting overall clients assessment, studying clients’ case, their creditworthiness and their ability to repay, emphasizing that KFH works tirelessly to meet customers’ aspirations by advising, guiding, and catering for their financial needs. He reiterated that KFH views the relationships with clients to be best categorized as a partnership, where the bank conducts an in-depth study on the project and its feasibility. This contributes in boosting growth and achieving comprehensive development.
Al-Menaifi explained that KFH offers a wide range of niche wholesale products such as Letter of Guarantee, Letter of Credit, trade, leasing, Murabaha and Wakala, which reflects KFH’s robust position. KFH evaluates companies’ needs and the best products that suit them to ensure best workflow in accordance with highest standards of accuracy and service quality. KFH conducts thorough analysis to companies’ data and works with them step by step starting from offering the facilities.
Al-Menaifi showcased real world examples of listed companies and analyzed their balance sheet to the students in an attempt to improve their practical experience.
Moreover, he indicated that KFH takes several measures to assess clients’ eligibility for financing which are the purpose of the financing, the capacity to repay the financing, collateral to guarantee the repayment, the character and integrity of action and what to invest the capital in.
He noted that, according to specialized economic reports, the structure of domestic economy encompasses sectors and segments of which retail accounts for 26000 companies, whereas service companies account for 6600 companies representing 70% of the Kuwaiti market. The industrial sector represents roughly 12%, which confirms the focus on trade and service segments.
Meanwhile, the Finance Club at GUST honoured KFH in recognition of its significant role in supporting the youth and students, while strengthening pillars of Islamic finance industry.