Kuwait Finance House (KFH) has launched the first financing product of its kind in Kuwait, offering financing against gold account collateral. By allowing customers to access the value of their gold holdings without selling them, this new financing solution enhances the customer experience and accommodates their needs.

KFH Deputy General Manager Products, Nehal Al-Musallam said: “This new product enables customers to obtain quick financing using the gold held in their KFH Gold Account, regardless of whether they have an existing account or open a new one. This service provides liquidity while preserving their assets."

She stated that the new product simplifies financing for retail customers by allowing them to easily pledge their gold as collateral at any KFH branch. This provides Sharia-compliant financing at competitive rates, without maximum installment restrictions or extensive documentation.

Highlighting the advantages for customers, Al-Musallam noted that this financing product offers a streamlined process with minimal paperwork and adaptable repayment plans, providing the necessary funds with ease. She added, "This new offering underscores KFH`s dedication to expanding its range of financing solutions and introducing options with attractive rates."

She noted that KFH offers its customers a Gold Account featuring premium 24-carat Turkish and Swiss gold with a purity of up to 999.9, positioning it among the finest gold available. This aligns with the Bank`s efforts to provide high-quality investment products that meet customer aspirations.

Customers can open a Gold Account through the KFHOnline app, at KFH ATMs, or by visiting KFH branches. Furthermore, customers can purchase and sell gold biscuits in Kuwaiti Dinars, with weights ranging from 5 to 100 grams. This account also allows customers to directly trade gold biscuits at daily announced prices via KFHOnline. Additionally, KFH offers a complimentary safe deposit box service, enabling customers to securely store their gold and make partial or full withdrawals as needed.

Al-Musallam also highlighted the launch of KFH`s Gold Gift service via KFHOnline. This feature allows Gold Account holders to conveniently send gold as a gift, accompanied by a personalized congratulatory message chosen from the KFHOnline app`s selection. Recipients can easily claim their gold gift through a link provided by the sender.

She mentioned that KFH offers a gold delivery service to Gold Account customers.  The service, which can be accessed through KFHOnline, provides the delivery option of gold biscuits at customers’ request and to a prespecified location.

Al-Musallam said that KFH is a pioneer in rolling out banking solutions and products. “The Bank was the first in Kuwait to introduce the Gold Account for its customers in an attempt to enhance its role in providing innovative products and diversify investment opportunities for customers,” added Al-Musallam.

It serves to note that customers` high demand for KFH`s Gold Account is for its various benefits, flexibility and easy use. The account has also transformed how customers handle gold as an important asset of value retention and investment at the same time. Many people tend to hold gold as an investment product, for value preservation, and as protection against price and market fluctuations.