The First of its Kind at Islamic Banks

Kuwait, 21 April 2015: Warba Bank strongly believes in the importance of providing innovative banking products and solutions serving all segments of the society. For continuing its strategy for launching new products satisfy customers' aspirations and requirements, Warba Bank has recently introduced the new BCT service representing  a trading platform for domestic and international commodities. This comes within the framework of the efforts of the Retail Banking Group in providing special services and products to customers in personal finance in accordance with the rules of Islamic  Sharia and rules of retail finance services.

This new service provides Warba Bank customers as well as customers of other banks with investment opportunities and more options to purchase goods and products available both locally and internationally without any loss margin. The service is distinguished by quickly performing the transactions where the customer receives the entire commodity without any additional fees on the transaction, and the sale amount is directly credited in the customer's account.

Mr. Adnan Al Salem, Chief Retail Banking Officer at Warba Bank, said: "Through this step, Warba Bank seeks to find the most appropriate mechanism for the commodity market through executing installment sale transactions to serve as an alternative solution for transactions at the Islamic financial sector. This new product represents a leap in the financing structure adopted at the Bank. Warba applies such solutions to be the pioneer in providing innovate tools for developing the Islamic banking sector and contributing in enhancing the standard of service provided. The Bank supports the development of this finance structuring to accommodate several products that can be launched in future."

Salem went on explaining that despite the very competitive environment in the Islamic financial sector, the process of developing new and innovative structures and products must take into consideration the balance between the customer's needs and mitigating operational risk to the minimum at the same time.

Waleed Al-Musallam, Head of Personal Financing, Retail Banking Group, said: "The new BCT service is the first of its kind in the individual finance banking services in Kuwait, which is Shariah-compliant. It covers domestic and international commodities through and advanced electronic system that records all the transaction phases. It also provides the customer with the necessary data that enables him/her to dispose the commodity directly via smart devices at the least effort. Through this service, the transaction will not be carried out directly between the Bank and the supplier, but will be done through an independent party having direct authority on the commodity  thus ensuring not selling the item for more than one party at a time. In addition to  the easy processes in implementing transactions through the service, it cuts down the costs borne by the customer when selling  or what is called merchant loss. This service will enable the customer to get the full sale amount in his/her account directly without any discounts. Warba Bank will bear any costs paid for this transaction  for better serving its customers."

Al-Musallam indicated that Warba Bank is keen to be the first in launching initiatives that reflect the Bank's strategy represented in encouraging the customers on future planning for the acquisition of new commodities, and providing appropriate solutions through value-added services and without any loss margin.

Warba Bank has recently launched the "Murabaha Express Service", the first of its kind in the retail financing market in Kuwait.  The Bank reliefs  customer stress when the customer desires to sell the commodities by transferring the sale proceeds from the merchant account to the customer's account just in few minutes when all sale requirements are met.

Warba Bank is committed to providing the latest banking techniques that enhance customers' trust in the Bank while attracting new clients. The launch of new innovative products for the first time in Kuwait will help customers make better financial decisions and provides them with the necessary solutions in line with the Bank's goal in leading Sharia-compliant products and services and enhancing Warba's position in the local market and enabling the Bank to evolve to be a key player in Islamic Banking in the region

For more information on this new product, latest offers and services from Warba Bank, please contact Customer Service Center on 1825555, or visit one of the Bank's branches.

About Warba Bank:
Warba Bank, an Islamic Bank established by virtue of an Amiri Decree, was officially registered in the Central Bank of Kuwait's register of Islamic Banks on April 5th, 2010. The State of Kuwait, represented by Kuwait Investment Authority (KIA), owns 24% of the bank's total shares, while the remaining 76% of shares, fully subscribed by the government, has been equally allocated to all Kuwaiti nationals. Warba Bank offers a wide range of customized Sharia compliant services and solutions which are available through the Bank's three Business Groups : Retail Banking Group, Corporate Banking Group, and Investment and Treasury Group. Branching out in 7 strategic locations, Warba Bank has over 250 employees.

For media information, please contact:
Nadin Al Alami
ASDA'A Burson Marstellar
Tel: 00965 22901571   
Email: nadin.alami@bm.com

Press Release 2015