• Home
• Islamic Finance
• News Article

GAPCORP, KFH-Bahrain on the fast lane with Extended Warranty agreement

GAPCORP to also provide Third Party Administration and Claims Handling for Extended Warranty

GAPCORP, recognized regionally as the largest international and local extended warranty provider, has signed an agreement with Kuwait Finance House - Bahrain [KFH-Bahrain], a leading provider of Islamic commercial and investment banking services, to offer Third Party Administration and Claims Handling for Extended Warranty.

With the agreement, the Extended Warranty on all vehicles financed by KFH-Bahrain will come with 5 years warranty and will cover all mechanical and electrical components thus enhancing the residual value of the vehicle.

In his comments on the agreement, Martin Warburton, Group General Manager and Vice-Chairman of GAPCORP, said: "Reinforcing our increased presence across the Middle East, we are extremely happy to announce our agreement with KFH-Bahrain on TPA and Claims Handling. GAPCORP aims to offer the best services to our customers, thus reinforcing our commitment to their needs in line with the market demands. Through this agreement, we remain committed to providing the end-buyers with a better resale value."

Talking about the agreement, Mr. Khalid Rafea, Executive Manager and Head of Banking Group at KFH-Bahrain , said: "We have always believed in introducing unique products and services to our customers and our agreement with GAPCORP is part of our endeavour to work closely with world-class companies for the benefit of our clients. GAPCORP has a thorough understanding of the regional markets and we are happy to announce this major milestone with them."

GAPCORP, a global leader in extended warranty products, provides a basket of products and services in each of the GCC markets, Europe, South East Asia and the Americas. The Extended Warranty will be a duplicate of the manufacturers' warranty for electrical and mechanical components and will cover the vehicles during the most crucial time required - after the expiry of the original manufacturers' warranty.

Kuwait Finance House-Bahrain is a leading provider of Islamic commercial and investment banking services. Established in 2002 as a wholly owned subsidiary of Kuwait Finance House (Kuwait) -- an industry leader for more than 30 years -- KFH-Bahrain specializes in developing and bringing to market the highest quality Shari'a-compliant banking and investment products and services.

GAPCORP also offers the F&I platform scheme - a mechanism that provides auto dealers with a platform to manage the needs of their customers by creating a one-stop-shop for the consumer at the time of purchasing a vehicle.

GAPCORP already have a joint venture with Zuellig Group - one of the largest privately-held companies in South East Asia covering Thailand, Philippines, Singapore, Hong Kong, Malaysia and Indonesia under Asia Warranty Services and in the Gulf Council Countries under GAPGULF and in Europe through its European arm, the UK-based Euro Warranty.

GAPCORP subsidiary Latin American Extended Services has a joint venture with Mexican conglomerate Qualitas Insurance and Mexbrit and in North America.

The company is also a global implementer for value added products such as Extended Warranty, GAP products and Road Side Assistance. Apart from KFH, GapCorp has a comprehensive client list such as BMW Financial Services, Nissan and Infiniti, DAIMLER (Mercedes) in KSA, VW Financial Services, Lexus, Toyota, Mazda, Mitsubishi, Orix Leasing, KIA and Hyundai, and many more.

-Ends-

About GAPCORP:
GAPCORP is a leading Third party administrator operating in the GCC, Middle East, North Africa, Asia, Europe and the USA. GAPCORP is recognized for servicing well known Automotive Dealerships in and around the region with its extended warranty schemes and innovative expertise. The company provides a complete range of extended warranty programs and third party administration for insurance products for the millennium customer.

© Press Release 2011