Kuwait-based Warba Bank, a leading Islamic bank in digital services, recently launched “Hassala/ Money Box”, the newest digital service through its app available on smartphones for both Android and IOS systems.
Hassala aims to facilitate saving process for customers while guiding them to rely on their own money and savings to achieve their targets, instead of borrowing or using their credit cards which might provide a quick payment’s solution but in return, shoulder them with long-term financial burdens, said a statement from Warba.
Today, customers can save money smoothly and quickly; where they can access Hassala through the app’s homepage “My Portfolio” icon and choose amongst twelve saving goals including: home, my kids, charity, car, heath and treatment, travel and entertainment, shopping, education, jewellery and gifts; should the saving goal is not included in the list then the customer can select the “Others” option, it stated.
For financing Hassala, the bank provides two options: either through “Sweep” through which customers can determine the maximum limit of money he/she wishes to save in the main account, where later on extra amounts will be will be drawn from the account and credited to his/her Hassala; or through “Automated Transfer” option where the customer sets a monthly amount to be debited from his/her main account to Hassala account at in a pre-defined date, it added.
Mohamed Atef Al Shareef, chief strategy and digital officer, said: "Our Digital factory, Al Wateen, continues to deliver remarkable digital services that cater to customers’ needs in their various walks of life."
“Al Hassala is the perfect solution to help customers save and achieve their goals and cover their needs easily without accumulating financial burdens considering the tremendous temptations surrounding and easiness in having financing or using credit cards,” noted Al Shareef.
"Our team innovates these services according to a deep understanding of customers’ needs and aspirations to flexible banking services which would enable them to control their spending and monitor their savings; we promise our customers to keep on innovating digital solutions that enrich their banking experience and make it more joyful, easier and faster while simultaneously cater for all aspects of their lives," he added.
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