Warba Bank Empowering a Small Kuwaiti Project

Kuwait, October 4, 2015

Warba Bank has launched a pioneering national strategic partnership with a leading new project specifically developed for the real estate market in Kuwait and the GCC, "Ajar Online". The partnership was announced during a press conference held at Holiday Inn Downtown in the presence of Mr. Jassar D. Al Jassar - Vice Chairman and CEO of Warba Bank.

This partnership comes in line with the Bank's strategy to support small projects and businesses, especially those aimed at the Kuwaiti youth, and expand the banking experience to include new non-traditional sectors. Under this partnership, Warba Bank will provide promotional support for "Ajar Online" Service within a new campaign launched by the Bank.

Moreover; Al Jassar said: "We are proud to sponsor the new "Ajar Online" Project that provides a fast and efficient method for paying and collecting rent online, via SMS and Email. The new service enables tenants to pay their rent through mobile devices at any time and place. In addition, it will allow property owners and managers to collect rents electronically in a fast, secure and Sharia compliant method. Ajar Online aims to collect outstanding dues electronically to reduce administrative work, risks, and costs associated with the traditional collection process. It will also help provide immediate electronic reports of rent, quick collection, and avoid cash transactions to reduce theft risks. The online rent payment process, including an electronic receipt sent to the payer, will only take up to 60 seconds".

Al Jassar pointed out: "This new partnership with "Ajar Online" is a confirmation of the Bank's strategy to empower young Kuwaiti entrepreneurs. Warba Bank will continue to commit support and finance to small-to-medium projects that deliver value and high economic enhancement in the market. Positively, it enables youth to develop their ideas and broaden their activities without worrying about additional costs thus contributing towards the acceleration and push of the national economy".

Mr. Shaheen Al Khudari - Co-Founder & CEO of "Ajar Online" said: "Ajar Online" will send tenants an automatic SMS notification at the beginning of each month and other reminders on late payments. The SMS will include a reminder on the rent due date, tenant data and a direct link to the K-NET payment section. After successful payments, the tenant will receive a rent receipt via SMS as legal evidence of paying the rent. The service will save tenants a trip to the bank or collection offices, or waiting for someone to come and collect the rent in person, as they can pay online and receive an immediate electronic receipt on their phone, even when travelling.

In turn, Mr. Al Khudari praised Warba Bank saying: "The goal behind this strategic partnership with Warba Bank enhances security in electronic collection process, and provides property owners and managers with confidence trying this distinctive service for tenants' convenience. We are proud of this partnership with Warba Bank and our sponsorship of a national project that is the first of its kind in the region. That project is expected to make difference in the real-estate and investment market in terms of rent collection from tenants".

He added: "We appreciate the efforts that Warba Bank has provided to support the Kuwaiti youth, empowering them accomplish their aspirations and contributing towards wider economic development for their country so as to achieve distinct position among modern countries. He confirmed that this partnership is the outcome of mutual trends at Warba Bank and "Ajar Online" collaboratively for servicing the society and for providing the best service that both citizens and expatriates deserve. Warba Bank is always proving commitments of delivering high standard financial products and innovative services".

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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, 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 300 employees.

For media information, please contact:
Nadin Al Alami
ASDA'A Burson Marstellar
Tel: 00965 22901571 /3/2
Email: nadin.alami@bm.com

© Press Release 2015