KUWAIT: Kuwait Finance House – Bahrain (KFH-Bahrain) has launched a new unique investment product in the Kingdom of Bahrain, the ‘Wakala Investment Account’ that is designed according to the Islamic Sharia principle of Al-Wakala. Client appoint the Bank to perform a transaction, without any fees for an agreed upon Anticipated Profit Rate.
The Bank invests the deposits in the general portfolio. Abdulhakeem Al-Khayyat, the Managing Director and CEO of KFHBahrain commented on the launch of the product, saying, “At KFH-Bahrain we are committed to providing a variety of Islamic products to suit our customer’s needs and increase the choice of financial tools available to them.
The client earns a contractually agreed anticipated profit with ‘Wakala Investment Account’ wherein from an investment transaction which the Bank conducts for the client at no charge.”
Meanwhile, Khaled Rafea, the Executive Director and Head of Retail Banking Group commented, “We have worked diligently to develop and launch the ‘Wakala Investment Account’. We strive to provide all our clients unique Sharia-compliant investment products.” He added, “Clients now have of the opportunity to open a ‘Wakala Investment Account’ in any of our strategically located branches around the Kingdom. The investment account is available to all Bahrainis and residents of all nationalities for a minimum investment amount of BD1,000 or $10,000 for periods from one month to a full year. The investment is transacted through the Bank’s general portfolio, from which the Bank aims to achieve the anticipated profit and distribute this profit on a monthly basis.”