Returns rise to 1.41% in Q3 of 2016

Eugene Galligan

KUWAIT: Kuwait International Bank (KIB) announced the 3rd quarter results of its Savings Accounts, which saw a rise in returns to a record 1.41 percent, the highest available rate in Kuwait.

Eugene Galligan, Acting General Manager of the Retail Banking Department at the Bank said: "At KIB we always strive to offer a comprehensive suite of innovative banking products and services in accordance with Islamic Sharia principles, in order to cater to the needs of our customers across all segments. The Savings Account is unique in offering the benefits of savings and investment combined into one single account. It also offers the highest returns on investment in the market, continuing to show solid and consistent growth."

Galligan further added: "The Savings Account offers a number of additional benefits, including the ability to open the account in Kuwaiti Dinar or any other major foreign currency, no minimum account opening, debit card issuance, and flexibility with deposits and withdrawals, in addition to increased benefits for personal financing."

KIB offers a variety of investment products available in both Kuwaiti dinar and other major foreign currencies, including Al-Boushra Deposit, Al-Joud Deposit, Arzaq Deposit and the Savings Account. All KIB products guarantee complete transparency and flexibility, in addition to offering highly competitive and rewarding returns on investment.

Kuwait International Bank (KIB) is a bank that operates according to the Islamic Shari'ah, based in the State of Kuwait. Incorporated in 1973, and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007.

Today, KIB is a full service Bank operating through a network of 28 branches spread across the State of Kuwait, and offering a broad range of banking products, services and solutions in accordance with the principles of the Islamic Sharia. The Bank's mission and vision also encompasses a leading social responsibility program that aims at supporting every member of Kuwait's society by spearheading a multitude of initiatives and activities.

In 2015, KIB embarked on a comprehensive strategic transformation plan, aimed at improving the Bank's performance indicators, as well as enhancing the quality of its products and services. The three-pronged transformation strategy is set to conclude in 2017, and focuses on propelling the Bank to the forefront of the Kuwaiti banking sector and setting it on a solid path to becoming the "Islamic bank of choice" in the market.