KUCHING: Kuwait Finance House Bhd (Kuwait Finance House), the first foreign Islamic bank to spread its influence in Malaysia, will be making its second appearance at the annual Sarawak Builders’ Expo 2011 Total Living (Sarbex 2011) to promote its wide range of Shariah-based financial products and services.
During the three-day exhibition from September 30 to October 2 at the Borneo Convention Centre Kuching, the banking organisation will be showcasing its Home Financing products namely the Istisna’a Home Financing-i for properties under construction and also the Murabahah Home Financing-i for properties that have been completed.
“These products allow customers to enjoy value-for-money financing packages, financing of Mortgage Reducing Term Takaful at a reasonable profit rate based on Murabahah Tawarruq concept, longer financing tenure, higher margin of financing of up to 90 per cent,” said Kuwait Finance House head of media relations and publications, Rumaizah Abu Bakar during an email interview with The Borneo Post.
The Murabahah Personal Financing-i would prove to be a popular product as through this product, “customers are able to meet their financing needs of up to five times gross salary with competitive fixed rate throughout the tenure,” added Rumaizah.
Its innovative products included the Gold Account-i, which was the first Shariah-based gold account in Malaysia. In times of volatile interest rates, customers were showing increasingly higher demand for an alternative financial instrument.
“This product allows them another investment option by which they do not have to physically keep the gold, thereby ensuring convenience, and security,” she commented on the concept of the product while adding that, “investing can start from as low as 10 grammes of gold and no storage fee will be imposed by the bank.”
Last but not least was the Automobile Ijarah-i which she described as “a product that offers customers attractive and comprehensive Shariah-based car financing based on the concept of Al-Ijarah Thumma Al-Bai”.
In participating with the exhibition organised by Sarawak Housing and Real Estate Developers’ Association (Sheda), Kuwait Finance House aimed to “create greater awareness of Islamic banking and its wide range of retail and consumer banking products” seeing as to the fact that a large portion of the market were unaware that Islamic banking products were open to non-Muslim customers as well.
According to her, Kuwait Finance House’s first Sarbex participation in 2009 received good feedback as the Kuching branch was only six months old and the participation was a good platform to debut its products to the new market.
“Following encouraging results in the past, new products had been developed and once again, Kuwait Finance House would like to increase the size of its customer base and also to strengthen the trust in its brand,” she enthused about the future of the finance house as it hoped to tap further into Sarawak’s robust economic foundation and business friendly state policies and regulations.