Al-Fozan: KFH has largest deposit share among banks
KFH: 5.26% annual profit for Al-Kawthar in June
Kuwait Finance House (KFH) announced its annual Al-Kawthar deposit profit that reached 5.26% in June 2008.
The Assistant Manager for the Banking Sector Mohammed Nasser Al-Fozan stated that the profits were deposited in clients' accounts. It aims to provide multi form saving vessels, which have several time intervals and diverse returns. Moreover, it aims to offer the client regular monthly cash flow, which suits various categories of clients and their requirements. Al-Kawthar completes the current KFH deposits that distribute annual and quarter returns. Al-Kawthar targets clients who want a monthly income with high returns. He said that this is the 6th month since the campaign was launched in January. He added that the continuous increase in KFH deposits cements it leading status among other banks, since its market share is the largest in local banking deposits.
Al-Fozan added that KD 10,000 is the minimum to open Al-Kawthar deposit account. The investment in the account is based on a venture contract between the client as a partner who owns the capital, and KFH as a venture. KFH is paid a predefined fee for management. The fee is cut out of the net profit. The depositor must have another account, so KFH can add the profit to that account.
Regarding the distribution of profits policy, Al-Fozan said that the profit is calculated monthly from the beginning of the month until the end of it. The profit is announced during the first week of every month. Incase the deposit was opened after the first day of the month, the profit is calculated starting from the day that follows the opening of the deposit, based on the number of remaining days since that date and until the end of the month.
Moreover, Al-Fozan announced that the deposit will be invested according to the general investment policy of KFH, which means reaching the highest return value possible. The investments will be made in long-term and short-term investment tools, whether they were domestic or international. He also noted the huge success that KFH has made in this field, which resulted in offering the highest distributions on deposits in the market for consecutive years. The continuous investment deposit achieved 8.4% last year.
