Recently opened Islamic bank in Kuwait, Warba Bank, has launched its ‘Murabaha’ service to finance customers’ needs with entire flexibility via basic monthly installments.

The new service, which is compliant with the Islamic Sharia principles, allows customers to enjoy purchasing their goods and pay their installments within a period that starts from six months up to 15 years.

Murabaha covers house finance, construction and repair, as well as consumer products such as boats and marine equipment, furniture, and electronic appliances, the bank said in a statement. The service has been launched as means to attract new customer segments, and further enhance the bank’s market share while supporting the volume of local sales.  

Adnan Salman Al Salem, the chief retail banking officer at Warba Bank, said: “Murabaha is the latest service offered by Warba Bank that caters to its customers’ essential needs with flexible terms and procedures. The new service plays a role in supporting local sales and demand thus reflecting positively on the Kuwait economy.”

Murabaha is offered for both nationals and expats at the age of 21 years and above. It covers several necessary goods and luxury products with competitive costs and quality service.

“The service includes financing new and used cars from individuals and agents, new and used boats and marine equipment plus their spare parts, readymade and customised furniture, as well as electronic appliances and its supplies,” Al Salem said.   

“As per the bank’s vision, Murabaha is provided through up-to-date technologies and expertise to best serve its customers. Warba is keen on offering contemporary solutions through its latest Islamic products and services as means to further strengthen its communication channels with its customers.”  

The bank has recently launched nine banking cards including standard debit cards; ‘Lamar’ card for ladies; ‘Shabab Warba’ for young people; ‘Tala’ card for children; and ‘Safwa’ for customers seeking elite services, in addition to three credit cards - the classic card, the gold card, and the platinum card. – TradeArabia News Service