Kuwait International Bank (KIB) said it has launched a new sharia’a compliant deposit scheme which offers its Al Dawli customers a major opportunity to net higher returns.

The new product, Al-Baraka investment deposit comes as part of the bank's strategic plan to expand its services and products, as well as to fulfill customer expectations, said a KIB statement.

The deposit scheme has flexible tenors starting from one month to one year plus and the option of auto renewal at maturity. The minimum amount of deposit is KD1000 ($3539) and it could be maintained in any major foreign currency, the statement added.

Al Baraka shall serve as a deposit as well as an investment product with opportunities to get higher returns, said the Kuwaiti bank.

Commenting on the launch, Entisar Al Suwaidi, the GM for retail banking department at Al-Dawli, said: "Due to signs of new changes in market dynamics, we decided to launch Al-Baraka Investment Deposit where our customers will be able to enjoy higher returns and many other benefits.”

The new deposit scheme offers customers at Al Dawli various benefits including vehicle Murabaha, goods Murabaha or construction materials Murabaha. Besides they are also eligible to get a Visa platinum or gold or classic credit card.

Al Suwaidi said the Al-Baraka Investment Deposit allows an investment of up to 90 per cent of the deposited amount.

"It is a reliable product offered with flexible periods of maturity starting from one month to one year and continuous," said the KIB official.

"The bank will continue to come up with innovative Islamic financial products to satisfy the needs of different segments in the society," she added.-TradeArabia News Service