Kuwait Finance House - Bahrain (KFH-Bahrain) has launched a new financing product providing individuals with the first of its kind Shari’a Compliant Tawarruq Facility.

The facility is based on the international commodity trading of palm oil offered by KFH-Bahrain in partnership with one of its international brokers at the Malaysia Bourse.

The new personal financing product Tamweely allows individuals to obtain financing up to BD100,000 ($263,500) and enjoy a repayment period up to 84 months.

Khalid Rafea, executive manager and Head of Banking Group at KFH-Bahrain said: "As demands increase in life, individuals will have many personal goals that they wish to achieve and they will need suitable financing solutions that can help them reach their goals.

“Tamweely Personal Finance is the right financing product to help them realize their vision. We are pleased to offer our clients this new product with its unique feature which allows them to experience the Tawarruq process and follow its procedures in real-time.

“They can be confident that the Malaysia Bourse is governed by an independent Islamic Shari’a body that monitors and ensures the proper transactions and trading of the approved commodities between the clients and suppliers according to Shari’a law.”

“As part of our commitment to provide our valued clients with new and innovative products and services, during the development of Tamweely, we conducted extensive analytical research which has culminated in the launch of this regionally unique product to meet our clients’ individual requirements,” Rafea continued.

“Tamweely Personal Finance is specifically designed for them. We have combined the best of our accumulated experience and international partnerships in order to provide clients with distinctive banking services that meet their aspirations. Getting Tamweely Personal Finance is simple, all you have to do is to collate the necessary documents and visit the nearest KFH branch, furthermore Tamweely is not limited to Bahrainis only; all nationalities are eligible to apply,” Rafea added. – TradeArabia News Service