This was announced during the Press Conference held at KHCB headquarters located in the Bahrain Financial Harbour, in the presence of Deputy General Manager Support Services Mahdi A.Nabi, Head of Corporate Banking Salah Khalifa Mohammed, Head of Regulatory Sharia’a Shaikh A. Nasser Al-Mahmood, Head of VIP Banking, Marketing, Call Center and Product Development A.Nasser Al Rayes and Shariah Supervisor Shaikh Nawaf Al-Hosaini, along with other officials from the top level management of KHCB.
“This is one of the most innovative shari’ah complaint over draft product usually offers clients a one year over draft which is renewable,” Al Nasser Ahmed Al Rayes, Head of VIP Banking, Marketing and Product Development at KHCB on the sideline of the launch in an exclusive interview told The24X7News Bahrain (www.twentyfoursevennews.com).
Such products, he added, are available in the conventional banking but KHCB is the first bank to launch a shria’ah compliant product.
I’teman financing is a new product that is compatible with the provisions of Islamic Sharia and acts as a substitute for overdraft accounts. This product entitles the customers to cover operating expenses or financial overheads. Corporate institutions can apply for the credit line and can benefit from the availability of liquidity to do cash withdrawals, Telex Transfers and Demand Drafts, in addition to other financial transactions.
“On behalf of Khaleeji Commercial Bank, I would like to express my immense pleasure at the launch of I’teman Financing product, as it could be used to cover operational costs of organizations of a large scale during the conduct of their day to day business, thereby providing easy access to liquid funds for those companies as they would crucially require this assistance,” Mahdi A.Nabi, said.
“With the sole purpose of this financing product being to provide a greater element of liquidity to corporate entities, its significance cannot be underestimated as it ultimately plays a pivotal role in aiding the growth of the company, thereby contributing considerably and irrevocably to boosting the economy of the Kingdom of Bahrain. The brilliantly creative, customer oriented financial product will go a long way in facilitating the process of running a business, being the perfect solution that will help in overcoming a lot of difficulties and hindrances to the success of a business and its smooth functioning.”
“I reiterate that the creation of this service emanated from the vision of the Bank to provide Islamic financial solutions that cater to our clients’ needs. I’teman Finance is the fruit of our whole hearted dedication to innovating and offering the best and most flexible products and services and it signifies our efforts to cement our status as leading corporate Islamic financiers in the Kingdom of Bahrain. We look forward to further such endeavors that are certain to bear fruit for all those involved and we focus our commitment to comprehensively cater to our valued customers’ needs,” he added.
The innovative new banking product is Sharia’a compliant and targets corporate entities both inside the Kingdom of Bahrain and abroad in order to facilitate their flow of liquid funds. Designed to provide clients with liquidity, I’teman Finance stems from KHCB’s efforts to expand its reach to assimilate into its banking services the financial care of businesses of any size, scope and intention. Corporate institutions who wish to benefit from the I’teman Financing product can call the corporate banking department on 17-505541 to apply for the credit line.
Headquartered in the Kingdom of Bahrain, Khaleeji Commercial Bank BSC is a leading Islamic retail bank, providing a comprehensive range of high quality Shari’ah compliant banking services and investment solutions to both individual customers and corporate clients.