KUWAIT: In its ongoing effort to meet its customers’ needs by introducing new innovative solutions and banking products with plenty of added value benefits, Kuwait International Bank (KIB) announced the launch of its newest account, Al Dirwaza – an investment saving account based on the Wakala investment principle, where the expected profits dispersed on monthly basis in addition to draws on cash prizes throughout the year. Noting that the account is in compliance with the provisions of Islamic Sharia and approved by the KIB’s Sharia Board, Al Dirwaza account is available exclusively to retail customers, in Kuwaiti Dinar.

Adding to its appeal, Al Dirwaza account comes with a full range of benefits and privileges, this includes the ease of opening the account, which doesn’t require a salary transfer, in addition to expected annual returns up to 2% disbursed monthly, where the customer gets an expected profit of 2% for the first 3 months from the account opening date and 1% onward. The expected profits are automatically deposited into the customer's account within the first day of the beginning of each month. Adding to this, Al Dirwaza account automatically grants customers instant issuance of an ATM card, with a KD 2,000 ATM daily withdrawal limit – as well as the ability to issue credit cards against the cash collateral in the account. In order to open the account and participate in its draws, a minimum of KD 100 is required and can only be withdrawn upon account closure.

Othman Tawfeqe

On this occasion, Othman Tawfeqe, General Manager of the Retail Banking Department at KIB, said: “We are persistent in our pursuit of offering our customers the best banking experience possible, as we strive to develop outstanding banking solutions and innovative banking products that satisfy our customers’ needs and add unique value to their KIB banking experience. The launch of the new Al Dirwaza account, which truly does offer unique and exciting benefits, is a testament to KIB’s success in developing strong retail banking products that are highly competitive and appealing in the market. This latest innovation also highlights our leading position within the banking sector, as we pride ourselves on being a modern financial institution that’s keeping pace with the latest trends and dynamically developing to cater to our customers’ changing needs and lifestyles.”

As for Al Dirwaza draws, set to commence February 2023, upon deposits made in January 2023, Tawfeqe noted that Al Dirwaza account holders are eligible to enter the monthly and mega draws on the condition of maintaining at least KD 100 in their accounts. To further clarify, he mentioned for the monthly draws, each KD 1 completed a full month’s cycle in the account will count for one chance and chances are calculated based on the lowest monthly balance preceding the draw. As for the mega draw, chances are calculated for each KD 1 that completes a two-month cycle in the account – based on the lowest two monthly balances prior to the draw.

Each month, 11 winners will be announced, whereby the 1st winner will receive KD 10,000, and the remaining 10 winners will receive KD 1,000. The mega draw is set to be in January 2024, one winner will win a grand prize of KD 100,000.

Winners of the monthly draw will be announced on KIB’s website and social media channels, as well as in newspapers, with cash prizes set to be deposited in their Al Dirwaza accounts within two working days from the announcement. Noting that monthly draw winners can still participate in the mega draw.

In conclusion, Tawfeqe stated that customers can open their Al Dirwaza saving accounts through the KIB branches or its digital channels – such as KIB Online website and KIB Mobile application. For more information on Al Dirwaza account, its benefits and how to open it, customers can contact the Bank’s call center; or they can reach out via WhatsApp and receive the needed help arouNd the clock.