Kuwait Finance House KSCP: KFH achieves growth in local and foreign trade finance transactions

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Kuwait Finance House (KFH) continued to record growth in the volume of letters of credit and letters of credit related to local and foreign trade finance. This is in line with the bank’s desire to support commercial activities and businesses of all categories.

KFH has succeeded in providing customers with suitable financing channels and has played a distinguished role as a mediator between seller and buyer, thus achieving remarkable success and growth in business operations by providing LG Letters of Guarantee and LC letters of credit.

KFH stands out for having highly qualified national executives and adopting the latest technological applications in the trade finance sector regarding the opening of L/C and L/G, thus contributing to the improvement of the customer experience and their providing access to any location in the world through an extensive network of correspondent banks using Hi-Tech communication systems.

KFH has come a long way in introducing innovative solutions and alternatives for foreign trade finance using documentary credit and Shariah-compliant financing tools, thereby overcoming several challenges that the trade exchange process has faced. been confronted.

KFH recently launched the “Swift Transfer Control” service according to the highest levels of security and quality. The service allows the bank to perform direct and real-time monitoring of financial transfers with the function of receiving alerts and stopping transfer payments.

In addition to continuing to offer and develop financing channels to meet customer aspirations and provide well-balanced business relationships, KFH is introducing a set of products to enhance import and export business, including L/C at sight which provide customers with the highest levels of security when importing. goods from overseas or even to supply them inside Kuwait, L/C Acceptance which is a deferred payment L/C whereby payment to the overseas supplier is deferred for a certain agreed period after shipment of cargo or receipt of bill of lading, and refinanced L/C by Murabahah that the customer’s merchandise is imported on his behalf. Once the machinery arrives, the customer can purchase it from KFH for a known profit and settle its value in flexible installments based on each customer’s cash flow. In addition, KFH provides export credit products that help activate overseas export movement and support local products including oil and gas. The export credit is issued or endorsed in favor of the exporter in Kuwait on the instructions of the importer and his bank outside Kuwait. Subsequently, the customer receives his money as soon as the specifications of the exported goods are met.

Regarding L/Gs, KFH issues different types of L/Gs depending on the nature of each project, including initial guarantees (tenders), performance guarantees (final), maintenance contracts , upfront payment, or labor security letters of guarantee. companies, institutions and individuals.

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Kuwait Finance House KSC published this content on March 06, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on March 06, 2022 05:28:01 UTC.

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