• Kuwait Finance House Fixed Deposit Rates

    Kuwait Finance House Fixed Deposit

    Kuwait Finance House Fixed Deposit

    Kuwait Finance House is one of the leading Islamic financial institutions with business operations spread over the middle east and parts of South East Asia. In Malaysia, Kuwait Finance House Berhad is a wholly-owned subsidiary of KFH and was the first foreign Islamic bank licensed under the Islamic Banking Act. The bank provides customers top-of-the-line Shariah compliant financials products and services of which the fixed deposit schemes are among the most popular products on offer. These fixed deposits are risk free and give customers flexibility with regards to tenure, earning customers a fixed amount of profit over time.

    Types of Kuwait Finance House Fixed Deposits

    Kuwait Finance House offers customers three types of fixed deposits

    • International Commodity Murabahah Deposit-i
    • Foreign Currency International Commodity Murabahah Deposit-i
    • Junior International Commodity Murabahah Deposit-i

    International Commodity Murabahah Deposit-i

    The Kuwait Finance House International Commodity Murabahah Deposit-i is a fixed deposit scheme that is compliant with the Shariah concept of Murabahah and Tawarruq. This means that the rate of profit as well as the amount of profit is disclosed to the customer beforehand.

    Features and Benefits of International Commodity Murabahah Deposit-i

    The International Commodity Murabahah Deposit-i fixed deposit comes with a number of attractive features and benefits such as:

    • The amount of initial deposit required is RM 500
    • Customers have the flexibility to choose deposit tenures ranging from 1, 3, 6, 9 and 12 months. Other tenures are also available, as per the discretion of Kuwait Finance House Malaysia
    • The rate of profit rate is fixed and determined beforehand
    • The profit is paid to the customer on the date of maturity

    Eligibility and Requirements for International Commodity Murabahah Deposit-i

    Customers looking to apply for the International Commodity Murabahah Deposit-i are required to fulfil the following eligibility and requirement criteria:

    • Applicants, both male and female, who are looking to open an individual or joint account must be at least 18 years of age
    • Non-individual accounts can also be opened by the following entities:
      • Government Agencies
      • Associations
      • Companies
      • Societies
      • Professional Organisations
      • Clubs

    Profit Rate for International Commodity Murabahah Deposit-i

    The profit rate is determined in advance and is dependant on the deposit tenure that the customer chooses. These rates can range from 3.1% per annum for 1 month tenures to 4.25% per annum for 12 month tenures.

    Foreign Currency International Commodity Murabahah Deposit-i

    This type of fixed deposit gives customers the opportunity to make deposits in the form of foreign currency. It also offers protection against any fluctuations in exchange rates and is also regarded as a sound investment. This fixed deposit is also based on the Shariah concepts of Murabahah and Tawarruq.

    Features and Benefits of Foreign Currency International Commodity Murabahah Deposit-i

    The main features and benefits of Foreign Currency International Commodity Murabahah Deposit-i are:

    • Customers are required to make an initial minimum deposit of USD 3,000 or an amount that is it’s equal in any other currency
    • The profit rate is fixed and is determined beforehand
    • Customers have the flexibility to choose deposit tenures ranging from 1, 3, 6, 9 and 12 months.
    • Depending on the condition of the foreign exchange markets, customers can potentially earn more on their investment

    Eligibility and Requirements for Foreign Currency International Commodity Murabahah Deposit-i

    Customers looking to apply for Foreign Currency International Commodity Murabahah Deposit-i are required to fulfil the following eligibility and requirement criteria:

    • The following individuals are eligible to apply for this fixed deposit:
      • Citizens of Malaysia
      • Permanent residents of Malaysia
      • Non-Resident Malaysians
    • Applicants looking to open a single or a joint account are required to be at least 18 years of age
    • Non-individual accounts can also be opened by the following entities:
      • Multinational Corporations
      • Embassies
      • Companies
      • Consulates
      • Any other diplomatic body

    Profit Rate for Foreign Currency International Commodity Murabahah Deposit-i

    Profit rates are dependant on the tenure chosen by the customer. Deposit tenures of 1 month will fetch the customer a profit rate of 2.3% per annum, while a 12 month deposit will fetch the customer a profit rate of 2.5% per annum.

    Junior International Commodity Murabahah Deposit-i

    The Junior KFH International Commodity Murabahah Deposit-i is a type of deposit that is open to customers who are below the age of 18. Applicants are required to have a guardian in order to open this account. As per the regulations of this fixed deposit, the rate of profit is predetermined and is disclosed to the customer beforehand. It is entirely based on the Shariah concepts of Murabahah and Tawarruq.

    Features and Benefits of Junior International Commodity Murabahah Deposit-i

    The main features and benefits of Junior International Commodity Murabahah Deposit-i are:

    • An initial placement of RM 1,000 has to be made
    • Customers can choose deposit tenures ranging from 1 to 12 months
    • The rate of profit is fixed and determined beforehand
    • Profit is paid out to the customer at the time of maturity

    Eligibility and Requirements for Junior International Commodity Murabahah Deposit-i

    Customers looking to apply for Junior International Commodity Murabahah Deposit-i are required to fulfil the following eligibility and requirement criteria:

    • This deposit is open to applicants who are below 18 years of age
    • Applicants are required to have a legal guardian present when opening this account
    • In order to receive profit credits, an In-Trust Savings Account is required to be opened by the applicant’s legal guardian

    Profit Rate for Junior International Commodity Murabahah Deposit-i

    Profit rates vary as per the deposit tenure chosen by the customer. Customers can earn a profit rate of 3.1% per annum for a deposit with a tenure of 1 month, while a deposit with a tenure of 12 months can earn a customer a profit rate of 4.28% per annum.

    FAQs for Kuwait Finance House Fixed Deposits

    How will the profits be credited to the customer?

    All customers are required to open or maintain a Savings Account or a Current Account with the bank in order for profits to be credited.

    Are early or premature withdrawals allowed under these fixed deposits?

    Customers can request for the early payment of profits from KFH at any time of their choosing, prior to the maturity of the deposit.

    Is the auto renewal facility available on these fixed deposits?

    Yes, customers can avail of the auto renewal facility. However, the auto renewal facility is applicable only for principal or principal with profit.

    Other Products offered by Kuwait Finance House:

    Apart from offering Fixed Deposit,Kuwait Finance House offers other products and services which include:

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