KIB underlines principles guiding responsible customer protection practices

Press release
Published December 25th, 2022 - 05:34 GMT
KIB underlines principles guiding responsible customer protection practices
Hussain Abdulraheem
Kuwait International Bank (KIB) recently published a series of informative articles and social media posts

In a continually dedicated effort towards promoting financial literacy, Kuwait International Bank (KIB) recently published a series of informative articles and social media posts, briefly introducing its audience to some of the key principles that foster responsible customer protection practices. Demonstrating an ongoing support to the national awareness campaign: Let’s Be Aware, this included an overview of basic consumer rights and responsibilities when it comes to banking transactions and financial relations.

Acting Unit Head of the Complaints and Customer Protection Unit at KIB, Hussain Abdulraheem, noted that fostering widespread banking awareness is a cornerstones of the Bank’s social responsibility program,  and that KIB’s commitment to this remains a core principle endorsed by the Bank within its Customer Protection manifesto. According to Abdulraheem, KIB acknowledges that “A consumer’s right to an expanded financial and banking knowledgebase, is reserved at all times”.

Within this vein, KIB’s latest awareness engagement highlighted the appropriate mechanisms set by the Bank, and which are being continuously implemented on the widest scale, through utilizing all tools and means available to maintain open channels of communication. Abdulraheem further elaborated that KIB allows direct communication through branch visits, as well as through its interactive community engagements. He also pointed to the Bank’s alternative channels, serving and helping customers around the clock. This includes KIB’s call center, in addition to its  various digital and electronic platforms. “Customers can always educate themselves on customer protection by visiting our website, our smartphone app, KIB Mobile, or KIB’s social media channels”, he added.

Abdulraheem underlined the set of instructions and policies that govern KIB’s sound customer protection practices. He referred to the Bank’s manual on Customer Protection, which outlines a series of guiding principles that KIB remains committed to.

The Bank’s guide to customer protection follows ten fundamental principles, including those that stipulate dealing with all customers with fairness, equality, and impartiality, with utmost transparency and full disclosure. It also specifies continued customer awareness efforts in the fields of banking and finance.  As for professional behavior principles, KIB remains committed to its human capital development plans and maintaining their personal wellbeing, in addition to achieving the highest standards of integrity and enhancing banking competitiveness through inter-sector collaborations. 

Abdulraheem underscored KIB’s main principles related to the protection of customer assets, data confidentiality, as well as ensuring impenetrable customers privacy and securing their electronic banking transactions against crimes of financial fraud. KIB continues to reaffirm the efficiency of its robust internal control systems, and commitment to continually enhance the level of awareness among customers on the various risks surrounding their banking and financial transactions. This includes giving sufficient care to address customer complaints and grievances in a prompt, fair and independent manner, whilst also protecting customers from the risks when outsourcing to third parties, and finally adopting a clear and written policy on conflict of interest.

Background Information

Kuwait International Bank

KIB a bank that operates according to the Islamic Shari’ah from 1st of July 2007, is a public quoted company.  It was incorporated in 1973 and was originally known as the Kuwait Real Estate Bank. 
As an Islamic bank, KIB’s business covers all banking services including Acceptance of Deposits, Financing Transactions, Direct Investment, Murabaha (auto, real estate and commodities), Ijara Muntahia Bittamleek (Lease-to-own) , Istisna’a, Tawarruq, Credit Cards, Wakala and other products. Corporate projects and finance, Treasury Services, Issuing Letters of Credit (L/Cs), Letter of Guarantee (L/Gs) and Real Estate Dealings and Management of Properties.

Check out our PR service

Signal PressWire is the world’s largest independent Middle East PR distribution service.


Sign up to our newsletter for exclusive updates and enhanced content