Kuwait Finance House (KFH) announced the release of a new banking product that is introduced for the first time in Kuwait. The product comprises a prepaid card to manage family expenses. The product is named 'Al Ousra Product'.

The product comprises one main card and several related prepaid sub-cards where the main card holder will be able to deposit funds in the related cards accounts, owners of which do not necessarily need to have accounts at KFH, thus granting the main card holder the ability to issue cards in the names of the children, spouse and house labor or their representatives to carry out a certain task that requires them to transfer money on regular basis.

Also, this facility enables the main card holder to obtain a card for a person living abroad as the card is acceptable on both local and international levels. There are several easy ways to transfer funds.

Mr. Mohammed Naser Al-Fawzan - AGM - banking Sector said in a press release that 'Al Ousra Product' represents a card designed specially for families to deposit funds in their accounts easily without any complications. KFH customers having bank accounts with KFH may obtain cards for their family members & household staff even if they do not have accounts opened with KFH.

He added that the minimum number of cards that can be issued in a certain group is two cards while the maximum number is 7 cards bearing in mind that in all cases (minimum or maximum) all cards will be affiliated with the main card, holder of which is required to have an account with KFH. Funds may be deposited in the cards account through kfh.com or Alo baitak telephone service (1803333) or bank branches through monthly fund transfer service in to the account provided at no extra cost.

Through monthly transfer orders, the customer may fill in the necessary details and determine amounts to be deposited in the accessory cards account, in one request form and funds will be transferred to such cards on monthly basis. This process saves the customer the effort of transferring funds every month and helps them control monthly family expenses.

Al-Fawzan said that 'Al Ousra Product' is a card issued as part of KFH continuous efforts to introduce new products to its customers in compliance with the highest and most advanced levels of service and international safety and quality standards. He emphasized that the new card holder will enjoy several privileges i.e. special discounts up to 50% from 300 stores, card validity at 29 million points of sale in Kuwait and worldwide, cash withdrawal through 850 thousands ATM machines inside and outside Kuwait and the ability to transfer funds to accounts on monthly basis free of charge. Furthermore, the customer would receive SMS on his mobile upon processing any international purchase transaction that exceeds KD15/- in value.

Al-Fawzan reiterated that 'Al Ousra Product' aims to facilitate customers daily life, help them control their family expenses, reinforce their knowledge of using banking cards in a safe and easy manner while enjoying all usage privileges inside and outside Kuwait. - Ameinfo