International Finance
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Warba Bank: Catering to Kuwaitis with exclusive benefits

IFM_Warba Bank
Warba Bank envisions itself creating unique value in Kuwait's financial landscape to unlock opportunities for people and businesses

Kuwait-based Warba Bank was established in 2010 with the aim of boosting the country’s economy. On April 7, 2010, it joined the Islamic Banks Register at the Central Bank of Kuwait. The bank is entrusted with meeting the financial aspirations of Kuwaitis and has positioned itself as a leader in Islamic digital retail and banking solutions in a very short time.

As of April 2024, Warba Bank has succeeded in ranking itself among the top Kuwaiti banks due to its innovative and distinguished products and services. The Bank is systematically launching new unique products and services to meet the clients’ expectations to keep pace with modem technology in the banking sector.

Warba Bank envisions itself creating unique value in Kuwait’s financial landscape to unlock opportunities for people and businesses.

“We deliver the best experience for our customers beyond the boundaries of banking, preserving our uniqueness and nurturing top talents while creating sustainable value for our shareholders and society. Contributing to people, businesses, and society by empowering them to achieve their ambitions,” Warba Bank told International Finance.

In 2022, Warba Bank received an award for being the “Best Digital Savings Application ‘Hassala’- Kuwait” from International Finance.

Showing The Intent

Since 2022, the Bank has been working relentlessly to enhance its digital services, as the latter witnessed an unprecedented demand among tech-savvy customers. As the venture kept on onboarding customers over the years, a significant portion of them are now carrying out their banking activities through the venture’s website and mobile app. The number of banking operations using all digital channels has doubled now.

The Al Sunbula account, with annual prizes exceeding KD 1,500,000, stands as Warba Bank’s flagship savings product. Warba Bank describes it as the perfect option for savers seeking both financial returns and the excitement of cash prizes, with no salary transfer necessary. Each KD 10 balance provides a chance to win in our weekly and quarterly mega draws, enhancing the saving experience.

Explaining the product, the venture told International Finance, “It is the ideal choice for all those wishing to save money and achieve appropriate financial returns on their accounts at the same time, in addition to the opportunity to win cash prizes throughout the year. No salary transfer is required and every KD 10 in the account equals a winning chance in the weekly draw or the four mega draws.”

Al Sunbula is an investment savings account based on the Wakala investment principle with returns distributed quarterly.

“Only KD 100 is required to enter the weekly Sunbula draws and major draws, and the client still gets one chance for every KD 10 in the account, and the chances are counted according to the lowest balance in the account during the month. There are no restrictions or limits for withdrawal and deposit,” Warba Bank said further.

Remaining Future Proof

Among the most recent banking solutions service launched by Warba Bank is “Customer Onboarding,” which was introduced in accordance with its ambitious five-year strategy. It enables non-Warba Bank clients to apply for opening a Sunbula account in an easy digital way via the Bank’s mobile application/website, and within only five minutes. Through the new and unique automated system devised for “Customer Onboarding,” new clients can open an account at any time and any place.

In 2023, Warba Bank launched “Al Safwa Plus” for individuals earning a monthly salary of KD 2,500 or more, or having a total balance of between KD 150,000 and less than KD 350,000. The “Al Safwa Plus” segment offers qualitative advantages within the continuous interest in different client segments, and new products and services meeting the needs of the customers as per their age and various interests.

Under “Al Safwa Plus,” the bank offers a customer relations manager. The clients can increase the daily withdrawal limit from ATMs up to KD 3,000, apart from having free issuance for the first year of the World Mastercard, and Warba concierge services (personal assistant), as well as obtaining a special competitive rate on personal financing transactions and granting the customer a grace period of up to 12 months.

The “Al Safwa Plus” card also grants the client free access to more than 25 airport lounges around the world with international offers (restaurants, cafes, entertainment) through the priceless Specials application (IOS / Android), in addition to a free MyUS “premium” account for the first year.

At the end of 2022, Warba Bank launched the “Apple Pay” service for all its clients, which is now allowing the bank’s clients to conduct all their daily payments and purchase transactions through various Apple smart devices.

The above service allows Warba Bank clients to make payments easily, whether through the application or when purchasing products online, without creating accounts or entering credit card information.

“Security was also taken into account when paying using bank cards, as the card numbers are not stored on the device, and instead, a personal account number for the device is created and encrypted and then stored in an approved chip. Also, it is possible to pay using Apple devices, whether iPhone or smartwatch, in stores, restaurants, cafes, hotels and others easily all over the world, in addition to purchasing online, using the features of the fingerprint or the faceprint on the devices,” Warba Bank remarked.

Being Innovative

Warba Bank offers an award-winning service called Hassala, which is a digital smart savings system designed to help clients achieve their savings goals. The service provides innovative savings methods, such as “Kharda”, which allows clients to directly transfer all coins (Fils) available in their account daily. Additionally, there are automated transfer, recharge options, and several other methods available to help clients save more efficiently.

In 2022, Warba Bank became the first Kuwaiti bank to launch a special “Drive Thru” service for its clients. The services provided initially included cash withdrawal services, cash deposit, internal transfer between Warba Bank accounts, local transfer, Warba Bank check deposit, and local bank check deposit.

The very next year, in 2023, Warba Bank also became the first Kuwaiti bank to introduce a smart application for its employees. The app enables staff to keep track of training courses, internal promotion opportunities, and job performance.

To raise the work quality of all its employees, Warba Bank launched its first-of-a-kind “Re’aya” initiative to support talented employees to achieve their personal goals away from the job aspect, where a group of employees were selected and supported on both the material and moral levels to achieve their ambitions.

Not restricting itself to the banking domain, Warba has entered into partnerships with various social institutions, to sponsor the latter’s activities, including the ones in sports.

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