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KFH rolls out Shari’a-compliant digital youth bank

KFH rolls out Shari’a-compliant digital youth bank

Kuwait Finance House has launched a Shari’a-compliant digital bank targeting the youth market in Kuwait.

The new digital bank, dubbed Tam, offers instant mobile onboarding to a youth-oriented savings account for managing student allowances and transfers. The proposition also features a rewards programme, offering cash-back loyalty points for discounted spending at the bank's network of brand retailers.

KFH chief Abdulwahab Iesa Al Rushood, says: "To open a Tam account, customers must be at least 15 years of age, have a civil ID, and a smart phone to download Tam application. There is no need for submitting any document or visiting the branch. When opening an account, customers will have access to a wider array of banking services, offers, reward points and much more.

“Tam Digital Bank has been set up as a result of various factors, including KFH’s unprecedented digital transformation strategy and its cutting-edge infrastructure. These factors are particularly important as digitization has become deeply ingrained in Kuwaiti youth and society as a whole."

The roll out of Tam comes on the heels of the launch earlier in October by KFH of Zaheb, a digital payment platform for SMEs.

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