Kuwait Finance House (KFH) has launched its first Shari’a-compliant digital bank in Kuwait, Tam Digital Bank, which it says will appeal to the youth.
At a special ceremony to mark the launch, the company revealed that it has included a social media integration that enables customers to engage with offers and rewards through the platform.
Speaking at the Tam Showcase, Chief Executive Officer -KFH Kuwait, Khaled Yousef AlShamlan said: “Through Tam, youth will receive many benefits, including (opening an account, transferring student allowance, tracking expenses, transferring funds), in addition to rewards program, points, offers and exceptional discounts that meet all their needs, as well as a 24/7 customer service.”
He added: “Tam is not only for completing banking transactions, but it is a substantial leap in digital transformation initiatives. It is also a novel channel of high-quality banking services by offering innovative and unique digital banking experience that aligns with the modern lifestyle of youth.”
The ceremony attended by KFH Chairman, Hamad Abdulmohsen Al Marzouq, members of the Board of Directors, the Executive Management represented by KFH Acting Group Chief Executive Officer, Abdulwahab Iesa Al Rushood, Chief Executive Officer KFH Kuwait, Khaled Yousef AlShamlan, and the bank’s executive management team.
To open a Tam account on a smartphone, users must be at least 15 years of age, and have a civil ID. They do not need to submit physical documents or visiting a branch.
Speaking at the ceremony, Acting Group Chief Executive Officer, Abdulwahab Iesa Al Rushood said: “We are gathered today to witness a historic moment for KFH by launching Tam, the first shari’a-compliant digital bank in Kuwait. We have selected the name with meticulous consideration to represent this significant leadership milestone in KFH’s digital banking transformation journey.”
He added: “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 digitisation has become deeply ingrained in Kuwaiti youth and society as a whole.”