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Returns of 3-month deposit in KD .80% by end of Q2 KFH offered returns in US dollar reach 0.32 pct: Al-Sumait

KUWAIT CITY, July 19: Kuwait Finance House (KFH) announced the returns of its diverse investment deposits that it offers to its clients in foreign currencies, and the threemonth deposit in Kuwaiti dinar during Q2 of this year that ends on 30/6/2014. The deposit offered good returns for investors, compared to the returns offered by other currencies, despite turbulences in global financial markets.

Acting Chief Treasury Officer at KFH Ahmad Al-Sumait mentioned that the three-month deposit in Kuwaiti dinar has achieved returns during Q2 of this year that reached 0.80%. He noted that this return is competitive, compared to what is offered by the market in other currencies, not to mention the stability of the Kuwaiti economy, and the governmental support of national banks. He added that all the previous factors attract investments in Kuwaiti dinar, and expressed his positive outlook that returns on the Kuwaiti dinar will improve gradually; especially in light of development projects and governmental support that boost the economy.

Moreover, Al-Sumait explained that KFH offered during the Q2 competitive returns compared to the local and overseas markets, where the returns in US dollars reached 0.32%, while the returns in US dollars during the past six months of the same period reached 0.35%, nine months returns reached 0.37%, and annual return of 0.40%. He added that KFH distributed returns on deposits in Euro by end of Q2 that reached 0.15%, six months returns reached 0.152%, nine months returns reached 0.157%, and annual returns reached 0.161%. In a comment regarding the performance of currencies markets, Al-Sumait said that the performance is unsteady, despite relative improvement in the global economy.

However, most analysts expect the markets to improve; especially that overall developments are better than previous years. In addition, he stated that the American economy witnesses improvement in some of its indicators which will result in improvement in profit rates, and the UK economy also witnesses improvement in its indicators where the central bank quest to increase profit rates to rein inflation. He went on to say that European Central Bank may open the way to further apply monetary easing policy while keeping the profit rates at low levels in an attempt to ward off the risk of deflation in the Eurozone.

Period US dollar Sterling Pound Euro 3 months 0.32% 0.32% 0.015% 6 months 0.35% 0.33% 0.152% 9 months 0.37% 0.34% 0.157% 12 months 0.40% 0.35% 0.161% KFH was established in Kuwait in 1977 and is enlisted in the Kuwait Stock Exchange. KFH Group is a global pioneer in the field of Islamic banking services, where it offers a wide array of Islamic products and services, not to mention a high standard of innovation and client service. KFH manages its operations in the GCC, Asia, and Europe through over 310 branches, including KFH-Turkey, in order to offer services for the bank’s clients in Turkey, Malaysia, Saudi Arabia, Bahrain, Australia, Jordan, Dubai, and Manheim in Germany.

KFH’s mission is to achieve highest levels of excellence and innovation in the field of client service, while developing common interest for all those concerned with the financial institution. KFH’s vision is to spearhead the global development in Islamic financial services, and to upgrade the bank into the level of becoming the most sustainable profitable Islamic bank in the world. KFH’s values include cementing leadership through all its businesses, including leadership in the Islamic banking services worldwide, through innovation and in client service and the development of its employees. In addition, KFH is committed to all its procedures, and to setting up long-life partnerships with the concerned authorities.

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