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Tuesday , December 7 2021

KFH launches strategic initiative in bid to ‘help’ debtors in Kuwait

$65 mln donated to benefit nearly 10,000 people

KUWAIT CITY, March 10: Based on the keenness of the Board of Directors of Kuwait Finance House (KFH) to expand the scope of social responsibility in view of the circumstances the country is going through since the beginning of 2020, it has recommended launching a strategic initiative, with the cooperation of the Ministry of Justice, to repay the debts of defaulting debtors and individuals against whom judicial rulings have been issued for their arrest, given that $65 million has been donated to benefit nearly 10,000 people, reports Al-Anba daily.

In this regard, the acting CEO of KFH Group Abdul Wahab Essa Al-Rashoud explained that benefiting from this initiative will be subject to well-studied criteria and conditions from the Sharia viewpoint. The implementation of the initiative is aimed to contribute in relieving the burden endured by a number of debtors among the poor families and defaulters because of their economic conditions and their inability to pay their debts.

Such an initiative embodies KFH leadership in social responsibility and achieving sustainability in its comprehensive development concept, as well as its keenness for strategic partnership with state institutions, which reflects Kuwait’s vision of leadership and people in humanitarian work.

Assistance
Providing assistance to the debtors by paying their debts according to the conditions will contribute to lifting their burdens so that they can return to society, practice their normal life with great optimism and hope, and seek a decent living. The implementation of this initiative will be carried out by the Ministry of Justice and the concerned authorities with confidentiality, transparency and high professionalism. Al-Rashoud highlighted that the first part of the program, which was implemented in 2020, had positive repercussions in the community, and this prompted KFH to continue this program this year also and expand the scope to cover a larger number of debtors out of a sense of social responsibility.

He expressed his happiness over the positive results of this initiative presented by KFH, with the aim of helping the debtors and relieving their families, indicating that KFH has implemented this program in the State of Bahrain also in coordination with Bahrain’s Ministry of Justice. Al-Rashoud also expressed appreciation for the efforts exerted by all concerned parties, especially the Ministry of Justice in both Kuwait and Bahrain for their role in the success of the initiative. He affirmed the continuation of the pioneering role in social responsibility, reflecting KFH’s prestigious position as a leading Islamic financial institution at the level of the private sector and worldwide.

Contributions
Al-Rashoud highlighted that KFH has made various contributions to support the state’s efforts in facing the COVID-19 crisis, believing in the importance of its national role towards Kuwait and its people. He revealed that the bank contributed the largest share to the government’s effort support fund announced by the Central Bank of Kuwait, whose value is KD 10 million, adding that KFH has separately contributed an additional amount to the fund, which makes KFH one of the major donors to the fund, and it was placed at the disposal of the Cabinet to support government’s efforts, needs and urgent measures to deal with the COVID-19 crisis.

Al-Rashoud affirmed the continuation of the national and social role of KFH, and its adherence to the responsibilities towards the society, and government and official agencies in various circumstances. He explained that KFH plays a pivotal role in achieving sustainable community development through its contributions that include various social activities and initiatives in the fields of health, education, youth and environmental activities, enhancing the spirit of social solidarity, supporting people with special needs, caring for the workforce and providing continuous support to the Kuwait Foundation for the Advancement of Science (KFAS) and others. Al-Rashoud indicated that KFH’s social efforts have been appreciated by prominent global and local bodies, adding that it laid the pillars of leadership, excellence and sustainability.

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