Kuwait Finance House Launches 'Zafafi'
Launch of the Zafafi product, a consumer financing facility for low-income individuals up to 25,000 KD.
Translated by Qiyas from النهار — Original source
In line with its commitment to providing more innovative banking solutions that align with customers’ aspirations and market needs, and to enhance its competitiveness, Kuwait Finance House (KFH) has launched the “Zafafi” product, one of the most accessible financing solutions offering flexible terms and special, distinctive profit rates to facilitate marriage requirements and strengthen family stability.
Abdulaziz Al-Saeed, Executive Director of Individual Financing Products at KFH, stated that the introduction of “Zafafi” represents a qualitative leap that enriches the bank’s products and services designed to support young people, meet their aspirations, encourage marriage, and help them build families, in harmony with the noble teachings of Islamic Sharia that promote marriage, and in support of the state’s direction toward building a cohesive family society.
Al-Saeed explained that “Zafafi” is among the best consumer financing products offered to newly married men and women who are KFH customers, aimed at helping them finance their needs for (furniture, electrical appliances, cars, and other consumer goods) through accessible financing with flexible terms and special, distinctive profit rates.
He added that through the “Zafafi” product, newly married couples, either jointly or individually, can apply to KFH for consumer financing to cover their needs up to 25 times their net salary, with a maximum limit of 25,000 Kuwaiti Dinars over a period of five years.
Al-Saeed noted that KFH grants “Zafafi” customers a grace period of up to six months from the date of financing disbursement before the first installment becomes due, to ease the burden on customers. This is in addition to an installment deferral service that allows customers to defer one installment per year, providing flexibility to choose which month to skip payment each year during the financing period, according to the customer’s personal needs and circumstances.
He confirmed that KFH offers special promotions to “Zafafi” customers in collaboration with a select group of local market suppliers, featuring the best and most up-to-date consumer goods, along with various discounts and offers.
Al-Saeed clarified that newly married KFH customers seeking accessible financing through the “Zafafi” product can apply through KFH branches across Kuwait, or submit their financing applications via KFH Online.
