In a continually dedicated effort towards promoting financial literacy, Kuwait International Bank (KIB) recently published a series of informative articles and social media posts, briefly introducing its audience to some of the key principles that foster responsible customer protection practices. Demonstrating an ongoing support to the national awareness campaign: Let’s Be Aware, this included an overview of basic consumer rights and responsibilities when it comes to banking transactions and financial relations.
Acting Unit Head of the Complaints and Customer Protection Unit at KIB, Hussain Abdulraheem, noted that fostering widespread banking awareness is a cornerstones of the Bank’s social responsibility program, and that KIB’s commitment to this remains a core principle endorsed by the Bank within its Customer Protection manifesto. According to Abdulraheem, KIB acknowledges that “A consumer’s right to an expanded financial and banking knowledgebase, is reserved at all times”.
Within this vein, KIB’s latest awareness engagement highlighted the appropriate mechanisms set by the Bank, and which are being continuously implemented on the widest scale, through utilizing all tools and means available to maintain open channels of communication. Abdulraheem further elaborated that KIB allows direct communication through branch visits, as well as through its interactive community engagements. He also pointed to the Bank’s alternative channels, serving and helping customers around the clock. This includes KIB’s call center, in addition to its various digital and electronic platforms. “Customers can always educate themselves on customer protection by visiting our website, our smartphone app, KIB Mobile, or KIB’s social media channels”, he added.
Abdulraheem underlined the set of instructions and policies that govern KIB’s sound customer protection practices. He referred to the Bank’s manual on Customer Protection, which outlines a series of guiding principles that KIB remains committed to.
The Bank’s guide to customer protection follows ten fundamental principles, including those that stipulate dealing with all customers with fairness, equality, and impartiality, with utmost transparency and full disclosure. It also specifies continued customer awareness efforts in the fields of banking and finance. As for professional behavior principles, KIB remains committed to its human capital development plans and maintaining their personal wellbeing, in addition to achieving the highest standards of integrity and enhancing banking competitiveness through inter-sector collaborations.
Abdulraheem underscored KIB’s main principles related to the protection of customer assets, data confidentiality, as well as ensuring impenetrable customers privacy and securing their electronic banking transactions against crimes of financial fraud. KIB continues to reaffirm the efficiency of its robust internal control systems, and commitment to continually enhance the level of awareness among customers on the various risks surrounding their banking and financial transactions. This includes giving sufficient care to address customer complaints and grievances in a prompt, fair and independent manner, whilst also protecting customers from the risks when outsourcing to third parties, and finally adopting a clear and written policy on conflict of interest.
Hussain Abdulraheem - Acting Unit Head of the Complaints and Customer Protection Unit at KIB
About KIB
Kuwait International Bank (KIB) is a bank that operates according to the Islamic Shari’ah, based in the State of Kuwait. Incorporated in 1973, and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007. In 2018, KIB embarked on a new phase of its journey full of innovation and development. As part of its new strategic direction, the Bank focuses on offering a next-level customer experience under the slogan: “Bank for Life”.
Through a network of branches spread across the State of Kuwait, KIB offers a broad range of banking products and services, as well as innovative digital banking solutions in line with international best standards. As part of its duty towards the community, the Bank also encompasses a leading social responsibility program that aims at positively impacting all members of the community through a wide range of impactful initiatives and activities.
Today, KIB has taken concrete steps in implementing its new strategic objectives. The Bank has cemented its role as a key player in the local banking industry and has continued to maintain its strong financial performance; enabling it to be globally recognized for its strong credit rating and financial position.