Libshara Savings Account FAQs
Islamic Credit Card FAQs
- What is the Islamic concept?
The credit card finance product which is based on Al-Qard Al Hassan, allowing the client to repay the amount without any profit, and agreed upon fees for providing several services.
- How does Kuwait Finance House credit card works?
The card works similar to conventional credit cards; however, Kuwait Finance House credit card is a Shari'a compliant card (no interest, no hidden cost). The card only charges an annual fee which is payable on a monthly basis.
- Is Kuwait Finance House Credit Card the same as charge card?
KFH credit card is NOT the same as charge card. The card allows customer to pay a minimum monthly payment of 5% of the outstanding balance (a minimum payment of BD 10 applies), as opposed to charge card where full amount is payable on payment due date.
- What are the types of credit cards in KFH?
- What is the maximum limit for each type of card?
For Classic card - BD 300-2,000
For Gold card - BD 1,000-3,000
For Signature card – BD 3,000 -30,000
For SmartPay card – BD 300 -20,000
- How does the cash withdrawal work in KFH credit card?
Cash withdrawals made through the KFH card are not subject to payment in installments, but must be paid in full on receipt of the next statement of account.
- Is there any limit on the amount available for cash advance?
Cash advance is applicable for 20% of the total limit except SmartPay card.
- Is there a fee/charge for cash advance?
The Cards are not intended to be used at ATMs for the purpose of receiving cash advances. However, If the customer choose to use the Cards for cash advances. We shall charge the Cards a fee in respect of cash advances which the customer agree and will be added to his monthly balance to cover certain third party costs and handling fees at an amount equivalent to BD 4 and will be levied irrespective of the amount of cash advance withdrawn. Some limitations on ATM cash advances may apply, such as limitations on BHD amount.
- What happen if a person used the credit card over the limit approved?
The amount over the actual credit limit will immediately fall due and to be paid once the bank statement is delivered to the customer. The Bank is also entitled to deactivate the card in case of over limit withdrawal.
- What are the SmartPay features & benefits?
Flexibility of Repayment up to 36 months’ installment
Free Airport Lounge Access to 25 lounges in selected countries
Extended warranty & purchase protection
The account is based on the Mudarabah concept and the prizes are donated from the Bank’s shareholders’ money, not deducted from the profits or capital of the Mudarabah.
Libshara account is available to customers of all nationalities and can be opened by individuals with the age of 18 and above or by a legal guardian on behalf of a minor. The account can also be opened for establishments, corporations or any other legal entity.
Yes you will need to open a new Libshara account.
You can open an account by visiting your nearest KFH branch.
Libshara account can be opened in Bahrain Dinars or USD only. To deposit in any other currency, you will need to exchange that currency to Bahraini Dinars or USD.
The minimum deposit to open Libshara account is BD50. You will receive one entry into the draw for every BD50 saved into your account for 30 days. The more you save, the more chances you will have to win.
Since this is a Mudarabah account, any profits generated will be distributed to the account holders. The updated profit distributed rates are available on KFH website (www.kfh.bh) and Mobile Application.
Profits are distributed on a Monthly basis.
You can deposit and withdraw unlimited amounts by one of the following methods:
Visiting any of our branches.
Transfer funds electronically to your Libshara account from your existing KFH eBanking account, your other bank’s eBanking account.
Deposit funds from any bank’s debit cards through our online Top-up service that is available on our website (www.kfh.bh). However, as a Libshara account holder, you are not eligible for an ATM card or a cheque book.
Yes you can get access to the eBanking portal by filling out an “Internet Banking Application Form”.
Yes, you can register your mobile number at the time of opening the account.
Yes, by filling out the SMS form at your nearest KFH branch.
Yes, clients who never-won in the past 24 months are entitled to enter a special draw in “our savers” segment.