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New family banking product introduced first time ever in Kuwait
Kuwait has announced the release of a new product named Al Ousra Product, comprising a prepaid card to manage family expenses, which is being introduced for the first time ever in Kuwait.
The product comprises a main card and several related prepaid sub-cards. The main card holder can deposit funds into the related cards accounts, owners of which do not necessarily have to have accounts at Kuwait Finance House (KFH), thus granting the main card holder, an ability to issue cards in the names of spouse, children and house labour to carry out a certain task requiring them to transfer money on regular basis.
With such a facility, the main card holder can also obtain a card for a person living abroad, as the card is acceptable on both local and international levels. There are several easy ways to transfer funds.
According to Mohammed Naser Al-Fawzan, AGM, Banking Sector, the ‘Al Ousra Product’ actually represents a card designed particularly for families to deposit funds into their accounts in an easy manner.
All customers having accounts with Kuwait Finance House (KFH) can obtain cards for their household staff and family members even if they do not have operating accounts with KFH.
A minimum of two cards will be issued to a certain group and a maximum of 7cards will be issued, and all cards will be affiliated with main card, the holder of which is required to have an account with KFH.
Funds could be deposited in the cards account through kfh.com or Alo baitak telephone service 1803333, or the monthly fund transfer service of the bank branches.
The monthly transfer order has the additional benefit that in just one request, the funds will be transferred to such cards on monthly basis. Therefore the customer need not take the strain of transferring funds every month, and can thereby control monthly family expenses.
The new ‘Al Ousra Product’ offers several other privileges such as discounts and cash withdrawal facilities detailed in the website. The product aims to facilitate the daily life of customers, help them to control their family expenses, and reinforce their knowledge of using banking cards in a safe and easy manner, while enjoying all usage privileges inside and outside Kuwait.
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