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20/09/2022

Gulf Bank Educates Customers about their Saving and Investment Options

As part of its ongoing support for the Diraya campaign in its second year

  • Mohammed Al-Qattan: Banks provide a variety of services and products to help clients manage their investments and increase their returns.
  • Gulf Bank’s WISE Investments service and its AlDanah savings account are two examples of great channels for saving and investing.

As part of its ongoing commitment toward social sustainability, and its keenness to enhance financial literacy and education, Gulf Bank is keen to educate its clients and the general public on the risks that cybercrimes pose to their personal information and their bank accounts.

For the second year in a row, Gulf Bank is continuing to spearhead various efforts in support of the Diraya campaign. Initiated by the Central Bank of Kuwait and the Kuwait Banking Association, the Diraya campaign is an awareness campaign that aims to spread financial literacy in society, raise awareness of the role of the banking sector, and promote the various services that banks offer to their customers.

The General Manager of Consumer Banking at Gulf Bank, Mohammed Al Qattan, explained the difference between saving and investing, noting that saving is putting a portion of money away for later use, while investing is allocating an amount of money toward a product or service with the purpose of obtaining profits. Al-Qattan noted that Kuwaiti banks provide customers with a variety of saving and investment services and products, aiming to help customers manage their investments and increase their returns.

He pointed out that banks provide their customers with the following services and products:

Various Types of Deposits

A deposit is a sum of money installed by the customer in an account with a bank wherein the bank keeps the deposit and invests it to achieve returns on the deposit amount over a certain period of time. The customer has the right to recover the initial deposit amount after the period specified in the deposit terms.

Investment Funds

An investment fund is a common investment tool that allows clients’ finances to be invested in order to achieve profits. The fund is managed by a manager specialized in this role (for a set fee). The investment fields of these funds vary, and may include stocks, bonds, commodities, money markets, and others. (The investment funds of banks are subject to the supervision and licensing of the Capital Markets Authority).

Investment Savings Accounts

A savings account is an account in which the customer deposits the amounts they wish to save at a bank, with the bank investing the amount and depositing its returns into the same account after a specific period of time. The difference between an investment savings account and a deposit is that clients can typically withdraw and deposit into the account at any given time .

Short and Long Term Investment Plans

Investment plans are a way to prepare for future needs, including a children’s education fund, the launch of personal projects, retirement, and more. These plans help clients save money in a bank account on a regular basis, investing regularly in order to achieve compounded returns over a set period of time.

Al-Qattan pointed out that Gulf Bank’s WISE Investments is a digital investment platform that allows clients to invest in global markets easily, transparently, and at relatively low cost. WISE Investments enables investors to achieve their investment and saving goals through a service which customizes investment portfolios for clients based on their financial goals. WISE allows clients to access their investments anywhere, any time, assisting investors in attaining their financial goals and growing their wealth.

Al-Qattan also added that Gulf Bank also provides customers with the option of opening and depositing into an AlDanah account, the most rewarding savings account in Kuwait since 1998. Gulf Bank’s AlDanah account offers monthly opportunities to win KD 1,000 to ten lucky winners, in addition to two quarterly draws with KD 100,000 prizes each, a semi-annual draw prize of KD 1,000,000 and a grand draw prize of KD 1,500,000.

Gulf Bank's vision is to be the leading Kuwaiti Bank of the Future. The Bank is constantly engaging and empowering its employees as part of an inclusive and diversified workplace in recognition of every employee’s role in delivering customer excellence and serving the community at large. With its extensive network of branches and innovative digital services, Gulf Bank is able to give its customers the choice of how and where to conduct their banking transactions, all while ensuring a simple and seamless banking experience.

Gulf Bank is committed to maintaining a robust sustainability program at the community, economic, and environmental levels through sustainability initiatives that are strategically selected to benefit both the country and the Bank. Gulf Bank supports Kuwait Vision 2035 “New Kuwait” and works with various parties to achieve it.

Mohammad Al-Qattan

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