Kuwait, 5 March 2024: Kuwait International Bank (KIB) held a special press conference to announce the launch of Kuwait’s first bank-led digital marketplace, the KIB PayTally App. A leader in Islamic banking solutions, KIB’s pioneering initiative marks the first time a bank in Kuwait has created a platform to serve as a specialized digital marketplace, catering to the diverse needs of its customers’ modern lifestyles by allowing them to access everything they need in one place across various categories, in addition to the exclusive KIB Store.

Commenting on the launch, Othman Tawfeqe, General Manager of the Retail Banking Department at KIB, said: “This initiative represents a significant breakthrough in the field of digital Islamic banking solutions and serves as a testament to our dedication to offering exceptional products and services. These offerings are designed to meet our customers' needs comprehensively and align with their lifestyles. Furthermore, the KIB PayTally application will enhance the customer experience, especially during the holy month of Ramadan, by providing seamless and beneficial features.”

Speaking at the press conference, Tawfeqe added: “The launch of the new application, which adheres to Islamic banking principles, in conjunction with our Ramadan campaign embodies the holy month’s spirit of generosity, and KIB stands proud as a community partner, offering financial solutions that are both accessible and advantageous. Our focus this Ramadan is not just on facilitating easy and convenient transactions, but also on fostering generosity and making wishes come true, be it through purchasing a new car or building a dream home.”

On his part, Mohamed Atef El-Shareef, General Manager of the Digital Innovation and Data Intelligence Department at KIB, stated: “The new app stands out as the first digital marketplace introduced by a bank in Kuwait, allowing users to shop, finance and track their applications in real-time with complete ease. It is crafted to bring about a significant improvement in how customers access financing services and enjoy a comprehensive browsing experience, without the hassle of visiting multiple websites or locations. The KIB PayTally application is user-friendly and equipped with distinctive features specifically designed to enhance the digital marketplace concept through exclusive deals not found at any other marketplace destination. Moreover, it enables customers to compare products across various categories, ensuring accuracy and trustworthiness in their choices before making a purchase.”

Meanwhile, Abdulrahman Al Bahar, Assistant Manager of Central Sales in the Retail Banking Department at KIB, remarked: “We are confident that KIB’s innovative app will ensure convenience and security by facilitating transactions through simple steps, anytime and anywhere. This eliminates the necessity of visiting branches, making the experience more efficient and effective. Notably, applying for financing via the KIB PayTally app does not require customers to transfer their salaries to the Bank.” He pointed out that KIB provides a range of flexible financing options through the application with payment plans from 3 months and up to 60 months, ranging between KD 300 and KD 25,000, to meet the needs of the widest possible customer base, including both customers and non-customers, as well as citizens and residents alike.

Further discussing what KIB PayTally offers, Musab Al-Shalan, Deputy General Manager of the Retail Banking Department at KIB, said “Through this new app, KIB will manage to bring together a wide array of its partners in the KIB PayTally program under a single umbrella, creating a comprehensive marketplace destination. This will enable the Bank to offer its customers innovative and flexible financing solutions across various sectors, such as automobile financing, medical financing, financing for overseas treatment, educational financing, as well as financing for furniture, electronics and gaming, among other financing services. These offerings further solidify the Bank's leadership in pioneering digital banking innovation strategies.”

Al-Shalan invited everyone to download the KIB PayTally application and explore the opportunities offered this Ramadan. With its user-friendly interface, comprehensive range of services, and exclusive deals, the new application is set to change the landscape of digital banking and financing in Kuwait. He also encouraged following the Bank on its social media platforms and visiting its website to find out more information about KIB PayTally.

It is worth noting that KIB is committed to providing the best banking and financing solutions to the largest number of people in the community, affirming its position as a leader in the Islamic banking sector, and stemming from its main slogan ‘Bank for Life’.