As part of the Bank’s ongoing support of the Diraya financial awareness campaign
Kuwait, 16 August 2021: Gulf Bank is continuing to spearhead various efforts in support of the Diraya campaign, an awareness campaign initiated by the Central Bank of Kuwait and the Kuwait Banking Association. Gulf Bank is keen and committed to educating customers about their banking rights, raising awareness about cybersecurity, and informing customers on the various opportunities available to improve their quality of life.
The Diraya campaign spans several topics, including savings and investment, the lending process, bank cards, cybersecurity, security tips, and services for customers with special needs. The campaign also aims to clarify the mechanisms for raising official complaints in an effort to protect customers’ rights, and also aims to highlight the banking sector’s tasks and roles in stimulating and developing the economy.
On this campaign, the Head of Investment Management at Gulf Bank, Dalya Al-Qassem, said: “At Gulf Bank, we are constantly working to educate our customers about banking transactions, utilizing all our public channels to communicate and spread a culture of financial awareness, savings and investment, and raise awareness about how to take advantage of the various banking products and services available to them. These initiatives are in support of local economic sustainability efforts, including the Diraya campaign, an awareness campaign initiated by the Central Bank of Kuwait and the Kuwait Banking Association that has had a great impact on educating the community about financial services and banking transactions, including clarifying basic banking concepts that customers may not be aware of and that may pose cyber security risks.”
Gulf Bank offers a range of different services and products for safe investing, by advising and assisting clients in managing their investments in order to potentially increase their returns. These services include:
A deposit for the purpose of investment is a sum of money deposited by the customer in a bank account, in which the bank maintains and invests the deposit with the aim of achieving returns over a certain period of time. The customer has the right to recover the deposit amount after the period specified in the deposit term has passed.
An investment fund is a joint investment tool that enables participants to invest their money to achieve profit. The fund is typically managed by a manager specialized in this role, for a set fee. The types or instruments of these funds may vary, and can include stocks, bonds, commodities, ETFs, and others. (The investment funds in banks are subject to the supervision and licensing of the Capital Markets Authority of Kuwait).
Investment Savings Accounts
A savings account is an account in which the customer deposits an amount that he or she wishes to save, with the bank investing that amount and depositing any returns into the same amount at various intervals of time. A savings account differs from a deposit in both the possibility of withdrawing funds from the account, and depositing funds into the account at any given time.
Short – and Long-Term Investment Plans
Investment plans are a way to prepare for future needs, including funding children’s education, increasing personal wealth and income, retirement, and more. Investment plans help customers to save on a regular basis and invest to achieve their financial goals.
In light of these products, it is also worth noting that Gulf Bank offers a convenient digital investment platform “WISE Investments,” providing clients with investment opportunities that are subject to the supervision of the Central Bank of Kuwait, and customized according to the customer’s risk appetite. WISE offers clients the opportunity to invest in a globally diversified portfolio with a long-term approach. By filling out a simple questionnaire, WISE identifies clients’ financial goals, risk appetites, and preferred investment horizons, recommending customized portfolios based on their needs and preferred level of risk. Gulf Bank also offers its female clients low-risk, income-generating investment products that not only aim to support their financial goals, but also enable them to achieve additional sources of income. Throughout the investment period, Gulf Bank’s investment managers monitor and review their clients’ portfolios continuously, helping to protect and increase their wealth.
Investments & Risks
Gulf Bank stresses caution when choosing investments, as investments vary according to the degree of risk involved. Among high-risk investments are investments that are not subject to a supervisory authority that regulates its work and sets laws that guarantee an investor’s protection. These investments include cryptocurrencies, as they are not subject to the supervision of the Central Bank of Kuwait, nor the supervision of any institution at the national or global level. Speculation in “Forex” (Foreign Exchange) is also considered a high-risk investment. “Forex” is a commercial process for exchanging foreign currencies, which takes place through electronic applications that operate within a global currency exchange market, often for reasons related to travel, import, export, etc. However, some investors make speculations on this market with the aim of achieving quick profits from fluctuating currency rates.
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