How to open a bank account in Kuwait Financial House

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

May, 2023

Last contact

February, 2024

Last update

October, 2023
  • founded in 1977 in Kuwait, represented in Bahrain since 2002;
  • the bank opens savings (deposit) and current accounts;
  • the bank only opens accounts for local companies registered in Bahrain, and personal accounts also only for residents of Bahrain;
  • to open an account for a foreign company will require the opening of a branch in Bahrain;
  • minimum balance for corporate account BHD 100* (~ USD 265), for personal account – BHD 20 (~ USD 53);
  • initial deposit required – BHD 1 000 (~ USD 2 650);
  • personal visit of the founders and account signatory to Bahrain is required to open the account;
  • the main currencies available: BHD, USD, EUR, but you must first open an account in the local currency;
  • bank cards (corporate cards are issued only if the company has 1 shareholder) and chequebooks are available;
  • pre-approval is possible before the account opening process;
  • transfer fee to foreign bank is ~ BHD 3,3* (~ USD 9);
  • Internet Bank in English;
  • time of account opening: about 1-2 weeks

*Rates are approximate as they may eventually vary depending on the service program chosen by the client in the bank

GSL rating
Beginning of cooperation
May, 2023
Last contact
February, 2024
Last update
October, 2023
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General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
2002
History
KFH is the first Islamic bank founded in 1977 in the State of Kuwait and today it is one of the leading Islamic financial institutions in the world.

The bank is listed on the Kuwait Stock Exchange (KSE) and the Bahrain Stock Exchange.

It is available in Kuwait, Bahrain, Saudi Arabia, UAE, Turkey, Malaysia, Germany, Britain, Egypt, Iraq, Oman and Libya.

Kuwait Finance House (Bahrain) is a leading provider of Islamic commercial and investment banking services. Established in January 2002 as a subsidiary of Kuwait Financial House (Kuwait)
Personnel
There are English-speaking staff
Bank’s shareholders
Kuwait Finance House (Bahrain) - a subsidiary of Kuwait Financial House
Confidentiality
AML legislation is strictly observed
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    Minimum requirements

    246
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    2 455
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimum balance for corporate account BHD 100 (~ USD 265), for personal account - BHD 20 (~ USD 53)
    Transactions permitted per month
    No limit on the number of transfers
    Initial deposit of funds, €
    Initial deposit required - BHD 1 000 (~ USD 2 650)
    Deadline for the initial deposit, month
    Immediately after opening an account
    Minimum turnover, €/year
    No turnover limit
    How fast payments are executed
    Same day or next day

    Tariffs and services

    8
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee to foreign bank is ~ BHD 3,3 (~ USD 9)
    Incoming transfer, €
    The bank does not charge for incoming payments
    Distant access to the account
    Internet banking in English
    Financial products
    KFH provides a wide range of Shariah-compliant banking products and services covering real estate, trade finance, investment portfolios, commercial, retail and corporate banking
    Credit/debit cards
    Bank cards (corporate cards are issued only if the company has 1 shareholder) and chequebooks are available

    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    Personal visit of the founders and account signatory to Bahrain is required to open the account
    Required
    For legal entity: Charter and Articles of Association; Company Registration; Account Opening Resolution indicating the signatory on the account; completed bank form on the company and owner; copies of current contracts with counterparties; office rental agreements, cash flow chart, ownership structure chart, etc.
    For an individual (directors / shareholders / beneficiaries / attorneys): proof of identity (passport) + CPR/ID card; proof of address not older than 3 months; resume; bank references + bank statements for the last 6 months.
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable

    Banks of Bahrein

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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