Kuwait Finance House Launches Tam, Kuwait's First Digital Islamic Bank

Kuwait Finance House Launches Tam, Kuwait's First Digital Islamic Bank

By Press Release, 06 November 2023

In a special ceremony, Kuwait Finance House (KFH) has announced Kuwait's Tam Digital Bank, its first digital islamic bank or mostly known as Shari’a-compliant digital bank.

The ceremony was attended by KFH Chairman, Hamad Abdulmohsen Al Marzouq, members of the Board of Directors, the Executive Management represented by KFH Acting Group Chief Executive Officer, Abdulwahab Iesa Al Rushood, Chief Executive Officer KFH Kuwait, Khaled Yousef AlShamlan, and the bank's executive management team.

Acting Group Chief Executive Officer, Abdulwahab Iesa Al Rushood said: "We are gathered today to witness a historic moment for KFH by launching Tam, the first shari’a-compliant digital bank in Kuwait. We have selected the name with meticulous consideration to represent this significant leadership milestone in KFH's digital banking transformation journey. With its modern youthful design, user-friendly and efficient usage, along with innovative banking services backed with advanced technology, we are confident that Tam will fulfill customers’ desires and exceed their expectations. At KFH, we take account of factors such as convenience, speed, quality, safety, and innovation in line with our motto "Easy Banking Experience".

The Inauguration of the First Digital Islamic Bank

Al Rushood added: “Tam Digital Bank has been set up as a result of various factors, including KFH’s unprecedented digital transformation strategy and its cutting-edge infrastructure. These factors are particularly important as digitization has become deeply ingrained in Kuwaiti youth and society as a whole. Additionally, KFH's name has always been associated with leadership at various levels including strong financial performance, advanced technological infrastructure, innovative banking solutions, wide geographical reach, financial inclusion, sustainability, social responsibility, global credibility, leading position, and exceptional cadres, competencies, and talents. Tam Digital Bank is a new achievement that confirms KFH's digital leadership and continuous endeavor to enhance the customer experience, the youth in particular, meet their aspirations by keeping pace with financial technology, which is at the heart of the Bank's business."

Al Rushood explained: "To open a Tam account, customers must be at least 15 years of age, have a civil ID, and a smart phone to download Tam application. There is no need for submitting any document or visiting the branch. When opening an account, customers will have access to a wider array of banking services, offers, reward points and much more.”

Al Rushood concluded his speech by extending his gratitude to the Board of Directors for their unwavering support, the executive management and team for their meticulous execution and successful completion of this strategic project, Tam digital bank.

Chief Executive Officer - KFH Kuwait, Khaled Yousef AlShamlan said, "We are pleased to officially announce the launch of Tam Digital Bank, which constitutes an added value for customers in general and the youth in particular. Tam is not only for completing banking transactions, but it is a substantial leap in digital transformation initiatives. It is also a novel channel of high-quality banking services by offering innovative and unique digital banking experience that aligns with the modern lifestyle of youth.”

During the Tam Showcase, AlShamlan added: " Tam Digital Bank combines a user-friendly and creative banking platform with a social media integration that enables customers to engage with offers and rewards.”

AlShamlan added: "Through Tam, youth will receive many benefits, including (opening an account, transferring student allowance, tracking expenses, transferring funds), in addition to rewards program, points, offers and exceptional discounts that meet all their needs, as well as a 24/7 customer service.”

"At KFH, we provide unlimited support to youth in terms of digital banking services, exclusive offers and discounts, community and academia events, training and much more." he added.

AlShamlan pointed out that KFH is leading the digital banking arena and has succeeded in launching many digital banking services and solutions for the first time in Kuwait with the aim of enhancing customer experience and offering easy, fast, and secure banking services.

AlShamlan thanked everyone who contributed to the development of the Tam Digital Bank and emphasized that the ultimate success will be measured by the positive experience customers will have through this revolutionary platform.


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