Warba Bank has unveiled its new BCT service representing a trading platform for domestic and international commodities.

The ‘Mosawama’ comes within the framework of the efforts of the retail banking group in providing special services and products to customers in personal finance in accordance with the rules of Islamic sharia and rules of retail finance services.

It will provide Warba Bank customers as well as customers of other banks with investment opportunities and more options to purchase goods and products available both locally and internationally without any loss margin.

The service is distinguished by quickly performing the transactions where the customer receives the entire commodity without any additional fees on the transaction, and the sale amount is directly credited in the customer's account.
 
Adnan Al Salem, chief retail banking officer at Warba Bank, said: "Through this step, Warba Bank seeks to find the most appropriate mechanism for the commodity market through executing installment sale transactions to serve as an alternative solution for transactions at the Islamic financial sector. This new product represents a leap in the financing structure adopted at the Bank.

“Warba applies such solutions to be the pioneer in providing innovate tools for developing the Islamic banking sector and contributing in enhancing the standard of service provided. The Bank supports the development of this finance structuring to accommodate several products that can be launched in future." - TradeArabia News Service