Kuwait International Bank (KIB) has announced the signing of a strategic co-operation agreement with ACICO Group, a leader in the construction and industrial sectors, to provide affordable financing solutions for citizens to build their residential plot. 

This collaboration with ACICO Group enables KIB customers to obtain housing financing of up to KD70,000 ($227,800), with flexible repayment terms of up to 15 years.

Through this partnership, KIB said it aims to simplify the customer’s journey toward building their dream home. 

The move reflects its commitment to providing distinguished banking and financing services that are compliant with the principles of shari’ah, with a strong focus on supporting the housing sector in Kuwait, said a statement from KIB.

The announcement was made during a meeting held to mark the partnership, which aims to offer affordable financing solutions and exclusive incentives for citizens seeking to build their residential plots, in line with their aspirations and the growing demands of the real estate and construction sectors. 

The agreement was signed by Othman Tawfeqe, General Manager of Retail Banking at KIB, and Ahmed Ghassan Al Khaled, Vice Chairman at ACICO Group.

This comes as part of KIB's initiative to develop high-impact strategic partnerships with leading institutions across various sectors, strengthening its ability to deliver innovative, shar’iah-compliant financing solutions.

On the agreement, Abdulaziz Al Shammari, Assistant General Manager of Retail Banking at KIB, said it was designed to deliver maximum flexibility and convenience for customers, reflecting the bank’s strategy to build high-quality partnerships with leading institutions across various sectors, strengthening its capacity to deliver innovative financing solutions that respond to the evolving needs of society. 

The Kuwaiti bank is committed to offering customers a grace period of no less than 24 months (two years) from the commencement of financing before installment repayments begin, subject to the customer’s preference, to help ease financial obligations during the construction period, he stated.

Al Khaled pointed out that the agreement represents a practical model of integration between the financial and construction sectors. 

This partnership with KIB will contribute to strengthening Kuwait’s housing market by offering well-structured financing solutions that align with citizens’ needs and help accelerate the delivery of residential projects, he noted.

The combined efforts of the parties involved in such initiatives help support the national economy, stimulate construction activity, and create sustainable value, which contribute to the development of Kuwaiti society, particularly as ACICO is considered one of the cornerstones of the national industry, he added.-TradeArabia News Service