The development of Murabaha product is in conjunction with Kuwait Finance House (KFH). Edward Di Corse, a representative of Swift, has said that Swift is in cooperation with KFH for the development of Murabaha transfers messages.
Mr. Corse explained that since Islamic banking differ from their conventional counterparts, it requires technical services & setup as a result of the growing demand. He noted that transactions related to Murabaha product has reportedly reached 60% of the bank’s and Islamic institution total operations, which prompted Swift to meet their needs.
Meanwhile, Anwar Bader Al-Ghaith, deputy GM for operations at KFH, asserted that KFH and all Islamic banks need such a system to minimize the overhead costs related to the manual transaction processing and to improve the work efficiency & controls which reveals KFH keenness to develop the Islamic banking industry by offering a well designed services and products to its valued clients.
