KFH Bahrain launches digital platform Jazeel
Kuwait Finance House Bahrain (KFHB) has unveiled Jazeel, a digital account opening and community-based platform in Bahrain and GCC countries.
Jazeel enables customers to open an account within minutes, without having to visit a branch
Jazeel (which is Arabic for “great”) will allow customers across the kingdom, and eventually in the GCC, to open a mudaraba (trust financing) based savings account and libshara (investment savings) account.
With Jazeel, the bank introduces a digitised electronic know-your-customer (E-KYC) process where all customer information validation will be done online via video conferencing through the application. KFHB says Jazeel enables customers to open the account within minutes, without having to visit a branch.
The platform provides a number of features including forensic documents analysis, digital documents scanning including signature, facial recognition, selfie checks and create digital identity.
These features allow for the “genuine verification” of the documents scanned by the customer, via the application, in the real-time mode and can alert the bank of any tampering. Jazeel is currently available in Google Play Store and Apple App Store.
Across the fintech world, banks and firms are trying to be “good”. KFHB jumps on this noble bandwagon and says the product also aims to reward its community members with “socially responsible features, revolving around self-development, education and healthcare”. It’s very vague but this will all be coming “in the near future”.
Back in February, KFHB implemented a new online banking system, Ethix-Net, provided by regional vendor International Turnkey Systems (ITS).
ITS is owned by the Kuwait Finance House (KFH) group and is also a long-standing supplier of its flagship core banking solution, Ethix, to the group across a number of countries in the Middle East and Asia, including in Bahrain.
