Kuwait, 26 July 2023: Kuwait International Bank (KIB) continues to encourage, support and empower Kuwait’s aspiring entrepreneurs and owners of small and medium enterprises (SMEs) to stimulate economic growth and help create more local jobs. As a demonstration of its support, the Bank is urging current and future customers to benefit from its Mubader Account, which is specifically tailored to this vital segment, in addition to the KIB Mubader Center and the unique Mubader App. This step falls in line with the Bank’s strategy aimed at providing entrepreneurs with the tools necessary that ultimately lead to their success, all while offering an innovative, creative, and supportive environment enriched with educational and guidance tools. KIB also offers a set of packages, meetings, lectures, and workshops to strengthen their practical knowledge and skills.
Discussing the Bank’s strategy toward serving the entrepreneurial segment, Abdullah Al-Awadhi, General Manager of Strategy and Change Management at KIB, said that the Bank provides an integrated system to offer financial support and tools to entrepreneurs. These include banking services and products, an incubator and business accelerator center, and an application that facilitates the process of education, training, and communication, equipped with the necessary tools to simplify the work of entrepreneurs.
On his part, Mohammad Al-Huwaidi, Head of Mubader, stated that the opening of the KIB Mubader Center came within the framework of the Bank’s continuous endeavor as a leading banking institution to help enhance the performance of entrepreneurs and the efficiency of the SMEs sector. He also highlighted the vital role of this sector in economic diversification and development in Kuwait.
The KIB Mubader Center works as a start-up incubator and business accelerator to advance the path of Kuwaiti youth entrepreneurs and refine their skills. It offers a pioneering package of integrated learning and training tools equipped with comprehensive and specialized educational content prepared by the Center in cooperation with Rainmaking – the world-leading corporate innovation and venture development firm. To this end, a series of top-notch hands-on entrepreneurship workshops will be delivered by Rainmaking using the latest methods and approaches applied internationally to help Kuwait’s local entrepreneurs launch their small-sized projects and take the right steps towards developing their business ideas before introducing them to the market.
Furthermore, Al-Huwaidi pointed to the launch of the Mubader Account, which is a current account designed to cater to the banking needs of entrepreneurs. It provides banking solutions and specific services from the Mubader Center. In addition, it offers many features and benefits, such as a free debit card, a cheque book upon the customer’s request, POS availability if required, the eligibility to apply for credit/charge cards, and the ability to access Murabaha financing facilities. A minimum amount is not required to open the account, while its benefits are subject to the terms and conditions stipulated in the Bank’s policy.
Al-Huwaidi added that the KIB Mubader Center launched the Mubader App in collaboration with Payzah. The innovative application is designed to provide all the services that help entrepreneurs manage and develop their projects to achieve all their goals and the best possible results.
Al-Huwaidi elaborated that the main idea behind the Mubader App, which is available on both IOS and Android systems, is providing entrepreneurs with services that enable them to work in an entrepreneurial environment that matches technological development and allows them to develop their businesses in line with market trends. He underscored that the application contains a series of specialized educational and training programs designed to support Kuwaiti entrepreneurs while starting their small projects.
Meanwhile, Fahad Al-Ghareeb, Co-Founder and CEO of Payzah, said: “We are pleased to continue our successful partnership with KIB Mubader Center as part of its positive endeavors to achieve sustainable development. In addition, we strive to create a pioneering business environment suitable for SMEs and entrepreneurs that keeps pace with technological development and contributes to improving the performance and efficiency of the app’s services and products.” He elaborated that Payzah is offering payment services and business solutions for all new and existing entrepreneurs to help with the success of their businesses, providing e-commerce sites equipped with storage and delivery solutions through its network of partners.
It is worth noting that KIB Mubader Center is constantly keen on offering all the tools that help Kuwaiti entrepreneurs achieve success throughout their journey and facilitate providing them with various means of support and guidance. The Bank aims to play a major role in helping build the next generation of Kuwaiti youth energies, startups, and entrepreneurs. Furthermore, KIB strives to develop ambitious and successful projects that contribute to diversifying and advancing the local economy and result in sustainable development.