Kuwait International Bank (KIB) has launched a real estate digital platform, another initiative in a string of fintech measures the Islamic bank has introduced as part of its digital transformation strategy.
Known as KIB Aqari, the platform facilitates the appraisal of properties as well as provides real estate management services including automated rent collection and the monitoring of late and overdue rent payments.
“This service, which is being launched digitally for the first time in Kuwait, will allow platform users to track property appraisal requests and validate appraisals using a QR code,” the bank explained.
The launch follows several upgrades to the bank’s digital infrastructure earlier this month. KIB overhauled its corporate online banking platform as well as upgraded its KIB mobile application for retail consumers.
KIB is one of six fully-fledged Islamic banks in Kuwait. In the first three months of 2023, the bank reported a net profit attributable to shareholders of KWD3.5 million while total assets grew driven by a 6% growth in financing portfolio to KWD2.57 billion.
Commenting on its positive financial performance, KIB CEO and Vice-Chairman Raed Jawad Bukhamseen said: “KIB continued to invest in its digital infrastructure and embrace new technologies as part of efforts to build a more advanced and fully developed business model. These efforts resulted in new solutions involving innovative digital technologies that are in step with the rapid changes in the local and regional markets.”