Kuwait, 26 March 2023: Al Ahli Bank of Kuwait (ABK) announced that it has successfully added Turkish Lira (TRY) as one of the corresponding foreign currencies in its Finacle system to meet growing customer demand.
This initiative falls in line with the Bank’s efforts to increase its share in the payments market and is based on the outcome of a comprehensive analysis of the foreign currency payments market conducted by ABK’s Operations Division.
ABK successfully added the new currency in collaboration with Akbank T.A.Ş., one of the largest leading banks in Turkey listed on Boursa Istanbul with a strong track record spanning over seven decades.
Speaking about the initiative, Mr. Mohammad Al Bloushi, General Manager of Operations at ABK, said, “Turkey has become an important travel destination for many Kuwaiti and expatriate ABK customers. We have noticed a sizeable increase in the number of customers traveling to Turkey and also in the frequency of their visits.”
He continued, “Not only is Turkey an attractive touristic destination, but it is also known for its real estate investment opportunities. Several residents of Kuwait acquire properties in the country which requires real estate owners to carry out periodic maintenance to take care of the property.”
Al Bloushi clarified, “For these reasons, there has been a sharp increase in the needs of our customers to directly transfer funds from their ABK KD accounts to their Turkish Lira accounts.”
Commenting on the benefits of this initiative, he concluded, “We believe that this will offer customers the comfort they seek to easily manage their expenses while abroad. Moreover, incorporating the Turkish Lira into our banking system enables customers to enjoy the added advantage of not incurring additional charges on their foreign currency transfers.”
Whether holding individual or corporate accounts, ABK customers will be able to conduct transactions in Turkish Lira through the Bank’s multiple channels, including Online and Mobile Banking, and by visiting any of ABK’s branches across Kuwait.
To further develop the service and offer customers more ease and convenience, ABK will soon be adding Turkish Lira to its Multi Currency Prepaid Freedom card.