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KUWAIT CITY, Oct 15: Kuwait Finance House (KFH) won the “World’s Best Islamic Financial Institution 2022” award from Global Finance Group in the awards ceremony held during the 2022 annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington, DC, the USA. Global Finance also awarded KFH the “Best Islamic Financial Institution in the Middle East” award, and the “World’s Best Islamic Takaful” award for KFH Takaful. In its 31st annual ranking of the world’s safest banks, Global Finance Magazine also named KFH as the Safest Islamic Bank in Kuwait.
The awards came in appreciation of KFH’s contributions to the growth of Islamic Finance, fulfilling customers’ needs of Sharia-compliant innovative products through highly effective and advanced service channels, leading digital transformation, and distinction in achieving sustainability and continued growth. On this occasion, KFH Acting Group CEO, Abdulwahab Iesa Al- Rushood expressed his pride to win these awards from the reputable Global Finance magazine.
He said that these awards represent global recognition of KFH leading position in the Islamic finance industry and highlight the efficient operational and financial performance of KFH in providing highly advanced innovative services while moving forward in the digital transformation strategy and continuing its proactive approach in adopting technology and innovation and focusing on the enhancement of customer’s experience. He pointed out that KFH has a history in Islamic banking and enjoys a long record of banking and financial products and services innovations.
He added that the several financial products and alternatives KFH developed are currently used in the international markets and fulfil the aspirations of all segments of customers (retail and corporate). Al Rushood said that KFH focuses on supporting the financial inclusion (one pillar of the sustainable development goals) as part of its developmental role and its leadership in Islamic finance industry. He added that as the first Islamic bank to be established in the State of Kuwait, KFH enjoys a dominant share in the local market and a wide geographical spread in several regions worldwide through around 530 branches and 1750 ATMs as well as more than 13 thousand employees. Awards criteria Global Finance bases its rating of Islamic Financial Institutions on extensive consultations with bankers, analysts, and specialized financial experts from all over the world.
Performance rating is conducted based on certain criteria and professional methodologies including growth in assets, profitability, geographic reach, strategic relationships, business development, innovation in products, ability to fulfil the needs of customers in various sectors, usage of technology in providing qualitative products and services, customer satisfaction, reputation and compliance with ethical standards. On the other hand, KFH was selected as the safest Islamic bank in Kuwait through an evaluation of certain criteria from Global rating agencies- Moody’s, Standard & Poor’s and Fitch- of the 1000 largest banks worldwide in terms of assets, financial indicators and longterm credit ratings. Founded in 1987 and headquartered in New York, Global Finance is a reliable information source and has readers in more than 190 countries as well as 35 years of experience in international financial markets.