November 3, 2021 islamic finance

KFH wins World’s Best Islamic Financial Institution 2021 award


KUWAIT: Kuwait Finance House (KFH) won the World’s Best Islamic Financial Institution 2021 Award from Global Finance Magazine at its 14the annual awards for the World’s Best Islamic Financial Institutions for this year. In addition to this award, KFH has also received four prestigious awards: World’s Best Islamic Project Finance Provider, World’s Best Islamic Financial Institution 2021 in Turkey for KFH- Turkey, World’s Best Islamic Financial Institution in Europe for KT Bank AG-Germany, and World’s Best Islamic Takaful for KFH Takaful.

Acting Group Chief Executive Officer at KFH AbdulWahab Al-Rushood received the awards at the Global Finance Awards dinner 2021 held in Dubai. On the sidelines of receiving the awards, Al-Rushood said that the World’s Best Islamic Financial Institution Award confirms the success of KFH’s efforts in providing the highest standards of Islamic financial services, while contributing to the development of the banking industry. This is in line with the methodological and shariah support that KFH is keen to provide to spread the Islamic finance industry.

He added that the awards KFH received were well-deserved in view of the bank’s contribution to the growth of the Islamic finance industry in the markets it operated in, its success in meeting the customers’ needs of Sharia-compliant products and establishing sustainable future growth with high efficiency for the Islamic finance industry and keeping up with the latest financial and banking technology.

Al-Rushood pointed out that KFH is moving forward in its digital transformation strategy, adopting the state-of-the-art technological financial services (fintech) and applying AI and robotic technology in banking transactions. KFH succeeded in offering several digital services on the mobile app KFHonline and on various alternative channels including KFH Go smart branches in several areas of Kuwait. This helps enhance the customer’s digital experience and lead digital development in the banking industry.

Al-Rushood indicated that the World’s Best Islamic Project Finance Provider award confirms the wide experience of KFH in the Islamic finance industry, sukuk issuance for many banks, corporates and governments and arranging major financing deals for mega infrastructure development projects including vital sectors, as well as contributing to driving economic growth and developing many financial products and alternative funding options which are currently used in international markets.

He went on to say that the Group subsidiaries’ awards reiterate the capability and efficiency of the Group subsidiaries, while reflecting their harmony and consistent performance. Al-Rushood said KFH succeeded in strengthening its roles and expanding its activities locally and globally, represented by Kuwaiti market and Group’s markets. Being the first Islamic bank in Kuwait, KFH achieved many successes in several areas, including building solid economic basics depending on developing human resources, and offering products and services that meet the market’s requirements.

All selections of the awards were made by the highly professional team of Global Finance, after extensive consultations with bankers, corporate finance executives and analysts throughout the world. The stringent criteria of giving the awards included new business development and product innovation, meeting all customer requirements, geographic reach and strategic relationships. Also, among the criteria considered were reputation, the adherence to ethical standards and customer satisfaction.

It is worth noting that Global Finance magazine is headquartered in New York and founded in 1987. It has readers in more than 190 countries and 34 years of experience in international financial markets. The magazine is an international reference in the financial sector, covering topics of corporate finance, joint ventures, capital markets, currencies, banks and risk management.

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