Kuwait Finance House (KFH) has crowned its outstanding performance in 2022 with 23 prestigious awards from well-known international and regional providers in appreciation of its leading role and significant achievements in various fields of the Islamic banking sector.

The awards are in recognition of KFH excellence, its pioneering role in business and product development, its ability to meet diverse customer needs in all sectors, as well as its technological innovation in service delivery and product quality, reputation, digital transformation, sustainability, corporate banking, social responsibility as well as the Bank’s role in nationalization and developing its human capital.

Acting Group Chief Executive Officer at KFH Abdulwahab Al Rushood said that the global awards KFH won in 2022 add to the series of awards, honors, and recognitions it had received, and confirm the leading position it enjoys among world’s well-established financial institutions. He noted that these wins are the result of the confidence of KFH shareholders and customers, the hard work and competency of its employees, in addition to optimizing their talents and skills by providing them with advanced training programs that enhance innovation and increase productivity. The winning of the awards was also the result of KFH's significant progress in adopting technology and digitization in its operations and financial transactions, the absolute adherence to Sharia provisions, as well as applying the highest professional standards to maintain the leading standing of the bank at the global level.

Al Rushood added that KFH is well-heeled in strong and various Shariah-compliant activities and has high levels of liquidity and diversified banking services that adopt the latest technologies and international financial standards.

He pointed out that the success of the digital transformation strategy, which KFH was among the first banks to implement, was reflected in the series of innovative services and products that the bank has launched in recent years. This pioneering step has enabled KFH to attract new segments of customers and meet their changing requirements and satisfaction, as well as strengthen its leading position in the market.

Al-Rushood revealed that the awards are not just an achievement and appreciation, but rather a motivation to achieve more successes and accomplishments in the future. They are also evidence of KFH's ability to provide innovative products and services to meet customer’s needs, advance the banking industry and strengthen the Kuwaiti economy.

Sukuk issuance

In a new achievement that ranks KFH as a leader in shaping the Islamic finance sector, KFH won three prestigious awards in the 14th edition of the EMEA Finance Middle East Awards for 2021, which were awarded to the honorees mid-2022.

KFH was named “Best Financial Institution Sukuk” for Kuwait Finance House’s debut US$750mn Perpetual NC6 Sukuk, “Best Financial Institution Sukuk” for KFH-Turkey’s US$350mn sustainability Tier 2 Sukuk and “Best Green Sukuk” for KFH-Turkey’s US$350mn sustainability Tier 2 Sukuk.

Al Rushood stated that KFH has an impressive record of achievements in Islamic finance, in addition to the Bank’s high efficiency which enabled it to be a player in developing Sukuk market.

World’s best Islamic bank

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, KFH won the “World’s Best Islamic Financial Institution 2022” award from Global Finance Group,  in addition to 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 at the world level.

Al Rushood 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 experience.

Advanced digital services

In addition, KFH won the “Islamic Bank of the Year 2022 – Kuwait” award from The Banker, the world`s most prestigious banking magazine, owned by the Financial Times Group.

The Banker`s jury also praised KFH's strong profitability in 2021, indicating that it was evidence that the bank had successfully weathered the challenges of the pandemic lockdowns and was another factor differentiating KFH from its competitors.

Al Rushood added that the award is evidence of KFH`s efficient performance and its excellence in providing high-quality innovative products through an advanced digital infrastructure. 

Prestigious awards

KFH received 5 reputable prizes from EMEA Finance in its 14th banking sector awards distribution ceremony in the Middle East. It’s a new accomplishment that affirms KFH distinction and pioneering position in adopting the best and latest digital technologies.

KFH won the prizes “Best Islamic Bank in the Middle East”, “Best Bank in Kuwait”, “Best Islamic Bank in Kuwait”, “Corporate Social Responsibility in the Middle East” and “Best Islamic Bank in Bahrain”.

Four categories

Euromoney Magazine has classified KFH as a market leader at Kuwait level in four categories: digital solutions, corporate banking, corporate social responsibility (CSR), and Islamic finance.

The prestigious rankings by such a renowned magazine emphasize the successful business model of KFH and its quality services, efficient digital transformation strategy and its leadership in different areas in a way that it strengthens its standing and strong brand as well as its solid financial position.

Al Rushood stated that the Market Leader ranking obtained by KFH is one of the highest rankings at the level of Kuwait and a global recognition of KFH`s leading standing as well as a new milestone added to the success that it has been striving to achieve in various fields.

Developing human capital

Recognizing its long record in developing its human capital, KFH won two global awards in the Human Resources field for the year 2022 from Brandon Hall Group, a company specialized in the evaluation and performance assessment of banks, companies, and institutions around the world.

KFH was awarded “Best Advance in Employee Engagement” and “Best Advance in Business Automation”. Both awards affirm the quality of KFH’s Human Resources and the advancement and uniqueness of its processes and applications as well as the consolidation of its efforts in adopting the best global standards, which have been commended by experts in the field.

In a special honoring ceremony held in the Saudi capital Riyadh under the patronage of the Ministers of Labor and Social Affairs in GCC, the Council of Ministers of Labor and Social Affairs in GCC States honored KFH for its distinction and excellence in the execution of the Manpower Nationalization and qualification programs at the private sector level in Kuwait. KFH is ranked first among banks and private sector as top Kuwaitization destination as it has the largest number of Kuwaiti employees.

The Bank also received the AUM Corporate Award 2022 during a ceremony organized by The American University of the Middle East (AUM) in the presence of several local, regional, and global institutions.

KFH rewards program (Baitak)

In another success that confirms its leadership and distinguished customer service, KFH has won “Best Use of Payments in a Programme” award for Baitak Rewards program from 2022 Incentive Awards (IA22) during a special ceremony held in London and attended by banks and companies from around the world.

Baitak Rewards Program was nominated for the “Best Use of Payments in a Programme” category in which the judging panel’s assessment included many fundamental criteria such as quality and efficiency of service provided to customers.

KFH launched Baitak Rewards last December with the aim of encouraging the use of KFH’s credit and prepaid cards inside and outside Kuwait.

Sustainability

KFH received the Global Sustainability Assessment System GSAS – Gold Level Certificate for KFH Auto building. The certificate is granted to projects compliant with strict environment sustainability standards determined by the Gulf Development and Research Organization. KFH is the first bank in Kuwait to receive this prestigious certificate.

The showroom enjoys several technical specifications rendering it an environment friendly building having all sustainability standards including natural lighting and using latest glass technologies for the main facades, as well as LED system light and solar system glass boards to provide revolving energy through sun light as well as electric cars charging outlets.

Stringent international criteria

All the awards KFH won in 2022 from prestigious global bodies specialized in business and finance were based on stringent and professional international criteria that measure factors such as quality, the bank’s position, its contributions and financial indicators. Among the criteria were excellence, initiative and innovation in products and services, performance efficiency, geographical reach, shareholder rights indicators, strength of capital adequacy and total assets, customer satisfaction, strategic relationships, and adherence to ethical standards.  

The recommendations were made by juries composed of experts and analysts specialized in the Islamic banking sector from all over the world. These criteria indicate that KFH is based on a solid foundation, and is characterized by high-level professional performance, systematic work, diversity, ability to compete, leadership in the Islamic finance industry globally, and excellence in providing an integrated system of banking and financing services which helped established its leading position globally.