Kuwait Finance House (KFH) Acting Group Chief Executive Officer, Abdulwahab Iesa Al Rushood said that KFH was among the first to adopt the digital transformation in its businesses and operations.

Al Rushood`s remarks came during the “Towards a Digital Economy'' conference organized by The Business Year (TBY); a global media group specializing in economic news and research, in partnership with Kuwait Direct Investment Promotion Authority (KDIPA).

He added that in 2022 KFH launched new variety of technical services. The most important of these services and products was opening new account for non-KFH customers through XTM devices. Moreover, the e-banking transactions executed by customers through KFHonline and mobile application, increased by 35%, while total number of banking transactions reached more than 210 million transactions. Furthermore, KFHOnline offers over 150 services, whereas XTM devices and KFH Go smart branches offer 50 different services. Accordingly, the customer has the option to choose between 200 e-services offered through apps and other various means.

Al Rushood said that these achievements confirm KFH’s commitment towards digitalization, achieving Kuwait's vision and promoting digital transformation locally by playing a greater role in maximizing the role of technology to achieve financial inclusion, expanding its customers’ portfolio and market share in addition to enhancing the quality and accessibility of KFH services.

“KFH has also teamed up with financial services technology providers who offer unique solutions and expertise, with the aim of enhancing an innovative technology environment that accelerates and automates the banking operations. KFH enjoys a solid competitive advantage through its highly qualified and experienced staff, which is why our highly trained workforce sustains KFH’s advance as a world leading Islamic financial institution.” He added.

Competition

Al Rushood confirmed that KFH has strengths that distinguish it from other institutions. KFH’s strengths include being the largest Kuwaiti bank and the world’s second largest Islamic bank by assets.

He added:” We have a leadership position in two home markets of Kuwait and Bahrain. KFH is a consistent reference point for Islamic finance. Furthermore, it maintains a robust financial position, having a significant and growing customer base, experienced staff, solid operations, stable performance, geographic reach, innovative solutions, and diversified modern products.”

New Kuwait

Meanwhile, he explained that in line with New Kuwait Vision 2035, the country is focusing on diversifying its economy by adopting digital transformation to innovate its services and improve quality of life, while increasing operational efficiency and performance of key sectors.

He added:” I believe that the private sector, in particular the banking industry, is well prepared to add value to this national ambitious development plan. A closer look at the Kuwaiti economy shows that, similar to peer economies, it is going through a major transitional phase in terms of the rapid spread of Digital transformation into all business areas”.

Al Rushood confirmed that Kuwait enjoys high levels of accumulated fiscal and external buffers and has major competitive advantages to be a global trade and investments hub. Equally, Kuwaiti banks are demonstrating a keenness to invest in banking and financial Technology and digital transformation.

It is worth noting that KFH's participation came within the framework of its commitment to supporting the economic and investment efforts and highlighting the importance of digital transformation in shaping the future of the economy while facilitating businesses and adding value to economy, especially that the financial sector of the country is acting as an early adopter of new technologies. 

The conference was held at Four Seasons Hotel Kuwait on March 8th and brought together representatives of the private and public sectors to discuss their collaborative opportunities in advancing the country’s business developments. It also gathered leaders, innovators, and investors under one roof and provided a space for important topics to further put the Kuwaiti economy in the spotlight of the wider global business community.

Nehal Almosalem a leadership woman

During the event, The Business Year (TBY) recognized Deputy General Manager Products at KFH Nehal Almosalem as a leadership woman. TBY said that Nehal Almosalem is the first female Deputy General Manager in the history of KFH retail sector. With an extensive financial and banking experience, Nehal helped the bank to launch numerous first-of-their-kind products and services, which had a great effect on the robust financial results of KFH.  With her powerful and futuristic vision, and leadership characteristics, Nehal is effectively managing big teams in the largest Islamic bank of Kuwait; KFH and empowering them to advance efficiently, increase productivity, and improve customer experience.