In recognition of its continued successes and operational progress at the regional and international levels, leadership in the Islamic finance market and excellence in the digital banking solutions, Kuwait Finance House (KFH) has bagged 2023 “World’s Best Islamic Financial Institution” award from Global Finance magazine.

In its sixteenth annual awards, Global Finance magazine announced six more awards for KFH; “Best Islamic Corporate Bank – Global”, “Best Islamic SME Bank-Global”, “Best Islamic Takaful- Global”, “Best Islamic Project Finance Provider-Global”, “Best Islamic Financial Institution - Middle East” and “Best Islamic Financial Institution in Türkiye”.

In a statement by the magazine, the winners of this year’s awards are those firms that contributed to the growth of Islamic financing. They successfully met their customers’ needs for Shariah-compliant products with modern and efficient delivery channels, while creating the foundation for continued growth.

KFH will receive the awards in a ceremony to be held on October 14th this year, during the annual meetings of the International Monetary Fund (IMF) and World Bank in Marrakesh, Morocco.

On this occasion, KFH Acting Group Chief Executive Officer, Abdulwahab Iesa Al Rushood, said that this recognition affirms KFH’s standing as the largest bank in Kuwait and the second largest Islamic bank in the world, and the first among Kuwaiti banks and all listed companies on Boursa Kuwait in terms of market capitalization.

He mentioned that the awards reflect the Bank’s efforts in promoting its role and sustainability at the local, regional and global levels, which is attained by strengthening its market share and focusing on digital transformation, service quality and efficiency of its human talents, while paying attention to the strength of its financial position, creditworthiness, development and innovation policy in offering banking solutions.

Al Rushood pointed out that KFH Group’s exceptional business framework involves elements of strength and performance incentives that constantly push towards further achievements and overcoming challenges, which has made KFH widely commended in the global markets. The awards confirm the reliability of KFH’s approaches and successful policies that are implemented with a highly professional manner.

“The Best Islamic Corporate Bank – Global and Best Islamic Project Finance Provider-Global awards highlight KFH’s unique performance and leadership in financing and supporting large corporations through a range of financing services and solutions.” Said Al Rushood.

He noted that both awards shed light on the Bank’s leading participation in financing major development projects that contribute to promoting economic growth including projects in energy, transportation, communication, infrastructure, industrial production, real estate development, digital transformation, and technology development.

With regards to the Best Islamic SME Bank-Global award, Al Rushood indicated that it is the result of KFH’ ceaseless efforts in fostering and advancing small and medium-sized businesses, a role in which financial and social goals intertwine. The recognition is also dedicated to the Bank’s appreciation towards the important role of SMEs in supporting the national economy, developing the entrepreneurial landscape, and creating investment opportunities. He revealed that KFH owns up the largest share at the local level in the SMEs financing volume.

Speaking about the Best Islamic Takaful- Global recognition, Al Rushood pointed out that KFH is the first in Kuwait to establish a Takaful insurance company that offered a new innovative approach in the insurance sector and paved the way for other insurance companies to offer insurance services as per the Shariah principles to corporations and individuals.

Commenting on the Best Islamic Financial Institution in Türkiye award, Al Rushood explained that KFH – Türkiye is one of the largest Islamic banks in Türkiye, and among the top ten in the Turkish market. Further, its operations expanded into European markets by establishing KT Bank AG in Germany.  

Al Rushood stressed KFH’s commitment towards global banking, governance, and Shariah standards, saying that KFH is entirely dedicated towards managing its capabilities and utilizing the available material capacities and human talents, in addition to meeting its customers’ aspirations.

“KFH has been always a significant reference, a trusted brand, and a highly valuable source in the Islamic finance industry in Kuwait and the world” added Al Rushood.

It is worth noting that Global Finance announced its 16th annual awards for the World’s Best Islamic Financial Institutions that contributed to the growth of Islamic financing. These awards have become a trusted standard of excellence for the global financial community, and are granted after extensive consultations with bankers, corporate finance executives and analysts worldwide. The criteria for selecting top firms include growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products, in addition to reputation and customer satisfaction.

Founded in 1987, Global Finance is headquartered in New York and is considered a trusted source in the world of business and finance in over 190 countries. Its magazine is the legacy of 36 years of experience in international financial markets.