Kuwait Finance House (KFH) has been awarded the Straight Through Processing Excellence Award (STP) by Citibank Group. KFH was recognized as the best financial institution in the Middle East in the areas for remittances, e-payment services and financial transactions, achieving a perfect score of 100% according to Citibank criteria for this honor.

Citibank Group grants this award to distinguished global financial institutions that utilize advanced systems renowned for their precision development and adherence to international standards. This award underlines KFH’s dedication and commitment to meeting the high standards set by Citibank, standing out among numerous financial institutions that maintain active engagement with Citibank in the region.

The award is granted based on a number of criteria, chief among them are precision of remittances, data and information quality, alignment with the regulatory requirements, as well as quick implementation of operations.

On this occasion, KFH Group Chief Operations Officer, Abdulla Mohammed Abu Alhous, said that the award affirms the progress of KFH’s technical systems and software. It also highlights the excellence of the Bank’s exceptional workforce and the quality of its services. “Citibank is one of the world’s largest financial institutions that maintains extensive relationships with various financial institutions, setting the benchmark of world-class standards for assessing the quality, efficiency and security of e-payment and remittances software of the financial institutions it operates with,” Alhous added, “Each year, Citibank Group selects the best institution that adheres to these specs and standards. Having been awarded with this accolade, by scoring the highest rates across these standards, serves as a well-earned achievement and a motivation for KFH to carry on the development and commitment for sustainable success and excellence.”

Meanwhile, KFH General Manager Financial Institutions, Abdullah AlMarzouq, stated that the award, which is granted to prestigious institutions in the region, demonstrates KFH’s strong capabilities and efficiency in managing transactions with global financial institutions, as well as the trust of these institutions toward the Bank.  Additionally, it also reflects Citibank’s confidence in Islamic banking practices, an area where KFH has played a significant role in establishing a solid foundation in both regional and international markets.

He emphasized that this achievement is a result of KFH’s vision and strategy of investing in advanced technological systems and human capital to best serve customers with the highest standards. He pointed out that treasury and cash management have evolved significantly, reaching new heights in offering innovative financial banking solutions and digital platforms for customers within the treasury.

“KFH boasts a skilled and experienced team of young national professionals. With their expertise, they can manage comprehensive treasury operations and serve customers, supported by the advanced technological solutions which KFH employs to boost its operational efficiency,” added AlMarzouq.

The Straight Through Processing Excellence Award (STP) marks a significant addition to KFH’s trach record of achievements, highlighted by the various awards and recognitions it scooped from international and renowned institutions. These accolades acknowledge KFH’s excellence of its financial services and solutions in addition to its global leadership in the Islamic finance industry.