KUWAIT: Kuwait Finance House (KFH), the world leading Islamic financial institution, won the Euromoney Award for Excellence Country 2019 – Best Bank in Kuwait. KFH Group CEO- Mazin Saad Al-Nahedh received the award in the Euromoney Awards for Excellence ceremony held in Dubai in the presence of senior bankers, businessmen and media representatives.
Euromoney award for excellence is based on several criteria including bank’s achievements, innovations, performance, banking services, size, profitability, ability to demonstrate growth, relative outperformance compared with peers and the ability to adapt to changing market conditions and client needs. A team of editors, journalists and researchers analyze the above criteria in conjunction with Euromoney market knowledge and research before decisions are made by its editorial committee.
Al-Nahedh expressed his pride in choosing KFH as the best bank in Kuwait for 2019, saying that winning this prestigious award confirms KFH’s success, solid performance and its global leadership as an Islamic financial institution and reflects their customer confidence in the bank.
He added that the “Best Bank in Kuwait” Award recognizes KFH’s efforts in offering the highest standards in Islamic financial services, especially after the significant success achieved by KFH which contributed to the development of the banking industry. In recognition of their dedicated efforts and confidence, Al-Nahedh thanked employees and customers of KFH. He also thanked the shareholders and regulatory authorities who played an important role in developing and strengthening the Kuwaiti banking sector.
In a statement to the press during the ceremony, Al-Nahedh said: “We see this award not just as an outstanding achievement and recognition but also as an indicator of more future successes as well as confirming KFH’s ability to innovate and meet the needs of our customers, raise the banking sector and boost the Kuwaiti economy.” Al-Nahedh explained that the award was 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 financing and banking technology.
He stressed the important development role of KFH in the Kuwaiti economy in line with the national development plan and the ‘Kuwait Vision 2035’ to transform Kuwait into a leading international financial and commercial hub. On the local level, he praised KFH’s great capabilities which underpinned its excellence in all fields and its ability to address the rising competitiveness in the Islamic banking sector, enabling it to lead by increasing its market share in vital areas.
“The leading role of KFH in the Islamic finance sector allowed it to be a major participant in the country’s mega development projects and to provide needed financing to institutions and individuals through many products especially with the growing local and global demand for Islamic finance instruments,” Al-Nahedh added. He stressed KFH’s expertise in the Islamic banking business and in arranging major financing deals for mega infrastructure projects covering many vital sectors and boosting the economy. He cited as examples the financing of mega projects in the oil and gas sectors and other vital sectors and large facilities in addition to offering credit to major corporations in retail, construction and other sectors.
One of the safest banks in the Middle East, KFH is the second largest Islamic bank in the world as well as being the only Islamic bank providing financial services in Malaysia and the GCC countries, as well as Turkey and Germany. Euromoney is one of the most respected title in global financial publishing while its awards are highly recognized by the banking sector.