KFH Emphasizes its Role in Economic Development and Fostering Relations with the British Financial Community

27/11/2024

<b>KFH Emphasizes its Role in Economic Development and Fostering Relations with the British Financial Community</b>

KUWAIT CITY, Nov 27: Led by Kuwait Finance House (KFH) Chairman, Hamad Abdulmohsen Al Marzouq, a high- level delegation from the bank met with the Rt. Hon. The Lord Mayor of the City of London Alderman Alastair King, with the attendance of UK Ambassador to Kuwait, Belinda Lewis. The meeting explored opportunities to strengthen economic ties between KFH and the United Kingdom.Lord Mayor of London

The meeting also highlighted KFH`s global standing and its pioneering role in supporting the relationship between the two parties through its subsidiary, Ahli United Bank – UK (AUB-UK), which was successfully converted into a Sharia-compliant bank.

KFH high-level delegation included KFH Acting Group Chief Executive Officer, Abdulwahab Iesa Al Rushood, KFH-Kuwait Chief Executive Officer, Khaled Yousef AlShamlan, Deputy Group CEO Private Banking, Wealth Management and Business Excellence, Alexander Liddle, AUB – UK Chief Executive Officer, Philip Crawford, KFH – Capital Chief Executive Officer, Abdulaziz Almarzooq, and KFH Deputy General Manager Public Relations and Media, Yousef Al-Ruwaieh.

During the meeting, held at the Four Seasons Hotel of Kuwait, The Lord Mayor of the City of London, praised KFH’s prominent role in strengthening economic partnerships between Kuwait and the United Kingdom. He also highlighted KFH’s commitment to providing innovative banking services to customers in the UK, advancing the financial sector, and fostering financial development.

Meanwhile, Al Marzouq emphasized KFH's commitment to supporting economic cooperation with the UK, adding that the meeting is a significant opportunity to reaffirm KFH's role in economic development and promote partnerships with its partners in the UK. He emphasized that KFH's presence in the UK supports its strategy to strengthen its Islamic banking capabilities and broaden its global presence, as well as solidify its cooperation ties with the British financial community. This ultimately serves the shared objectives and represents a key step towards economic cooperation and accelerating mutual growth.

He went on to say that KFH offers a wide array of Islamic financial products and services, including retail banking, corporate banking, treasury services, private banking and wealth management, and trade finance through its presence in 12 countries, most notably Kuwait, Bahrain, Turkey, Egypt, UK, and Germany.

Demonstrating KFH's achievements, Al Marzouq noted that following its landmark cross-border acquisition of Ahli United Bank - Bahrain, one of the largest deals in the region, KFH has concluded the largest-ever merger in Kuwait's banking sector. This historic merger paved the way for the creation of a giant financial entity within the Islamic finance industry, with a reach spanning local, regional, and global markets. KFH has become the largest bank in Kuwait in terms of market capitalization and the world's second-largest Islamic bank in terms of assets, setting the stage for its goal to be listed among the top 100 banks in the world.

He pointed out that the remarkable financial performance, which resulted in the highest-ever quarterly profits in the history of the Kuwaiti banking sector, recording KD 482.9 million up to the end of Q3 2024, demonstrates the robust capabilities which KFH enjoys.

Al Marzouq concluded that KFH’s leading standing is also manifested in the rolling out of innovative banking solutions, promoting customers trust and maintaining its global leadership in the Islamic finance sector.