Kuwait City, June 22:  Kuwait Finance House (KFH) achieved a remarkable feat, ranking as the leading Kuwaiti company and tenth in the Middle East on the Forbes 2024 Top 100 Listed Companies list. This recognition highlights KFH's pioneering role, financial strength, market value, and respected brand. It further strengthens their ambition of becoming a top 100 global bank.

KFH Acting Group Chief Executive Officer, Abdulwahab Iesa Al Rushood said: “This achievement comes just a few weeks after securing the top spot-on MEED magazine's list of the 100 largest listed companies in the Middle East and North Africa in terms of market capitalization."

Al Rushood pointed out that KFH's competitive advantages have positioned it as the leading bank listed on Boursa Kuwait by market capitalization, at approximately USD 41 billion. Additionally, KFH boasts the highest profitability rates within the banking sector.

Sustainability and Growth

He noted that KFH's strong financial performance last year played a key role in this achievement.  In 2023, the Bank achieved a record net profit of KD 584.5 million for its shareholders, reflecting a significant 63.4% growth rate compared to 2022. This marks the highest profit growth within the Kuwaiti banking sector.

Al Rushood attributed KFH's strong financial results and sustained profitability to several factors. These include an expanding customer base, improved harmony among its subsidiaries across 12 geographical regions, and a diversified product and service portfolio. Additionally, KFH has benefited from increased operational efficiency, a successful innovation and digital transformation strategy, and the recent acquisition of Ahli United Bank.

"KFH's recent acquisition of global recognition and renowned awards underscores its commitment to providing innovative products and services that meet customer needs, solidifying its position as a leader in the financial sector, both locally and internationally," He mentioned.

Al Rushood also explained that KFH's qualitative achievements have solidified its position as a benchmark for Islamic banking. This success has propelled KFH to become the largest bank in Kuwait and has earned it the distinction of being the most trusted Islamic financial institution globally.

“KFH boasts a global presence, spanning 12 countries through a large network of approximately 640 branches," Al Rushood added.

He went on to say that KFH boasts a strong global footprint, having launched the first Islamic bank in Germany and the first licensed under Malaysia's Banking Act. Additionally, It is the second-largest Islamic financier in Turkey.

In 2022, KFH acquired Ahli United Bank – Bahrain and completed converting its conventional banking services to be compliant with Shariah principles in December 2023. KFH also completed the merger with Ahli United Bank – Kuwait in February 2024. Additionally, KFH launched Tam Digital Bank in Octoer 2023 as the first Islamic Sharia-compliant digital bank in Kuwait.

Al Rushood emphasized the strategic importance of these advancements for the Bank's financial strength and expansion goals. He also highlighted their role in keeping pace with technological developments and the rise of digital banking, underscoring KFH's commitment to continuous business development at all levels.