KUWAIT CITY, July 16: Kuwait Finance House (KFH) won “Best Bank in Kuwait” and “Best Islamic Finance Bank for 2022” awards by Euromoney Magazine, as part of Euromoney’s annual prestigious awards. The two awards are an outstanding appreciation for KFH’s contributions and robust position in shaping the Islamic finance and banking sector in Kuwait and the world. The selection relied on a set of criteria in choosing the best bank sector- wide in Kuwait, which includes key banking activities, diverse and comprehensive financing services, financial solvency, performance indicators, in addition to innovation, size and ability of the bank to achieve sustainable growth, coping with evolving market conditions, meeting customers’ needs, as well as technological development and the success in moving forward in the digital transformation strategy.

Sustainable profits
KFH Group Chief Strategy Offi- cer, Fahad Khaled Al-Mukhaizeem said in a press statement, during a ceremony held in Dubai in the presence of senior bankers, businessmen and media representatives that the success KFH attains in terms of positive financial indicators, sustainable profits, businesses growth and development, qualifying distinguished human talents, young national talents in particular, is a result of a clear and well-identified business strategy that is translated into designing plans closely monitored by the Board and its committees, and evaluated periodically by the Executive Management, in line with the recent local, regional and global market developments.

He noted that the two and the different awards KFH has recently received are an indicative that KFH has the infrastructure for achieving continuing success, offering innovative and novel solutions as per the latest global banking developments. KFH has succeeded in establishing an integrated system of technological, financial, and banking services and has been able to harmonize between adherence to Sharia rules and applications and the latest banking technology. Despite the increased competition in the Kuwaiti market between conventional banks from one side and between conventional and Islamic banks from another side, KFH has always topped the market share, ranked the biggest in market value and best in customer service.

Al-Mukhaizeem expressed his pride in choosing KFH as the best bank in Kuwait for the year 2022 and the best bank in Islamic Finance, underlining the evident contributions KFH has achieved in the Islamic Finance sector in every market and the underpinned basis for sustainable growth of Islamic finance in the future, which paved the way for making the Islamic finance industry an infl uential sector in global economy. This allowed the Bank to be a major participant in mega development projects and provide the needed financing to institutions and individuals, while arranging deals for infrastructure plans.Thanks to the diversification of its financing portfolio, KFH expertise covers many vital sectors such as oil and gas, large facilities in addition to offering credit to major companies in the retail, construction, transport, industrial and telecommunication sectors taking into consideration the focus on financing SMEs for its role in diversifying sources of national income, offering job opportunities and strengthening the role of the private sector.

Financial activities
Euromoney is one of the most prominent financial magazines involved in covering and recognizing the banking and financial activities in the world’s banking sector in both conventional and Islamic banks. its awards are reliable and credible worldwide. Today, Euromoney is the primary magazine of the wholesale financial world, its institutions and its users, and has been for more than 50 years. The magazine brings authoritative coverage of banking, capital markets, investment, foreign exchange, treasury and payments, fintech and sustainable finance across the world. In addition to news and opinion, its in-depth feature articles provide unrivalled insight into the forces and people driving the global financial markets today. The awards are granted to the reputable institutions based on an evaluation carried out by a team of editors, journalists, and researchers, after which the evaluation is compared to Euromoney research and the available data on the market before decisions are made by its editorial committee on the winning banks