KUWAIT CITY, Nov 4: Kuwait Finance House (KFH) has been awarded "Best SME Bank in Kuwait" in the fourth annual SME Bank Awards by Global Finance Magazine. The award recognizes KFH's leadership in Islamic finance, its excellence in digital banking solutions such as online banking, mobile banking, and digital payments, and its significant market share. KFH holds the first place in financing small and medium enterprises. This award is given based on a meticulous assessment by an independent world-class panel of judges.

In addition to its legacy in contributing to the growth of Islamic finance in Kuwait and the world, Global Finance stated that KFH has succeeded in meeting the needs of its SMEs customers through modern and effective channels. The Bank has established a foundation for sustainable growth that brings continuous success and places KFH at the forefront of SMEs support.

KFH General Manager Corporate Banking, Yousef Almutawa, stated that the award recognizes KFH's successful efforts to enhance its position and achieve sustainable growth. By prioritizing the needs of each customer segment, particularly SMEs as the backbone of the national economy, KFH has demonstrated its commitment to supporting and serving both corporate and retail customers.

“KFH’s role as the main financing provider to SMEs intertwines with its commitment towards the community. This role displays our appreciation to this vital segment of enterprises in supporting the national economy and developing the entrepreneurial environment in addition to creating opportunities and new areas for investment and employment,” he remarked.

Almutawa added that KFH has the largest market share in financing SMEs in the local market, with this segment portfolio growing consistently on an annual basis. This growth underscores the exceptional quality of KFH's services and financing options, which effectively support the growth and development of SMEs. Thanks to its robust capital base, high solvency, and strong credit rating as well as a wide diverse, flexible and efficient Sharia-compliant financing solutions, KFH is one of the most preferred and trusted institutions in the Kuwaiti banking sector for SMEs.

He also noted that KFH serves as a partner and advisor by exchanging expertise, providing consultation and coordinating among the parties involved in the financing process.

Almutawa pointed out that KFH offers an array of banking and financing services that cater to the needs of SMEs including cash financing services such as Murabaha, Tawarruq and Ijara and non-cash finance, such as various types of letters of credit and letters of guarantee. KFH also offers other services such as Point of Sales, e-banking services that facilitate the management of the company’s accountsincludingbalance inquiry, bank transfers, payroll transfer, view PoS reports and other various online services.

He emphasized that KFH’s focus on SMEs and its commitment to offering top-tier services to this segment reflect the significant role of this segment in the economy and overall development. He also pointed out that the SMEs sector serves as a valuable stepping-stone for small businesses to expand and become larger companies. This growth can generate a wide range of employment opportunities for Kuwaiti youth, while requiring less capital investment.

“SMEs significantly contribute to the use of local resources at a large scale, support self-sufficiency in certain goods and services, reduce reliance on imports, enhance exports, and contribute to the enhancement of the country’s GDP,” added Almutawa.

He reaffirmed KFH’s commitment to continuing its role under all circumstances, drawing on its financing expertise and solid financial standing.

It is worth noting that Global Finance awards are determined through discussions and opinions of bankers, executives, and analysts from around the world. Founded in 1987, Global Finance is headquartered in New York and is considered a trusted source in the world of business and finance in over 193 countries. Its magazine is the legacy of 37 years of experience in international financial markets.