KUWAIT CIT, Oct 26: Kuwait Finance House (KFH) has won "World's Best Islamic Financial Institution" in 2024 by Global Finance magazine. This prestigious recognition underscores KFH's sustained growth in regional and international operations, market leadership in Islamic finance, excellence in digital banking, and a strong financial foundation and operational performance.

In its 17th annual awards for 2024, held during a special ceremony on the sidelines of the International Monetary Fund (IMF) and World Bank Group (WBG) meetings in Washington, D.C., USA, Global Finance magazine honored KFH Group with four additional awards. KFH Group was recognized as the 'Best Islamic Corporate Bank - Global,' 'Best Islamic Project Finance Provider - Global,' and KFH-Türkiye was named 'Best Islamic Financial Institution in Türkiye.' Additionally, AUB, a subsidiary of KFH Group, was awarded 'Bahrain's Best Bank.

In a statement by the magazine, the winners of this year’s awards are those firms that contributed to the growth of Islamic finance. They successfully met their customers’ needs for Shariah-compliant products with modern and efficient delivery channels, while creating the foundation for sustainable growth.

On receiving the awards during the IMF and WBG meetings attended by KFH delegation, KFH Acting Group Chief Executive Officer, Abdulwahab Iesa Al Rushood, said that this recognition affirms KFH’s position as the largest Bank in Kuwait, with a market cap exceeding KD 12 billion, and the world's leading Islamic Bank.

He mentioned that the awards reflect the Bank’s efforts in promoting its role and sustainability at the local, regional and global levels, which is attained by strengthening its market share and focusing on digital transformation, service quality and efficiency of its human talents, while paying attention to the strength of its financial position, creditworthiness, development and innovation policy in offering banking solutions.

Al Rushood pointed out that KFH Group’s exceptional business framework involves elements of strength and performance incentives that constantly push towards further achievements and overcoming challenges, which has made KFH widely commended in the global markets.

He added that the awards confirm the reliability of KFH’s approaches and successful policies that are implemented with a highly professional manner.

They are also an incentive towards better levels of growth, making more efforts to consolidate its position in the local and international market, leading the competition, and continuing to add value to the markets in which it operates in different geographies, including 12 countries around the world, most notably Kuwait, Bahrain, Türkiye, Egypt, Britain, and Germany.

“The Best Islamic Corporate Bank – Global and Best Islamic Project Finance Provider-Global awards highlight KFH’s unique performance and leadership in financing and supporting large corporations through a range of financing services and solutions,” said Al Rushood.

He noted that both awards shed light on the Bank’s leading participation in financing major development projects that contribute to promoting economic growth including projects in energy, transportation, communication, infrastructure, industrial production, real estate development, digital transformation, and technology development.

Commenting on the “best Islamic bank in Türkiye” award, Al Rushood explained that KFH – Türkiye is one of the largest Islamic banks in Türkiye, and among the top ten in the Turkish market. Further, its operations expanded into European markets by establishing KT Bank AG in Germany.

He stressed KFH’s commitment towards global banking, governance, and Shariah standards, saying that KFH is entirely dedicated towards managing its capabilities and utilizing the available material capacities and human talents, in addition to meeting its customers’ aspirations.

“KFH has been always a significant reference, a trusted brand, and a highly valuable source in the Islamic finance industry in Kuwait and the world,” added Al Rushood.

It is worth noting that Global Finance announced awards have become a trusted standard of excellence for the global financial community, and are granted after extensive consultations with bankers, corporate finance executives and analysts worldwide. The criteria for selecting top firms include growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products, in addition to reputation and customer satisfaction.

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.