KUWAIT CITY, October 15: Warba Bank has been awarded as the “Best Foreign Exchange Bank in Kuwait” for the year 2024 by the prestigious Euro Money Institution.

On this occasion, Anwar Bader Al-Ghaith, Deputy CEO Support Services and Treasury at Warba Bank, expressed his happiness of the Bank receiving this prestigious award, saying: “We are proud of this awarding from Euro Money, which reflects the confidence that global analysts and specialists place in the efforts of the Treasury Group at Warba Bank, explaining that the Bank has succeeded in building a professional team that provides distinguished services in the foreign exchange market, which reflects our excellence in this field”.

Al-Ghaith stressed that this achievement reflects Warba Bank's desire to provide the best services and products to its clients, as well as leading in digital transformation and enhance the level of financial services in the local market, stressing that this achievement reflects the Bank's commitment to providing integrated and value-added financial services to its clients, and enhances its position as a leading institution in the financial sector.

He pointed out that this award is considered an international recognition of the pioneering role played by the Bank in the foreign exchange market, and confirms the excellence of the Treasury Group in achieving high levels of professionalism and innovation in developing innovative financial solutions.

Al-Ghaith added: "This award is not just an achievement; it is an incentive for us to continue developing our services and providing more innovative financial solutions that keep pace with our clients' aspirations. We will continue to enhance our efforts to meet clients' needs and support them in achieving their financial goals through our specialized team that works in an integrated manner to achieve these goals."

Al-Ghaith explained that the Bank is keen to build a team of national talents and qualify them, as all members of the treasury group are qualified national staff who have high experience and skills, which contributed to achieving this success in an effective and sustainable manner, noting that the Bank always seeks to provide added value to its clients by adopting the best practices and the latest technologies.

For his part, Abdullah Mahmoud Al-Lanqawi, Chief Treasury Officer at Warba Bank, stated: “This achievement highlights Warba Bank’s leading role in providing innovative financial solutions that meet the diverse needs of clients, explaining that this has brought about a qualitative shift through the launch of the electronic trading platform, which allows its clients to obtain competitive prices instantly and easily, with the ability to execute their operations quickly and accurately, providing them with a smooth experience in managing their foreign exchange needs.

He added that the Treasury Group provides daily reports on the currency market, enabling clients to make their decisions based on the latest available financial analyses, thus enhancing their ability to benefit from market movements and avoid risks proactively. Noting that these solutions have contributed to the growth of the customer base and the acquisition of a larger market share in the field of foreign exchange trading, which has been positively reflected in significantly increasing the Bank’s profitability. Warba Bank has also been accredited as a market maker for foreign currencies through the global FX ALL platform, which enhances its position as one of the leading banks in this field.

Al-Lanqawi stressed the Treasury Group’s keenness to meet the growing needs of clients and support the Bank’s growth in local and regional markets, by offering a wide range of foreign exchange products, hedging services against market fluctuations, in addition to a diverse package of integrated financial solutions. These products are carefully designed to meet clients’ needs with high efficiency, and provide innovative solutions that enhance their ability to manage market risks and achieve their financial goals in a sustainable manner, giving them high flexibility in financial planning and making decisions based on accurate analysis.”

The “Best Foreign Exchange Bank” award is granted by Euro Money based on precise criteria including service quality, innovation, and market impact, reflecting Warba Bank’s position as one of the leading financial institutions in Kuwait.

Euro Money magazine relies on independent evaluations, surveys, and opinion polls of financial services leaders in each market in a number of key categories, in addition to a wide range of qualitative and quantitative criteria such as business volume, innovation, asset quality, profits, efficiency rates, key performance indicators, leadership, and credit ratings. Euro Money awards and ratings are being held for over 26 years.

Warba Bank is one of the banks that have achieved great successes in a short period of time, as it has occupied a leading position by providing innovative digital banking services in accordance with Islamic Sharia for individuals and companies, and is one of the local banks with the largest number of shareholders, and these are among the most prominent elements that make the Bank close to all members of society.