KFH wins ‘World’s Best Islamic Financial Institution 2019’ award
Award reflects bank’s leadership and sound financial position: Al-Nahedh
KUWAIT CITY, Oct 19: Kuwait Finance House (KFH) has won World’s Best Islamic Financial Institution 2019 award from Global Finance Magazine.
Being one of the safest leading financial institution in the region, KFH has also won Best Islamic Financial Institution 2019 award in the Middle East, and the Safest Islamic Financial Institution in the GCC 2019.
In addition, KFH-Turkey has been named as World’s Best Islamic Financial Institution 2019 in Turkey and KT Bank AG-Germany as World’s Best Islamic Financial Institution 2019 in Europe by Global Finance.
Backed by the sustainable growth, diversified services and activities, customer’s confidence, reliability, credibility and strong brand, the awards reflect the leading role of KFH in the Islamic finance industry and its sound performance.
All selections were made by the highly professional team of Global Finance, after extensive consultations with bankers, corporate finance executives and analysts throughout the world. The stringent criteria of giving the awards included geographic reach, strategic relationships, new business development and product innovation. Also, among the criteria considered were reputation, customer satisfaction and the adherence to ethical standards.
On the sidelines of the IMF and World Bank meetings held in Washington, D.C., the awards were received by the Group Chief Executive Officer at KFH, Mazin Al-Nahedh.
Al-Nahedh said that: “The awards confirm KFH’s ability to continue its success in the coming years, locally, regionally, and globally. KFH aspires to take Islamic banking to an advanced stage, enabling it to participate in new projects and plans, thereby enhancing its capital capabilities and add value to the markets in which it operates.”
“Being first Islamic bank in Kuwait, KFH continues to keep pace with the development of digital banking, adopting the concept of safety and thoughtful growth, while adhering to the highest professional standards, best risk management standards and prudent practices, making it the largest Islamic bank in the world. KFH has developed a variety of financial products, alternatives and financing solutions, enhancing the Islamic banking industry and consolidating KFH’s global role,” he added.
“In line with international standards and Shariah principles, KFH has achieved qualitative success, based on a new strategy that includes strengthening the digital transformation, focusing on core business, developing employees, promoting service quality and improving performance levels,” Al-Nahedh explained.
Al-Nahed confirmed that the awards won by Group subsidiaries indicate their potential and consistent performance according to established rules and regulations. This reflects efforts started years ago to standardize work systems and enhance transparency and cooperation among the Group subsidiaries.
“KFH is always keen on the adoption of methodological and professional methods in the study and evaluation of risks, paying great attention to qualitative achievement in line with the international reputation it enjoys. The creditworthiness and ability of KFH to deal professionally with various economic conditions reflect its potential to maintain what it has achieved in terms of operating income and net profit. The size of its assets also confirms the growing confidence in KFH and its continuous methodology of selecting high quality assets,” Al-Nahedh said.
The awards were also based on criteria such as long-term credit ratings, the total assets of the world’s top 500 banks, and the growth of the financing portfolio.
It is worth mentioning that Global Finance, founded in 1987, has readers in more than 192 countries. Global Finance also targets the 8,000 international portfolio investors responsible for more than 80% of all global assets under professional management. The magazine is an international reference in the financial sector, covering topics of corporate finance, joint ventures, capital markets, currencies, banks and risk management.