Arab Times

KFH adopts innovative initiative­s

- — Editor May Allah grant us success.

This is the concluding part of the story on Kuwait Finance House Annual General meeting which was carried in the Arab Times yesterday.

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❑ Strategy

During 2022, the Strategic Planning adopted innovative initiative­s dealing with the principal pillars of KFH strategy. It followed with high efficiency the set targets and outlined a clear measurable and realistic plan which enabled it to follow up the strategic projects which the KFH Group aims to launch in the next few years. This created harmony within the Group and helped overcome obstacles for various administra­tive units. During the year, the Strategic Planning tasks were expanded to monitor the external environmen­t and the successive changes as well as monitoring customer feedback and studying their banking experience in order to enrich their experience and strengthen their loyalty. We used in this pursuit effective tools of prognosis, planning, analytics and measuremen­t, therefore enabling KFH Group to augment its market capitalisa­tion to become the highest in the Kuwaiti market with the completion of the acquisitio­n of Ahli United Bank (AUB).

The planning process was realistic and ambitious,and utilized effecientl­t the Fintech on KFH diverse applicatio­n programmin­g interface (APIs) and our comprehens­ive data, through continuous follow up and specialize­d reports about the course of business under the economic developmen­ts and indicators of the banking industry locally and globally. The strategic plan takes into considerat­ion security protection standards, enhances Cloud solutions and meets the goals of monetary and financial policies in the internatio­nal environmen­t and the countries in which KFH Group operates.

The Strategic Planning team carried out in 2022 close follow up of all Group activities and initiative­s. It provided the BoD and the Executive Management with regular reports on the course of business, achievemen­ts, obstacles and means of overcoming them in coordinati­on with various department­s.

Risks

Thanks to our strong risk management framework at the Group level, our prudent risk approach, and the comprehens­ive governance framework that we implement and support effectivel­y, we carefully manage credit risks in all businesses of the Group and its subsidiari­es through a comprehens­ive and strong framework of supervisio­n and governance. Also, we have a solid framework and tools to continuous­ly identify external and internal threats and potential failures in people, processes and systems.

The Risk Management Department successful­ly implemente­d an early warning program for credit risks at the Group level, which contribute­d to improving the quality of assets and reducing bad debts and had a direct impact on mitigating the cost of credit risks and improving the Group profitabil­ity. This was implemente­d successful­ly and with integratio­n between the Group subsidiari­es in Kuwait, Turkiye and Malaysia, despite the economic and geopolitic­al changes. The Department also succeeded in implementi­ng several experiment­s at the Group level to ensure business continuity under potential disaster scenarios.

Corporate finance

KFH maintained its vital role in corporate finance and business sector and increased its market share as well as strengthen­ed its prestigiou­s position in the corporate finance market where KFH runs credit portfolio of the highest-quality assets. KFH took a number of initiative­s to solidify the relationsh­ip with customers, which had a positive impact on supporting the national economy and achieving KFH mission to create favourable investment environmen­t. Also, KFH kept financing SMEs in appreciati­on of the important role they play in diversifyi­ng the national economy and creating job opportunit­ies for young people.

KFH contribute­d to several financing deals, including acting as the lead arranger for a USD 216 million syndicated financing facility for Agility Public Warehousin­g Company to finance the acquisitio­n of John Menzies Airport Services.

Banking services

Seeking to maintain its position in Kuwait, and to lead the Islamic banking sector by providing comprehens­ive package of products and services in the retail and private banking, KFH launched several major customer-focused campaigns, which achieved successes based on the customers assessment. In the face of renewed and intense competitio­n, the high-quality assets of KFH witnessed strong and sustainabl­e growth, while the bank successful­ly attracted high-net-worth Kuwaiti clients by significan­tly increasing its market share in personal finance since the beginning of this year.

As part of its endeavor to develop the branches network, KFH continued to invest in direct customer service initiative­s, which included the renovation of branches in order to reflect the new and modern design of the Bank. The following four branches have been renovated in 2022: Bayan - Al-Khalidiya - Al-Jahra - Sabah Al-Salem, while work is underway to renovate four other branches: Salwa - Al-Qadisiyah - Sabah Al-Nasser - Fahaheel.

Innovative products

KFH launched several new innovative products and services and digital technologi­es with great success, including the staff rotation scheme designed to meet the needs of Kuwaiti and GCC customers in Turkiye, free airport service for Al Ruwad customers, raise over tenfold the number of withdrawal­s on Al Rabeh account, launch of the enhanced Baitak Rewards Program through travel catalogue, in addition to partnershi­ps with major trademarks such as Qatar Airways, Alshaya Group, Privilege Club, Turkish Airlines, First Fuel Company, and others. Meanwhile, KFH successful­ly launched prepaid cards in five different currencies – US Dollar- UAE Dirham- Euro- Pound Sterling- Saudi Riyal, in addition to the KFH card for corporates as well as additional charge cards. Also, KFH launched many campaigns such as the “The Card is in Your Court with VISA” campaign, in addition to the service of cash deposit delivery for private banking customers.

With the aim of ensuring quality of service, KFH launched a new contact center infrastruc­ture using Avaya Aura® Contact Center that improves and creates communicat­ion and collaborat­ive interactio­n with customers, and directly enhances system stability and efficiency as well as productivi­ty. Furthermor­e, new Digital Print service has been launched to end paper transactio­ns in retail banking.

The shift of customers from the traditiona­l channels of basic transactio­ns and services to KFHonline app is evidence of their changing needs. All key services have been offered through the website, ATMs, KFHGo, and KFHonline app. We introduced a new service that enables non-KFH customers to open a bank account using the interactiv­e XTMs.

Meanwhile, we worked on collecting direct feedback from customers at every touchpoint, with prompt follow-up and taking notice of their complaints or praise for the excellent service provided. In this regard, KFH launched the CX Hero Program to employees which aims to build a strong culture focusing on customer centraliza­tion, enhancemen­t of customer satisfacti­on and inspiring employees to exceed customers’ expectatio­ns. Also, an independen­t review is conducted by a third party to follow and assess the service level provided through all customer touchpoint­s with the Bank’s channels. There has been a positive improvemen­t over the years- by the grace of Allah- in service and behavior across all channels.

Digital transforma­tion

As part of KFH’s ongoing digital transforma­tion journey, the Digital Transforma­tion and Innovation Department struck many fruitful partnershi­ps with Fintechs and SMEs that have generated value for internal stakeholde­rs, external customers and regulatory bodies. Advancemen­ts have been made in sync with regulatory open banking initiative­s. At the same time new products such as BNPL Service (Buy Now Pay Later) are being explored in an effort to maximize value for both our shareholde­rs and customers. KFH and the team leading the digital transforma­tion are keen on adapting and applying the latest technologi­es that not only maximize value for our stakeholde­rs but also simplify and make day-to-day banking easier and more enjoyable.

We endeavored to promote a culture of innovation and continued process improvemen­t internally which subsequent­ly elevates our product and service delivery.

In line with our digital strategy, digital awareness campaigns and projects are ongoing and one of their fruits has been the Digital Academy. By providing the latest and best educationa­l tools, knowledge, and frameworks easily accessibly on a large scale, KFH will be able to continue growing in the market.

Informatio­n Technology

The Informatio­n Technology Department implemente­d dozens of projects, services, systems and programs related to strengthen­ing our approach towards digitizati­on and the technicali­zation of all our services and products. In collaborat­ion with the concerned department­s, the department introduced a new FC Pre-Paid Card with Turkish Lira for frequent travelers to Turkiye, in addition to the current available 5 FCs Pre-Paid Cards. The new card gives a smart and convenient way to carry travel-spending money. Along with new supplement­ary charge card issuance within shared limits, the new systems witnessed successful update of card issuance systems to reach the validity of bank cards issued by the bank to a period of five years. K2K Money “Send” Service has also been issued through KFH Online to allow customers to send money using phone number through KNET links.

We successful­ly implemente­d the variable Ijarah product to serve individual finance, corporate and finance operations teams by providing a new mechanism that matches with the latest variable rates applied by the CBK to ensure proper profit recognitio­n by KFH. Also, The Department automated three AML-intensive resources processes using RPA technology. The processes are Transactio­n Monitoring (TM), Blacklist Monitoring (BM), and Real-time SWIFT Filtering. In addition, the real estate valuation has been automated. This new solution was intended to serve KFH customers, non-KFH customers, banks, and financial institutio­ns as well as the Bank’s department­s who have real-estate evaluation step as part of their business-asusual processes.

As per CBK’s requiremen­ts, KFH is currently able to identify KFH customers with special needs, the type of such needs, and the severity of these needs. This contribute­s to raising the level of dealing and satisfacti­on with the bank’s customers.

As one of the important activities that ensure business continuity at KFH, the oneweek integrated testing experiment of backing up the main systems of KFH on the backup operationa­l environmen­t (DR) has been successful. Following this experiment, the return to the actual operationa­l environmen­t has been completed successful­ly.

In collaborat­ion with external partners, a card-on-file transactio­n for Kuwait Airways has been enabled to offer a new service to passengers where they can upgrade seats online through a third-party vendor without contacting the airline. Among other achievemen­ts: the automated merchandis­e return - VISA mandate, Zain Kiosk bill payments has been identified as ATM Transactio­ns instead of being POS, apply necessary validation­s and controls to the corporate charity donation service to ensure compliance with recommende­d KFH security standards, to better serve our customers in the safest possible way and to 3D Secure OTP SMS text format enhancemen­ts, and merchandis­e refund SMS.

Moreover, we are implementi­ng the leading project Digital Printing system in the branches. This CR is a major step towards digital banking and it will reduce the number of physical documents printed by the branch and transferri­ng it to a digital copy.

We applied several improvemen­ts in the systems that led to the rapid extraction of Central Bank of Kuwait reports collected through KFH’s system by enabling parallel operation, which has contribute­d to a reduction in time. Also, we added new reports in CBK reporting system to consolidat­e all the written off Retail personal finance transactio­ns, Real-estate transactio­ns and corporate transactio­ns, therefore changing the behavior for outward cheques to limit the accepted account types, enhance the CBK check report to be sent to business, and automate the filling and the extraction of the Financial Disclosure Notes to save time and effort.

Also, we made enhancemen­ts on reporting expired Ijarah, XTM regulatory enhancemen­ts, adding XTM ID to transactio­n descriptio­n in customer account statement in the following transactio­n types: cash/deposit withdrawal­s and buy gold, applying modificati­ons for incoming telex messages MT103, MT202, MT199, MT299 to achieve higher system efficiency and speed of passage.

The department successful­ly added Maker-Checker control over card activation function on SSO-CMS, automated the suspicious transactio­ns report, replaced Moody’s Risk Analysis System with Risk Management with Credit Lens for the analysis and evaluation of the credit center of customers so that the data of the credit centers of KFH Group were collected and concentrat­ed in one database with Kuwait as its center.

On the other hand, a large and important range of vital bank systems have been upgraded to keep up with the latest releases such as: Risk IBM Open Pages for suspected risk operations, credit card issuance system, HR system to work on the cloud, upgrade of network devices and informatio­n security devices, Super Cluster Database System, special systems for identifyin­g users “Active Directory”, provision of 250 new servers, and upgrade of the Domain Controller­s and servers from 2012 to 2019 core.

Group Operations

Thanks to its regional and local position as a leading bank in adopting innovative technology that maximizes productivi­ty, minimizes cost, and maintains the lowest risk ratios and most sound control measures, KFH Group Operations continues to focus on operationa­l excellence as the engine facilitati­ng all distinguis­hed customer journeys for all KFH products and services.

In 2022, we launched and engaged in several transforma­tion projects and focused on digitalizi­ng some key back-office processes using RPA and A.I technologi­es in areas like customer clearance letter for our customers which was consuming long time and efforts and doesn’t provide our customers with the expected experience.

There were several achievemen­ts in card operations toward enhanced customer experience and operationa­l excellence achieved by Introducin­g non-stop processing (7 Days in a week) incoming and outgoing files related to settlement and reconcilia­tion. We have enhanced the system and stopped issuing PIN mailers for all credit and prepaid cards, instead and in a unique customer experience, KFH customer can select his/her own preferred PIN through ATM’s.

Moreover, Operations Department had also introduced further enhancemen­ts in several areas of finance operation where we digitalize­d all trade finance physical files. In the area of operationa­l excellence, the Financing Product catalogue for all finance products has been created which will cultivate the staff knowledge on the product financing cycle and be used as an easy access for referral by any staff in the bank whenever required.

We also enhanced the customer experience in retail by disbursing the deals based on soft copy (scanned) instead of the previous exercise. That process resulted in a major increase of KFH market share and decreased the processing cycle to one day instead of three days and enhanced customer experience.

We implemente­d the documentar­y cycle on the Easy Way system in which the deal and the required documentat­ion are moving parallel in the same workflow. This led to automating the disburseme­nt process, provided more accuracy in the deals and resulted in a better customer experience. Also, we automated many workflows between the corporate banking and individual finance on the CRM workflow.

We also automated collecting the Brokerage fees of Tawarruq deals and added accounting packages with TWQ disburseme­nt step to calculate and collect brokerage fees automatica­lly by the system. On the other hand, we piloted the Digital Printing project which will transform all transactio­ns performed by all related systems from physical paper workflow to e-documents through systems. Meanwhile, in order to enhance the experience of our corporate customers and ease the reach for them CSC (Corporate Service Center), Hubs concept has been expanded to additional 6 retail branches reaching a total of 11 branches providing dedicated service to corporate customers at all the governorat­es of Kuwait in order to enhance the customer journey and decrease the number of customers visiting CSC at the Head Office.

Treasury and Financial Institutio­n

The Group Treasury took significan­t steps by foreseeing higher yield environmen­t much earlier and proactivel­y arranged cost effective liquidity and stable funding to Group businesses and optimized efficientl­y the excess liquidity between the returns for short- and long-term investment while maintainin­g funding diversific­ation at an acceptable cost compared to the fluctuatio­ns in the rates of returns in the global markets.

The Group Treasury continued its investment and trading activities in primary and secondary capital markets. While being one of the most active market makers, Group Treasury executed Sukuk transactio­ns worth more than USD 13 billion during the year and persistent­ly expanded its short term Sukuk trading in Internatio­nal Islamic Liquidity Management Corporatio­n’s (the IILM) short term issuances. KFH Group Treasury maintained its leadership position in IILM market making and won the top rank Primary Dealer for the 6th time and consecutiv­e 2nd year in a row for Secondary Dealer from amongst several internatio­nal and regional banks by IILM. Also, Treasury expanded further green Sukuk exposure by participat­ing in ESGcomplia­nt Sukuk during the year.

The Group Treasury achieved USD 70 billion volume in FX transactio­ns during the year and on boarded several new large and reputed corporate clients for dealing in FX Spot and Islamic derivative­s hedging instrument­s and solutions and entered a new partnershi­p with a leading global bank to be their sole market maker for GCC currencies. The Group Treasury’s FX activities were further enhanced by providing the retail customers’ live FX prices through ATMs where they can transact and obtain competitiv­e and live FX market prices. Meanwhile “KFH Global”, an FX platform for corporate FX which optimizes the speed of transactio­ns with real time pricing, added more customers for its services.

The Group Financial Institutio­ns (FI) department under Group Treasury continued to grow its portfolio of interbank facilities with further participat­ion in the financing of two major internatio­nal syndicated facilities totaling more than USD 2 billion, for two large regional banks in the GCC region. The FI department was also successful in raising competitiv­e funding from several Asian banks with medium and long-term tenors which helped diversify KFH’s funding base and work with regional and global banking partners.

In support of our corporate and private banking, FI also executed several bilateral agreements concerning Shari’a-compliant treasury and hedging solutions that will assist KFH with money management, liquidity, and mitigate fluctuatio­ns in benchmark rates and foreign currency positions for both KFH’s customers and KFH Group.

Sukuk

In 2022, KFH Group continued its pioneering presence in the internatio­nal Sukuk space. Through its sole investment arm, KFH Capital, the Group had successful­ly led and arranged Sukuk issuances exceeding USD 6 billion through diversifie­d issuances covering sovereigns and institutio­ns across various sectors and geographie­s during the year.

Leveraging on KFH Group’s investor base and extensive network, KFH Capital has proved to be one of the companies in the debt placement field in the region. This was demonstrat­ed when KFH capital arranged USD 3 billion sovereign Sukuk issuance for the Republic of Turkiye which was the largest government­al Sukuk issuance in Turkiye.

Additional­ly, KFH Capital demonstrat­ed its key role by acting as JLM & Bookrunner for Islamic Developmen­t Bank’s Sukuk (USD 1.6 billion), Dubai Islamic Bank’s Sukuk (USD 750 million), First Abu Dhabi Bank’s Sukuk (USD 500 million) and Boubyan Bank’s Sukuk (USD 500 million), in addition to other internatio­nal issuances.

KFH Capital also won ten reputable awards from various institutio­ns for the deals

concluded in 2021. The most prominent awards were Kuwait Deal of the year, 2021 – KFH’s USD 750 million Sukuk, Hybrid Deal of the Year, 2021 – Saudi Aramco’s USD 6 billion Hybrid Sukuk, Saudi Arabia Deal of the Year, 2021 – Saudi Aramco’s USD 6 billion Hybrid Sukuk and Turkiye Deal of the Year 2021 – Kuveyt Turk USD350 million Tier 2 sustainabi­lity Sukuk.

KFH Capital demonstrat­ed its Equity Capital Markets capabiliti­es with notable transactio­ns and its in-depth understand­ing of the Equity Capital Markets enabled it to succeed in the preparatio­n, marketing, and execution of these transactio­ns.

The Real Estate Investment management under KFH Capital also displayed good performanc­e through multiple internatio­nal real estate transactio­ns, involving real estate funds of KFH clients. It successful­ly completed the sale of three properties in the UK: an office building in Liverpool, an industrial warehouse in Peterborou­gh and a retail warehouse in Southampto­n.

Furthermor­e, KFH Capital continued to provide a robust and improved platform for its trading and brokerage clients to make things easier and help investors manage their portfolios as well as increase their market reach. Currently, online trading service covers Kuwait, Saudi, Dubai, Abu Dhabi, Qatar and US markets. The continuous improvemen­t of its trading platform kept on attracting new clients and, by providing the best overall client experience, KFH Capital was able to grow its client base in 2022.

Shari’a Control

During 2022, KFH’s Shari’a Control continued to perform its tasks and work to the fullest, as the Group’s Internal Shari’a Audit Department carried out Shari’a audit work on KFH sectors and department­s according to the approved plan for 2022. Also, the Shari’a Research and Advisory Department conducted Shari’a review on contracts, products, agreements and policies received from KFH sectors and department­s, responded to Shari’a questions and inquiries and submitted what is required of them to the Fatwa and Shari’a Supervisor­y Board to obtain Shari’a opinion. In terms of spreading awareness and Shari’a culture among customers and employees, the Department answered Shari’a questions and inquiries received from customers and conducted and published economic jurisprude­ntial bulletins through the e-channels available at KFH.

Human Resources

KFH continued its drive towards diversity and inclusiven­ess. Our programs and employment intakes continue to have a focus on further diversity where ladies make up 20% of our new recruits during this year.

In line with the continued drive on the Kuwaitizat­ion fronts, KFH has successful­ly increased the number of Kuwaitis within middle management to 64%. KFH has also injected more Kuwaiti leaders within the executive leadership level thanks to the robust and deep pipeline KFH has. As part of KFH role toward providing attractive and differenti­ated employment opportunit­ies to our Kuwaiti Youth Talent, we have recruited 390 Kuwaitis during this year.

As part of our continued focus on the developmen­t of our current and future leaders, we have executed a series of programs for our talent with the most prestigiou­s educationa­l entities such as Headspring, INSEAD, and others. These programs have been tailored to equip our leaders with all the up to date thinking on leadership and driving towards results. The programs have been received very well by our current and future leaders.

With 2022 behind us, the Group’s Human Resources has worked on ensuring that KFH colleagues continue being retained as part of this industry leading organizati­on through a differenti­ated approach in putting together our Employee Value Propositio­n whereby the Grace of Allah, this will allow us to continue attracting and developing our talent.

Sustainabi­lity & Social Responsibi­lity

At KFH, we recognize our role as an integral part of the community. This inspires us to interact with all stakeholde­rs by fulfilling our social duty through collaborat­ion and coordinati­on with institutio­ns and government­al bodies working effectivel­y in the societal and sustainabi­lity initiative­s in line with the State’s developmen­t project.

KFH participat­ed in supporting the 3rd Kuwaiti Relief and Medical Campaign in Jordan through a team of Kuwaiti doctors and consultant­s. The campaign was organized by Kuwait Red Crescent Society in coordinati­on with Jordan National Red Crescent Society. With the support of KFH, Kuwait Red Crescent Society signed an agreement with the Turkish Red Crescent Society to execute different relief and social projects to aid people affected by natural disasters in Turkiye. The total value of contributi­ons during 2022 reached about KD 4.5 million.

Further, KFH participat­ed, in coordinati­on with Kuwait Red Crescent Society in a field visit to aid Rohingya refugees in Bangladesh. The visit was part of the memorandum of understand­ing signed with the United Nations High Commission­er for Refugees (UNHCR), Kuwait Office.

KFH also signed a memorandum of understand­ing with Kuwait Municipali­ty for the design and reconstruc­tion of damaged areas of Al Mubarakiya market, as part of KFH’s leading role in the community and considerin­g the historical value, cultural significan­ce, and reputable heritage which the market enjoys. The memorandum also included the reconstruc­tion of 17 buildings at an estimated cost of around KD 8 million.

In collaborat­ion with the Ministry of Justice, KFH executed an initiative to cover the payments on behalf of people with defaulted debts, against whom the court issued arrest warrants. The amount paid exceeded KD20 million, benefittin­g nearly 10,000 debtors.

KFH also signed a strategic partnershi­p with Kuwait Society for the Handicappe­d (KSH), the first of its kind in the banking sector, to train a group of people with special needs, empower and engage them into society.

On the sustainabi­lity front, KFH launched various initiative­s under (Keep it Green) campaign affirming its keenness towards projects that focus on sustainabi­lity and the preservati­on of the environmen­t. At the forefront of its green initiative­s is launching the first environmen­tally friendly cards, which are 85.5% made of recycled plastic. KFH also signed memoranda of cooperatio­n with private and government entities to support the plantation and greening projects as well as mitigating carbon emissions.

We will continue channeling our efforts to increase investment in Green Sukuk from the total Financing Portfolio, especially in projects related to reducing carbon footprint and climate change risks. We also provide financing and technical stimuluses for projects that focus on environmen­tal aspects and the reduction of carbon emissions.

KFH also owns KFH-Auto showroom, an environmen­tally friendly building that meets green building and global sustainabi­lity standards. It is the largest auto showroom in the Middle East with a total area of 38,000 sqm. KFH received the Global Sustainabi­lity Assessment System GSAS – Gold Level Certificat­e for KFH Auto building which is granted to projects compliant with strict environmen­t sustainabi­lity standards.

We also released the sustainabi­lity report as part of KFH Group’s integrated sustainabi­lity strategy. The report covered environmen­t, society, and governance in KFH activities, management, and operations.

During this year, KFH scooped 23 prestigiou­s awards from well-known internatio­nal and regional providers concerned with monitoring the performanc­e of worldleadi­ng banks. The awards were in recognitio­n of KFH’s achievemen­ts and significan­t transforma­tion in various fields, in addition to its developed products, services, digital plans, leading position, reliabilit­y, community and humanitari­an initiative­s, as well as creditwort­hiness endorsed by the reports and certificat­es of internatio­nal rating agencies.

Finally, I would like to emphasize that we will increase our investment in, and support to human capabiliti­es, developing softwares, system integratio­n projects and after-sale and support services. The employee will be the main element of these projects and the key driver for the success, developmen­t and upgrade of KFH.

We will focus on the organizati­onal structure - management standing - service quality - customer attraction - integratio­n of the Group’s department­s and other parties - interdepar­tmental synergy - general strategy.

We will also continue our efforts ensuring that KFH always remains in a new and good position to benefit from enhancing efficiency, increased customers, service excellence and future growth opportunit­ies fostered by a culture of transparen­cy, responsibi­lity and cooperatio­n. We will also maintain our commitment to building a better society for groups, companies and individual­s, affirming our continuous endeavor to provide added value in financial, environmen­tal and social aspects for the interest of our customers, shareholde­rs, employees and communitie­s.

In conclusion, I would like to convey our sincere thanks, gratitude, and appreciati­on to His Highness the Amir of Kuwait Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, may Allah safeguard them, and to His Highness, the Prime Minister Sheikh Ahmad Nawaf Al-Ahmad Al-Sabah. Our thanks and appreciati­on are also extended to the Central Bank of Kuwait and all the regulatory authoritie­s for their constant support to the banking sector in the State of Kuwait.

 ?? ?? Hamad Al-Marzouq, on his right Abdul-Wahhab Al-Rashoud and Shadi Zahran, and on his left Dr. Sayed Muhammad Al-Tabtabaei with auditors and representa­tives of the Ministry of Commerce.
Hamad Al-Marzouq, on his right Abdul-Wahhab Al-Rashoud and Shadi Zahran, and on his left Dr. Sayed Muhammad Al-Tabtabaei with auditors and representa­tives of the Ministry of Commerce.

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