KFH officially ‘Top Primary Dealer’ for the IILM Sukuk Program in FY 2017
KUWAIT: The International Islamic Liquidity Management (IILM) has announced officially Kuwait Finance House (KFH) as a “Top Primary Dealer” for the IILM Sukuk Program in FY 2017. This ranking is based on the total allocated amount for the 15 issuances this year accumulating a total of circa $10bn, where KFH occupied around 30 percent of it.
Group Chief Treasury Officer at KFH, AbdulWahab AlRoshood said that KFH ranking as the “Top Primary Dealer” on top of 10 IILM Primary Dealers of banks and financial institutions is a source of pride not only to KFH but also to Kuwait, indicating KFH came first followed by Standard Chartered and First Abu Dhabi Bank (FAB) in second and third places respectively. This confirms the prestigious status of KFH in the Sukuk market.
Al-Roshood added in a press release, that the ranking was based on several factors approved by the IILM including Secondary Market trading, Feedback from end investors on the service provided, efficiency and other factors in developing the program.
He remarked that the bank managed to achieve remarkable development in the Sukuk market at the regional and global levels as it motivated and encouraged a number of conventional and Islamic financial institutions to enter the market. Sukuk are the most significant and powerful low risk investment financing instruments that contribute efficiently to the process of encountering liquidity crises. Sukuk are characterized as instruments of high liquidity, active secondary market, flexibility and good returns. Sukuk represent a significant investment outlet for banks and an effective instrument to manage liquidity in accordance with CBK regulations. In addition, Sukuk contribute in increasing shareholders profit.
Meanwhile, International Islamic Liquidity Management, IILM expressed appreciation for KFH’s excellent and strong performance, boasting the strong ties since inception from 2013.