Kuwait International Bank wins ‘Best Sharia-compliant Bank MENA’ award
KIB accorded ‘Fastest Growing Islamic Bank MENA’ award
KUWAIT: In recognition of its commitment to offering outstanding Islamic banking solutions and its exceptional growth over the recent years, Kuwait International Bank (KIB) was awarded “Best Sharia-Compliant Bank MENA 2017” and “Fastest Growing Islamic Bank MENA 2017” by Capital Finance International (CFI.co); an organization specializing in the finance and banking sectors.
KIB received the “Best Sharia-Compliant Bank MENA 2017” award for the third consecutive year from CFI.co, as a result of the Bank’s exceptional performance in the Islamic banking sector, its continued growth and strong financial performance, and its commitment to offering products and services in full compliance with the principles of Islamic sharia; all of which have made KIB a trustworthy financial institution amongst customers. This also marked the second year that KIB received the “Fastest Growing Islamic Bank MENA 2017” award, in recognition of the Bank’s dynamic business strategy and approach. This strategy has been a key component driving the Bank’s fast-paced growth and expansion in the banking sector, propelling KIB to the forefront of the sector locally and regionally.
On this occasion, Sheikh Mohammad Jarrah Al-Sabah, Chairman of KIB, said: “These awards serves as a testament to KIB’s commitment to offering its clients a diverse and comprehensive range of innovative Sharia-compliant banking solutions. They are also a testament to KIB’s continued strong performance amidst declining oil prices and numerous economic challenges facing local and regional markets. These circumstances have allowed us to adopt a strategic expansion plan as we continue to effectively respond to the dynamic needs of the market.” Al-Jarrah further added: “KIB has made remarkable achievements in the implementation of its comprehensive strategic plan in order to become the ‘Islamic Bank of Choice in Kuwait’. This strategic development plan focuses on enhancing the effectiveness and efficiency of the Bank’s overall performance, as well as developing our customer experience - as we actively strive to cement our prominent position in the market.”
He also pointed out that KIB has continued to achieve positive results across all its key performance indicators, resulting in a strong financial standing and a growth in shareholder equity. Furthermore, Fitch Ratings recently reaffirmed the Bank’s long-term credit rating at A+ with a stable outlook.
Moreover, Al-Jarrah lauded the efforts of the Bank’s Fatwa & Sharia Supervisory Board, which plays a key role in overseeing all internal and external operations, in addition to monitoring all of the Bank’s products and services, in order to ensure complete compatibility with Islamic Sharia regulations.
It serves to note that CFI.co is considered to be one of the most prominent international, independent organizations specializing in finance and banking in London. Over the years, CFI.co’s judging panel has closely monitored KIB’s growth, as the Bank managed to occupy a leading position within the market, even amidst a highly competitive banking sector. Accordingly, the Bank has been a recipient of CFI.co’s awards in 2015 and 2016.