KIB awarded ‘Best Islamic Bank’ and ‘Most Secure Bank in Kuwait’ for 2020
Bank recognized for its sharia-compliant products and services by World Finance
KUWAIT: For a seventh consecutive year, Kuwait International Bank (KIB) nabbed the “Best Islamic Bank in Kuwait” award for the year 2020, in addition to being named the “Safest Bank in Kuwait” award for 2020 by the editorial panel of World Finance; a leading, global financial magazine specializing in finance and banking, whose GCC Awards have continued to recognize leading financial and investment institutions in Kuwait and the GCC.
KIB received these two awards based on nominations by World Finance readers, as well as the final result of the Editorial Board, which includes a select group of renowned editors. Based on the Board’s criteria, the Bank was recognized for its Sharia-compliant financial products and services, adherence to Islamic finance guidelines, forward-looking approach to Islamic finance, sustainable growth and pursuit of innovation, its presence in the market, transparency and corporate governance, and robust social responsibility program. Moreover, KIB was recognized for its newly adopted digital transformation strategy, particularly in successfully introducing digital services, products and technologies that offer customers maximum banking safety and convenience, in addition to following the highest safety and security standards to financial transactions through online banking services.
Commenting on the awards, Raed Jawad Bukhamseen, Vice Chairman and CEO at KIB, said: “We are pleased to have received two awards from World Finance - these achievements demonstrate KIB’s efforts in implementing its new digital transformation strategy aimed at establishing itself as a digital-first bank in Kuwait. In that vein, the Bank has been focusing on improving its operating structure and restructuring its branch network, as well as providing state-of-the-art Sharia-compliant banking services and solutions that meet the dynamic needs and ever-higher expectations of its customers.”
“KIB was awarded “Best Islamic Bank in Kuwait” in recognition of its key position in the banking sector amidst the coronavirus crisis. Despite the disruption caused to global commerce, KIB continued to serve its customers without comprising the health and safety of its employees and customers, in addition to launching a number of innovative banking services, investment deals and instruments that consolidated the Bank’s position among the world’s Islamic banks, both at the local and regional level,” he added.
Bukhamseen praised the Bank’s Information Security efforts and lauded its commitment to protecting the security of customers’ personal information and banking data, whether online or through other banking channels. He further noted that KIB put forward the best professional practices and the latest technological methods to protect data and banking assets, stressing that the security of the Bank’s IT infrastructure is always a top priority, thus, the Bank was recognized as the MostSecured Bank in Kuwait this year.
For his part, Basil Al-Suwaidan, Assistant General Manager - Head of Information Security at KIB, said: “KIB’s 2020 award for The Most Secure Bank in Kuwait is well deserved, as the Bank considers information security an integral part of the Bank’s digital transformation strategy and overall structure. Accordingly, the bank has invested heavily to adopt state-of-the-art detection and preventive technologies.” Al-Suwaidan further noted that amid the evolving global pandemic and as part of KIB’s vision to be a long-term leader in digital banking, the Bank made quick decisions to launch more online banking products and services that provide customers with a seamless banking experience. “KIB embraced early, bold and effective actions to mitigate the risks and concerns, which complies with ISO 22301 standard: security and resilience - business continuity management systems. Three immediate information security priorities were presented to the Bank’s management: the first is ensuring a continuous safeguarding of the bank’s employees and customers health and safety, the second is enabling and securing work-from-home facility that allows staff to login into the Bank’s system safely from the comfort of their homes and the third is protecting the bank’s online system from drastically increasing cyber-attacks,” he said.
Concluding his statement, Al-Suwaidan highlighted KIB’s unyielding efforts in adhering to cybersecurity regulations set forth by the Central Bank of Kuwait, which included the recently released cybersecurity framework, ISO 27001 Information Security Management System standard, payment card industry data security standard, and SWIFT Customer Security Programme. “These measures have helped the Bank expand its business operations in a safe and efficient manner, as well as increase its customer portfolio in local and international markets by providing competitive market pricing and offering secure state-of-the-art banking solutions,” he concluded.
It serves to note that World Finance is a premier quarterly global financial magazine based in London, published by World News Media. Since 2007, World Finance has identified and honored leaders in the financial industry, as well as teams and institutions that represent the benchmark for success and best practices in the business world.