Kuwait Finance House K S C P : KFH caps off 2023 with 26 illustrious awards

Kuwait Finance House (KFH) wrapped up 2023 with 26 illustrious awards at the Group level from various local and international prestigious entities, affirming its achievement in the Islamic finance industry and showcasing its global leadership. Additionally, KFH concluded the year being ranked number one by the Banker magazine, adding to its impressive record of accolades and recognitions. KFH also concluded the year 2023 with 5 high rankings from Euromoney magazine.

The awards serve as a testament to the brand's robustness and the commendation KFH enjoys for its outstanding achievements across diverse domains. These encompass exemplary customer service, expertise in adopting cutting-edge technology, leading digital transformation and financial services in the banking sector, and a commitment to delivering superior digital products and services.

Acting Group Chief Executive Officer at KFH Abdulwahab Al Rushood said that the recent award secured by the KFH adds to its existing series of honors, reaffirming its prominent position among the world's most established financial institutions. He added that the awards highlight KFH's rich array of robust and diversified activities, its high liquidity levels, and its advanced and diverse banking services that align seamlessly with the latest global financial technologies and standards.

He explained that the success of the digital transformation strategy, which KFH was one of the first banks to adopt, was reflected in the series of innovative services and products that the bank has been unique in launching in recent years. This pioneering step has made KFH attract new segments of customers and enabled it to meet their changing requirements and achieve their satisfaction and strengthen its leading position in the market.

Al Rushood pointed out how KFH's early adoption of the digital transformation strategy contributed to its success, evident in a succession of groundbreaking services and innovative products exclusively launched by KFH in recent years. This unprecedented initiative not only attracted new customer segments but also empowered KFH to effectively address the evolving needs of customers, solidifying its leading market standing.

He further mentioned that the awards signify more than just an accomplishment; they serve as a motivation to strive for greater success in the future, adding that they stand as testament to KFH's capability to offer innovative solutions that cater to customers' needs and promote the local banking sector and the Kuwaiti economy.

World's Best Islamic Financial Institution

In recognition of its continued successes and operational progress at the regional and international levels, leadership in the Islamic finance market and excellence in the digital banking solutions, KFH bagged 2023 "World's Best Islamic Financial Institution" award from Global Finance magazine. In its sixteenth annual awards, Global Finance magazine announced six more awards for KFH; "Best Islamic Corporate Bank - Global", "Best Islamic SME Bank-Global", "Best Islamic Takaful- Global", "Best Islamic Project Finance Provider-Global", "Best Islamic Financial Institution - Middle East" and "Best Islamic Financial Institution in Türkiye".

In addition, KFH received Kuwait`s Best Bank for Sustainable Finance in 2023 Award during the Investment Banks and Sustainable Finance Awards Ceremony hosted annually by Global Finance Magazine. KFH Capital, the investment arm of KFH Group, also picked up Kuwait`s Best Investment Bank Award.

Bank of the Year

KFH scooped the "Bank of the Year 2023 - Kuwait" award from The Banker, the world`s most prestigious banking magazine owned by the Financial Times Group.

Commenting on this achievement, Al Rushood said that the award further affirms KFH's prominence and expertise in Kuwait's banking industry. Additionally, it highlights KFH's significant role in being at the forefront of the Islamic banking sector and its ability to provide innovative banking solutions and services that cater to customers' needs.

Sustainability

KFH received "Best Islamic Bank in Kuwait" and "Best Islamic Bank for ESG- global category 2023" awards from Euromoney magazine during the annual Euromoney Awards for Excellence ceremony. The two awards came in recognition of KFH's contributions, prominent standing and leadership in the Islamic finance and banking industry locally and globally, its digital services and products, in addition to its outstanding efforts in deploying environmental, social and governance practices (ESG) in all banking business and activities.

Sheikh Salem Al-Ali Award

Adding to its record of triumphs, KFH was declared a winner of the 23rd edition of His Highness Sheikh Salem Al-Ali Al-Sabah Informatics Award for 2023 for the category of excellence in digital transformation in technical financial solutions.

Al Rushood stated that KFH stood out by launching various digital financial services at the banking level. These services included launching the "Zaheb" digital platform, five digital portfolios, and for the first time in the Middle East, instant credit, and prepaid card printing service, in addition to the Liveness Face Matching service in branches, emergency cash, exceptional digital services for gold accounts (selling, buying, delivery, storing) as well as transferring funds from prepaid cards to the account. KFH also launched its first Shari'a-compliant digital bank in Kuwait, Tam Digital Bank.

Gulf Excellence Award

In recognition of its qualitative accomplishments and outstanding contributions to the business and banking sectors in Kuwait and the GCC countries, (KFH) won the Sharjah Gulf Excellence Award. Being the only institution to be nominated from Kuwait by the Sharjah Chamber of Commerce and Industry (SCCI) and selected by the award Board of Trustees, is yet another achievement to KFH's historic record.

Customer Experience Transformation

KFH bagged the 2023 Customer Experience Transformation award for its Call Center from the American technology company (Avaya) in partnership with the Middle East Telecommunications Company (METCO).

The award was based on several criteria including: providing a state-of-the-art digital Contact Center implementing the latest technology modules in the field that are based on novel self-services and digital applications, such as Dynamic Interactive Voice Response (IVR), Automated Number Identification (ANI), VIP Services, First Call Resolution (FCR), Automated Outbound Campaigner consisting of both Progressive & Preview in addition to other criteria.

Sukuk and products

KFH received seven prestigious awards from EMEA Finance Magazine at the fifteenth edition of the Middle East Banking Industry Awards, in recognition of its outstanding contributions to the Islamic finance industry and its leading role in the Sukuk market, innovation of financing solutions and products, and its successful acquisition of AUB-Bahrain.

KFH won "Best Islamic finance house", "Best financial Institution Sukuk" for Dubai Islamic Bank's USD $750mn Sukuk Deal, "Best financial institution Sukuk (US $500 MN)" for First Abu Dhabi Bank's US $500mn Sukuk Deal, "Best sovereign Sukuk" for Republic of Türkiye's US $3bn 5-year Sukuk Deal, "Best supernational Sukuk" for Islamic Development Bank's US $1.6bn Sukuk Deal, "Most innovative Sukuk" for PD His Highness Sheikh Mohammed Bin Khalid Al Nahyan, "Best Financial Institution M&A Deal" for Kuwait Finance House's acquisition of Ahli United Bank.

Human Resources

KFH won three global awards in the Human Resources field for the year 2023 from Brandon Hall Group, a company specialized in the evaluation and performance assessment of banks, companies, and institutions around the world. KFH was awarded the gold medal in "Best Advance in Employee Recognition Program" category, a gold medal in "Best Unique or Innovative Talent Management Program" and a bronze medal in the "Best Advance in Employee Engagement" category.

Mastercard Award

KFH capped off its performance with yet another milestone from Mastercard, as it picked up the "Best Card Loyalty Program Design with Mastercard D&S in Kuwait" award for the Middle East region.

KFH has an outstanding history of accomplishments and stands out as a trailblazer in embracing cutting-edge technology for e-payment solutions amidst the rapid change in the field. It also launched various promotional loyalty campaigns encouraging customers to make their purchases using bank cards locally and abroad.

Stringent international criteria

All the awards KFH has received this year from prestigious global bodies specialized in business and finance were based on stringent and professional international criteria that measure factors such as quality, the bank's position, its contributions and financial indicators. Among the criteria were excellence, initiative and innovation in products and services, performance efficiency, geographical reach, shareholder rights indicators, strength of capital adequacy and total assets, customer satisfaction, and strategic relationships as per the recommendations made by juries composed of experts and analysts specialized in the Islamic banking sector from all over the world.

These criteria indicated that KFH is based on a solid foundation, and is characterized by high-level professional performance, systematic work, diversity, ability to compete, leadership in the Islamic finance industry globally, and excellence in providing an integrated system of banking and financing services which helped establish its leading position globally.

Number one in Kuwait

KFH was ranked number one in Kuwait among the top Islamic financial institutions in the world by The Banker, the world`s most prestigious banking magazine owned by the Financial Times Group. The magazine affirmed the continuous progress of KFH, which is built on financial stability, robust operational performance, consistent growth in all indicators, in addition to its Sharia-compliant innovative solutions that cater to the banking and financial needs of businesses and individuals according to the highest global standards.

Market leader

Euromoney Magazine classified KFH as a market leader in 5 categories: digital solutions, corporate banking, investment banking, Islamic finance, and corporate social responsibility (CSR). These prestigious rankings emphasize the successful business model of KFH and its quality services, efficient digital transformation strategy and its leadership in different areas in a way that it strengthens its standing and strong brand as well as its solid financial position.