Mr. Bader Abdul-Mohsin Al-Mukhaizeem, Chairman and Managing Director, Kuwait Finance House, announced that KFH has realized a total profit KD 38.6 million in the first quarter of the current year. Shareholders equity amounted KD 16.8 million, thus marking an increase by 23% over the same period last year.
Assets size amounted KD 3.197 Billion, marking an increase by KD 591 million (23%) over the same period last year.
Deposits size for the first quarter amounted KD 2.461 billion, which represents an increase by KD 420 million (21%) over the same period last year.
Share profitability for the first quarter increased to 22 Fils compared to 18 Fils for the same period last year.
Mr. Al-Mukhaizeem confirmed that the financial indications for the first quarter reflect the work programs and plans laid by the management and executed by KFH staff. He said that the continuous growth mode which KFH has maintained since its inception has enabled it to score high growth rates in businesses volumes as indicated in the above-mentioned figures.
He reiterated that KFH recent plans to deliver a major part of its services and products to the customer location through the implementation of modern technologies namely those which are continuously used by customers i.e. Internet and mobile phones were fruitful. This can be evidenced through the significant recorded customers usage of these services.
Mr. Al-Mukhaizeem indicated that KFH and other financial institutions market share has increased. He considered that this market share shall induce those in charge of institutions to provide a better performance in the Sharia compliant business.
He emphasized that the next stage requires the understanding that this industry relates to banks handling funds of a large number of individuals and institutional customers whether regarding funds or investments thereof. Banks are the corner stone of economic activities. Banking business is connected to the financial and economic stability in the country and relates directly to cash and credit policies. Although the law has assigned these matters to CBK yet these aspects need to be practiced by specialized experts in the financial and investment aspects. Islamic banks compliance to Sharia rules is considered as a pre-requisite and an additional demand.
He added that all should cooperate and work to make the Islamic banks law as a significant historical event to support the progress of Islamic financial institutions in Kuwait and reserve its leadership in the field of Islamic financial services.
Mr. Al-Mukhaizeem said that KFH care of its employees is a strategy which KFH adopted since inception, either through solicitation of highly efficient and experienced employees or continuous development of employees skills and performance through training, direct contact with work environment or development of initiative and innovation spirit along with moral and material incentives.
He indicated that KFH has organized a special training program for 50 newly graduated Kuwaiti trainees. The trainees have passed a 6 months training courses during which they have undergone 14 training programs covering 300 hours of training. The trainees have graduated and qualified to join actual service that would develop their skills and performance.
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