Forbes international magazine published in this month’s issue a report under the title “Kuwait.. focus on the future,” where it demonstrated KFH’s experience describing its success, expansion and accomplishments on the regional and international level, and that “Baitak” has become the “ Harvard “ of the Islamic banks, through its accomplishments and broadening of the constantly developing Islamic financial horizon.
The Chairman and Managing Director for KFH “Baitak,” Bader Abdul Mohsen Al-Mukhaizeem, said that the growth and expansion that “Baitak” is witnessing in reaching the international status, and its widespread expansion in Turkey in the west and Malaysia in the east, has made KFH a model for the Kuwaiti economy; and a success that stemmed from a humble beginning 30 years ago.
He added that the increase of “Baitak” market share in the local market in 2006 by more than 21% is nothing but proof of the success of the Islamic financial business, that achieves a higher profit on the return of assets in comparison with conventional banks, according to a study presented by the Banking Studies Institute in the Gulf, where “Baitak” achieved the highest return on equity in the GCC during the last year.
Moreover, Al-Mukhaizeem added that “Baitak” managed to create space for creativity in the Islamic finance by merging a number of traditional products and making it Islamic to agree with the sharee’a, thanks to the superb human abilities that “Baitak” possesses, and to the members of the Fatwa and Sharee’a supervisory board that understands the Islamic financial business. He proceeded that “Baitak” creativity in Islamic finance was loud and clear in other fields, like forming financial liquidity department in Bahrain to assist Islamic banks in investing its excess liquidity , which resulted in motivating the international/global market to Islamic deeds or sukuk that are expected to reach issues worth of 5 billion US dollars this year. He said that “Baitak” had a leading role in this field where it supervised the issuing of sukuk worth of 2 billion US dollars for companies in and out of Kuwait. He also added that the annual sukuk growth rate is 45% worldwide, although the Islamic sukuk industry is still in its beginning, and it will get a push forward by “Baitak” inclination to create a secondary sukuk market, because “Baitak” growth is related to the growth of the bank industry on the international level.
Al-Mukhaizeem stressed that the efforts of “Baitak” participated in helping the national economy, where the branches of “Baitak” worldwide turned into bridges of commercial and economic cooperation among Kuwait, Malaysia, Turkey, Bahrain and all the countries where KFH business activity is focused in, where the regional existence of KFH in Malaysia is a starting point to reach China and east Asia, and its establishment in Turkey to reach the European Union and the west, and in Bahrain the economic support to the GCC and the Middle East.