Kuwait Finance House (KFH) CEO Mohammed Al-Omar stated that S&P has affirmed KFH’s positive rating and removed it from Credit Watch system, since it believes that the governmental support will reinforce its status. He added that the agency affirmed its long and short term ratings at A-/A-2, and highlighted KFH’s ability to achieve revenues through its large presence in the domestic retail market, not to mention being one of the biggest Islamic banks in the world. The agency noted in its report that KFH’s ratings reflect its leading commercial status among domestic banks, and its robustness in liquidity and financing, which prompted it to reassess its rating and increase the credit status, especially that KFH is the second largest bank in Kuwait with total assets of USD 39.2 billion according to financial data in December 2009.
Moreover, KFH that has been operating for more than 30 years, is considered to be one of the most prominent Islamic banking institutions, and dominates large shares of the market, since it works in various fields, in addition to having shares in three of the biggest Kuwaiti governmental authorities, including the Public Investment Authority, which offers the bank strategic levels of support.
It is worth noting that international rating agencies have underscored their trust in KFH through affirming their ratings, despite the financial crisis the world is witnessing. In addition to that, KFH’s business and development is observed by many concerned authorities, and this led to KFH’s winning of several awards that include Best Bank in Kuwait, Best Islamic Bank, and Most Trusted Islamic Bank in the World.