Washington D.C. , U.S.A. - Kuwait Finance House (KFH) was named as the Best Islamic Bank in the World by Global Finance Magazine, in recognition of its leadership and concrete efforts in developing the Islamic finance & banking industry; thus allowing Islamic banking to become highly accepted and demanded worldwide. KFH also managed to lay the foundation of an economy that is parallel to the conventional economy, not to mention its efforts in setting the legislative and organizational structure, which allowed KFH to become an authority in Islamic banking.
The prestigious magazine stated that KFH won the award after analyzing its performance, in addition to its reputation and competent management. After deliberations and taking into consideration the opinions of prominent bankers and executives worldwide, KFH was granted the award and title as that cements KFH’s leadership in the Islamic banking sector. This prestigious list of the “World’s Best Global Banks 2011” named by “Global Finance” included 10 major banks, such as JP Morgan, HSBC, Citi Bank, Duetsche Bank, Credit Swiss, and others, where every bank was awarded the title of “Best Global Bank” in a certain field, such as corporate and individual services, assets, financing, and currency exchanges.
KFH’s CEO Mohammed Al-Omar commented on the award by saying that it reveals KFH’s leading global status in the Islamic Finance & Banking industry, which is a result of clients’ trust, and the relentless efforts of KFH staff. He further stated that this recognition is an honor for all of us, as well as a recognition of Kuwait as a country where a lot of innovation in Islamic banking started. He added that KFH ranks first among Kuwaiti banks in total operative revenues that reached KD 277.5 million for First Half of 2011, which is 30.4% of the sector’s total revenues that reached KD 912 million. He went on to say that the award sheds light on KFH’s successful strategy and global expansion in other markets, and expressed his high trust in KFH’s ability to make a successful transition into a new phase; thus allowing KFH to take Islamic banking into other fields of business.
Moreover, he explained that KFH managed to establish a partnership between Islamic and conventional banks, such as the partnership that was established to finance Equate Petrochemical in Kuwait; in addition to the unprecedented step of turning a conventional bank into an Islamic bank, which is Al-Sharjah Islamic Bank. KFH has also managed to introduce numerous Islamic banking instruments in various global markets, such as Sukuk and Ijarah.
Furthermore, Al-Omar stressed that such awards and positive ratings that KFH receives from global rating agencies trigger efforts to conquer new horizons, while upgrading the performance of employees, and quality of service.