Kuwait Finance House (KFH) received Best Islamic Financing Institution award in Kuwait and GCC from Global Finance magazine, as part of the prestigious magazine’s awards for best Islamic financial institutions in the world in 2011 for the fourth consecutive year.
The magazine stated in its report that the awarded financial institutions contributed in the growth of Islamic finance, and managed to meet the demands of its clients for various Islamic products. It noted that the selections that were made by financial and experts and analysts from around the globe, were based on several professional criteria, such as growth in assets and profits, geographical expansion, strategic relationships, the upgrading of services, and technical innovation.
Meanwhile, KFH’s CEO Mohammed Al-Omar said that receiving such a prestigious award from Global Finance, serves to highlight KFH’s initiatives to offer its clients the best level of services possible, whether individuals or institutions. He added that KFH continued to play its role in the financing sector during the financial crisis, while other financial institutions were reluctant to follow in its footsteps in that field. KFH continued to shoulder its responsibilities because it believes it has a role to play in assisting the national economy through supporting Kuwaiti companies; thus allowing them to function optimally again. He went on to say that the bank played an effective role in restructuring several institutions through granting them the required financing according to the internal terms and regulations followed.
Moreover, he remarked that KFH is willing to finance major development plan projects, since the concerned authorities rely on Kuwaiti banks to shoulder this responsibility, while banks await such opportunities to channel their liquidity into fruitful investment opportunities. He revealed that KFH is highly experienced, since it has financed major developmental projects in the field of infrastructure in the region, such as the oil, gas, airports, communications, and other sectors.
The magazine’s publisher Joseph Giarraputo said that Islamic finance is the fastest growing area of finance worldwide, with more than 300 financial institutions that are either fully Islamic or selling Islamic finance products, in addition to hundreds of Islamic investments banks and insurance companies.