Kuwait Finance House (KFH) issued a new report concerning its efforts in the field of sustainable development, which focuses on economic growth, preservation of environment and natural resources, and social development. It is worth noting that KFH is considered to be the first bank in Kuwait and the first Islamic bank worldwide to issue such a report based on Global Reporting Initiative criteria. The report highlights other fields of information mentioned in other reports, such as the KFH Annual Report and the Corporate Social Responsibility reports, the activities and businesses of KFH from a sustainable development perspective. The report shed light on the outstanding success that KFH has achieved in the development of societies and their civilizations, protecting the environment, overcoming poverty, supporting social and voluntary work, awareness campaigns, and encouraging environment friendly initiatives.
The report that will be available soon on kfh.com for the public has highlighted in its introduction the assertion of KFH’s CEO Mohammed Al-Omar that KFH is taking giant steps in the field of sustainable development, in order to improve lives, which is evident by KFH’s presence in three continents. He stressed that KFH’s main strategic principles are clear and has not changed since the foundation of KFH, which is to abide by Shariah, support initiatives, take part in social and economic responsibilities in local societies; thus allowing KFH to play a pivotal role in the field of Islamic banking around the world.
The report sheds light on KFH achievements that include Al-Zour chalets for people with disabilities in Kuwait, Ras Raya Harbour serving local fisherman in Bahrain, supporting Pakistani flood relief via donation and mobilization of ground staff, awareness of healthcare issues, including Diabetes and Smoking, installation of Green Energy Roofing System at medical facilities in Kuwait, compliance with Green Building Rating System for new construction, compliance with The Montreal Protocol on ozone depleting substances, addressing group Carbon Foot Print through energy conservation, award for outstanding achievements in Energy Savings by the State of Kuwait, and the establishment of a Corporate Social Sustainability group to promote sustainability.
The report underscores KFH’s accomplishments in Bahrain, Turkey, and Malaysia, in addition to the accomplishments of its subsidiaries, such as Al-Salam International Hospital, ITS and ALAFCO in the field of sustainable development. KFH has also adopted the concept of developing large land banks, which is evident by its real estate projects which include Durrat Al-Bahrain.
KFH managed to combine profit and humanitarian aspects in its products and services; thus benefitting its clients and providing an added value for the society in general, such as real estate and investment services.
Regarding the economic development aspect, KFH is considered to be the largest and most important Islamic bank in the world, due to its accomplishments in many international markets; not to mention financing many major strategic and developmental projects around the globe. KFH offers support in the fields of education, health, youths, and the local and Islamic societies; thus assisting in overcoming poverty and building the society.
It is worth noting that the term “sustainable” development refers to economic, environmental, and social development, which meets the requirements of the present time without affecting the potential of future generations. However, the main challenge facing this kind of development is overcoming poverty, in addition to relying reasonably on natural resources, such as water, food, shelter, services, income, means of communications, and advanced technology.