Kuwait Finance House’s Board of Directors has approved a new five-year strategy and transformation program designed to raise the bank’s performance to the next level. The strategy, which was developed in conjunction with Booz & Company, the international management consultancy firm, is centred on three strategic pillars of improving banking performance in Kuwait, streamlining the group’s investment portfolio and increasing coordination across its international banking subsidiaries.
“We are beginning a new era at Kuwait Finance House. This new strategy and transformation program will enable us to move to the next level of performance in better serving our customers, shareholders and employees” outlined Mr. Samir Al Nafisi, Kuwait Finance House’s Chairman following the Board meeting.
The first strategic pillar, to improve the bank’s performance in Kuwait, will focus on strengthening sales and service to target customers. The second strategic pillar is based on enhancing KFH’s investment business by increasing control, optimizing returns and better managing risk across the bank’s multiple investment subsidiaries. The third strategic pillar will see the bank leverage its international presence more effectively and generate synergies across its banking operations in Malaysia, Turkey and Bahrain. In addition, KFH will enhance its internal capabilities in a number of key areas such as Treasury, Risk Management, Human Resources and IT.
In order to effectively deliver the new strategy, KFH will implement a new customer centric organization structure that will reduce complexity and duplication, and enhance accountability across the bank.
Mr. Nafisi added that “Kuwait Finance House has a rich heritage, a powerful brand and an unmatched commitment to furthering Shariah compliant financial services in Kuwait and internationally. However, the Islamic banking market is becoming more competitive. This new strategy will enable us to strengthen our relationships with customers whilst delivering value to our shareholders and ensuring that we continue to stay one-step ahead of the competition”
A detailed transformation program has been designed to implement the strategy. Implementation will begin immediately with the support of Booz & Company.
Picture: Mr. Samir Al Nafisi