International Banks General Manager and Acting Chief of Investment at Kuwait Finance House (KFH) Shaheen Al-Ghanem said that KFH’s leadership in the field of Islamic banking as the first Islamic bank in Kuwait, was not the only reason behind its success, although it is considered to be a valued addition and honorable history. He explained that numerous factors contributed to KFH’s success, development and expansion in various markets and levels; thus allowing it to be the best Islamic bank in the world.
It is worth noting that Al-Ghanem made a speech during the awarding ceremony that has been held in Dubai recently on the sideline of KFH’s winning of Best Islamic Bank in Kuwait award by Islamic Finance News (IFN) Malaysia. During the speech, Al-Ghanem mentioned that KFH shouldered the burden and overcame the challenges facing it as the first Islamic bank in Kuwait. He added that KFH managed to succeed and excel as a result of the relentless efforts and sacrifices of the first generations of founders and employees. He expressed his gratitude towards all KFH clients and employees for supporting the bank, and revealed that KFH is operating in the Kuwaiti market that currently witnesses fierce competition among Islamic and conventional banks. The number of Islamic banks in Kuwait reached five banks and a branch of a bank in the gulf.
Moreover, Al-Ghanem noted that the local market has a wide array of diverse services, and explained that KFH’s robustness is underlined by the fact that the growth in the market and the increasing demand for Islamic financial services was paralleled by KFH’s expansion and growth. He went on to say that having other Islamic banks in Kuwait did not affect KFH’s market share.
Furthermore, he stated that KFH managed to offer an integrated bouquet of technical, financing and banking services that were unmatched by its competitors. He stressed that KFH’s restructuring is extremely important , and asserted that KFH has set the foundation of Islamic banking in Kuwait, which makes it the most trusted authority in that field, not to mention that Islamic banking as become a vital segment of the global economy.
Al-Ghanem said that KFH will continue to grow and expand based on its set plans and strategies in all markets it exists in, while focusing on the local market that served as a platform for its launching to globalization.