High-level Chinese delegation has paid Kuwait Finance House (KFH) a visit in order to leverage the vast experience of Islamic banking, and to benefit from KFH’s success story, business model and leadership in the Islamic finance industry.
Strategy and Corporate Affairs General Manager at KFH, Eng. Fahad Khaled Al-Mukhaizeem, explained during his meeting with the delegation that included the Chinese Deputy Secretary General Director of Financial Affairs Office in Ningxia region, Yan Shao Jun, Bank Chairmen, and several important figures, at KFH Headquarters, that the Islamic finance industry has been characterized by a widening geographical outreach and continuous growth driven by supply and demand factors. He indicated that the global Islamic finance industry reached approximately USD 1.9 tln in assets, and the value of global Islamic banking assets reached an estimated USD 1.6 tln. This underlines the importance of Islamic industry that significantly contributes to the economy growth.
Moreover, Al-Mukhaizeem added, that many conventional regional and global banks are seeking financial alternatives abide by sharia principles; moreover, several of them have transformed to operate as per sharia or have partially or completely acquired sharia compliant banks. He shared that Islamic banking can solidly face challenges and obstacles as it is resilient and can adapt easily to the market developments.
He explained in his presentation to the delegation sharia regulatory, work reference of Fatwa entities the mechanism of Islamic banking business. Also, he underlined the outstanding performance and the financial indicators of KFH, in addition to the positive credit ratings of the banks by the global rating agencies.
He went on to say that Islamic banks’ goals are not limited to the core banking business, but also to achieve the comprehensive development and boost the economy by assuming the social responsibility.
In addition, He said that KFH is always keen to innovating new products and services that meet the international standards of quality and excellence and cater for clients’ aspirations in an attempt to maintain KFH at the forefront position among Islamic financial institutions.