KFH Participates in ‘Kuwait Center for Islamic Economy’ Workshop

Kuwait, March 18th 2014: Kuwait Finance House (KFH), represented by the General Counsel Dr. Anwar Al-Fuzaie, and the Executive Manager Shariaa Control Advisory Dr. Adnan Al-Mola, has participated in the fourth workshop of Kuwait Center for Islamic Economy, with the presence of prestigious legal and economic figures. The workshop that aims at enhancing economic thought by linking among shariaa, economy and law in an integrated way, discussed important topics, of which Sharia Control Quality between Islamic Banks and Banks Converted to Islamic, and the Control Responsibilities in the Professional Ethics.

Al-Fuzaie submitted, in the fifth session of the workshop, a thesis about the control’s responsibilities in both professionalism and ethics where he explained that Fatwa and Sharia Control entities shouldn’t be limited to sharia control tasks of the financial actions that the Islamic financial institutions ink,  but rather they should shoulder the responsibility of maintaining the optimal Islamic behavior in corporations commensurate with the honor of Islamic banking, especially in the fields of advertising and social activities. Moreover he underlined the role Sharia Control entities play in contributing in mentoring financial institutions giving the Islamic economy an honorable image.

In addition, he said that when financial institutions follow the Islamic example, they insure the social responsibility and the ethical role in supporting science and scientists, helping the needy, developing the society and protecting the environment through Zakat, and charities.

Meanwhile, Al-Mola tackled during the session the topic of shariaa control at Islamic banks and financial institutions, models and practices. He noted in his thesis that Fatwa and Shariaa Control is one of the most important administrations in the organizational structures at Islamic banks and financial institutions. He added that its mission represents the strategic depth and the distinguished characteristic of Islamic banking and businesses.

Al-Mola explained that Shariaa Control provides consultancies to all sectors and departments of the bank concerning developing shariaa-compliant products and services, not to mention it provides training courses for all employees in coordination with the bank’s training and development activity. He highlighted also the role it plays in raising awareness among employees through awareness programs and making sure they are well educated in Islamic banking matters by Fatwa e-mail to employees along with periodical measurement of their sharia understanding level in coordination with the relevant departments.

Pic: side of the workshop

Kuwait Finance House (KFH)

KFH was established in Kuwait in 1977 and is enlisted in the Kuwait Stock Exchange. KFH Group is a global pioneer in the field of Islamic banking services, where it offers a wide array of Islamic products and services, not to mention a high standard of innovation and client service.

KFH manages its operations in the GCC, Asia, and Europe through over 310 branches, including KFH-Turkey, in order to offer services for the bank's clients in Turkey, Malaysia, Saudi Arabia, Bahrain, Australia, Jordan, Dubai, and Manheim in Germany.

KFH's mission is to achieve highest levels of excellence and innovation in the field of client service, while developing common interest for all those concerned with the financial institution. KFH's vision is to spearhead the global development in Islamic financial services, and to upgrade the bank into the level of becoming the most sustainable profitable Islamic bank in the world.

KFH's values include cementing leadership through all its businesses, including leadership in the Islamic banking services worldwide, through innovation and in client service and the development of its employees. In addition, KFH is committed to all its procedures, and to setting up long-life partnerships with the concerned authorities.
For more information, please visit: www.kfh.com

End