Kuwait Finance House "KFH" has won three of the outstanding Islamic Finance News magazine "IFN" 2018 awards. KFH received the Best Islamic Bank in Kuwait award and the Kuwait Deal of the Year award for arrangement of the Kuwait International Bank's US$250 million syndicated Murabaha financing facility as well as the Project and Infrastructure Finance Deal of the Year for Turkey's €200 million Islamic PPP financing of Çanakkale 1915 bridge. Divers and wide-reaching, these awards add to those by other internationally renowned and neutral bodies and confirm KFH's distinguished status as the most prominent Islamic banking institution in Kuwait and the world.
IFN conferred these awards on KFH upon the recommendations of a panel of world specialist analysts and experts in Islamic banking. Evaluation was based on a number of financial indicators about the best Islamic institutions and deals in 2018.
Upon receiving the awards, Group Chief Corporate Banking Officer at KFH, Ahmed Soud AlKharji said that they reflected KFH's vital role in the global, local and regional Islamic financial industry, as well as its investment instruments efficiency in providing financing solutions through Islamic banking services and products in Kuwait and abroad.
He added that the awards confirm the leading status and ability of KFH in the face of rising competition in the Islamic banking sector and the world increasing demand for Islamic financing instruments.
Alkharji said that the Deal of the Year in Kuwait was for KFH's role in managing and arranging a 3-year, US$250 million Murabaha financing deal for Kuwait International Bank in cooperation with a number of international and local banks for its general financing purposes.
He pointed out that KFH had successfully financed a large number of projects in the oil, gas, water, electricity and infrastructure sectors. It is also considering the financing of several public sector projects in Kuwait.
As for the Infrastructure Deal of the Year for the financing of Çanakkale bridge in Turkey, he said that KFH and KFH-Turkey provided €200 million, with 24 international banks and financial institutions contributing to the financing contract of the bridge which is one of Turkey's largest projects. This, he added, reflected KFH Group's abilities, trust, experience and the good relations it enjoys in the global markets.
The banks joining in the financing deal were from 10 countries: South Korea, Germany, France, Italy, UAE, Kuwait, China, UK and Denmark and Turkey. The bridge is across Çanakkale gulf with a height of 318 meters and a length of 2023 meters making it the world's longest suspended bridge. It is scheduled to be completed in 2023.
The IFN award honors the best financial and banking institutions in the field of Islamic financing. It is one of the best and most valued awards in global Islamic finance.
The Islamic Finance News "IFN" manages the Islamic financing and banking awards as well as publishing the most important news on Islamic banking. Part of REDmoney International, the magazine was established in 2004 with offices in Dubai and Kuala Lumpur.