The International Islamic Liquidity Management Corporation (IILM) has ranked Kuwait Finance House (KFH) as a “Top Primary Dealer” for the IILM Sukuk Program in FY 2019 on top of 11 IILM Primary Dealers of regional and global banks and financial institutions. The IILM ranking is based on certified and professional criteria.
Rated “A-1” by S&P, the IILM Sukuk programme supplied liquidity with an excess of USD 9 billion in 2019, across 29 USD Sukuk, where KFH occupied first place followed by First Abu Dhabi Bank (FAB) and Standard Chartered in second and third places respectively.
Group Chief Treasury Officer at KFH, AbdulWahab Al-Roshood expressed his pride that KFH gained the first position as the “Top Primary Dealer” in FY 2019 in a list that includes many regional and global banks and financial institutions.
After receiving the Shield of Honor, Al-Roshood added that KFH`s top ranking confirms the confidence of investors and the prestigious status of the bank in the Sukuk market as well as its efficiency and key role in activating, developing and restructuring innovative services and products in this field.
He emphasized that KFH enjoys a track record of achievements in Sukuk market, adding that the pioneering position of KFH in the primary dealers list in the IILM issuances came for the fifth year in a row. This confirms the leading role of the Bank as a market maker and reflects its leadership position in achieving the highest standards of efficiency and professionalism in developing the Sukuk market.
Al-Roshood mentioned that KFH Bank managed to achieve remarkable development in the Sukuk market at the regional and global levels as it motivated and encouraged several conventional and Islamic financial institutions to enter the market, enhanced liquidity and supported the Islamic financial markets.
Meanwhile, International Islamic Liquidity Management, (IILM) expressed appreciation for KFH’s excellent and strong performance, praising their strong ties since the significant milestone of issuing the first highly rated, short-term and tradable Sukuk in 2013.
It also said that KFH`s top rank is well deserved and reflects its pioneer and key role in developing Sukuk market.
It is worth noting that the (IILM) is an international organization established by central banks including the Central Bank of Kuwait (CBK), monetary authorities and multinational organizations to create and issue Shariah-compliant financial instruments to facilitate effective cross-border Islamic liquidity management.