Deputy General Manager SME and Business Banking at Kuwait Finance House (KFH), Yousef Ibrahim Almutawa, said that KFH offers wide range of Shariah-compliant financing and banking solutions, and it is a key pillar in supporting Kuwait economy and local and regional development plans (NDPs) via participation in project financings.
He added, during an interview with AlMasaref magazine, that Group Corporate Banking has developed and executed a wide range of modern Islamic financing instruments which are aimed to meet the needs of its corporate clients in various industries and segments including trade and contract financing, SME and business banking as well as large corporates and development projects.
Almutawa pointed out that "as part of its leading role in financing mega government projects, KFH raised the largest KWD financing facility for KPC by underwriting the KWD 400 million Islamic tranche of KWD1.0 billion conventional and Islamic facilities. Given the underwriting capabilities of the bank and being the largest Islamic bank in Kuwait, KFH enjoys a sizable market share on the project financing front."
He explained that KFH has diversified financing portfolio covering several vital sectors such as energy, water, power, infrastructure and construction, confirming that the bank has the capabilities to keep financing state development projects as part of Kuwait Vision of being transformed into a regional and global trade and financial hub.
Almutawa added that the Corporate Banking-related units provide a wide range of funded and unfunded banking solutions suitable and tailored to different client needs and requirements based on size and nature of business.
Furthermore, he indicated that Project Finance & Syndication is also a segment of Corporate Banking that includes underwriting and syndicated financing for KFH’s core corporate clients as well as selected clients outside Kuwait. Among its clientele are Kuwait and international large corporates including Kuwait oil sector firms where this unit is instrumental in extending financing for strategic projects of Kuwait’s oil sector. This segment also executes structured and project financing transactions including specialized assets finance such as aircraft financing and cross-border transactions to GCC sovereigns, quasi-sovereigns and private sector companies located outside Kuwait.
Almutawa pointed out that KFH plays active role in supporting and financing SMEs and other entities affected by Covid-19 through providing soft financings to meet their needs and avoid solvency crises. He also confirmed that KFH is committed to the Law No. 2 of 2021 regarding SMEs Rescue Program.
He said that KFH has wide experience in all corporate banking sectors that makes it a major competitor in the banking sector, in addition to owning a diversified portfolio of innovative products from Islamic financing solutions to customers and Sharia-compliant alternatives to traditional products. Recently, KFH won World`s Best Islamic Project Finance Provider and World’s Best Islamic Financial Institution 2021 Awards from Global Finance Group.