Kuwait Finance House (KFH) has won the highly commended achievement “Best Private Bank for Islamic Services” Award globally at the 31st Private Banker International Global Wealth Awards 2021.

The award recognizes how reputed banks are adapting to market and technological shifts in a post-COVID-19 economy, their socially responsible investment strategies, and how industry participants have differentiated their proposition to protect and grow revenues to offset the immediate losses caused by the unprecedented economic downturn resulting from COVID-19. Other main areas of evaluation for banks included digital innovation and adoption of technology to improve client experience. An independent panel of judges evaluates each submission and ranks each entry. The total of all the scores is then combined and compared to other submissions to determine the winner.

Haytham Alterkait, Group Chief Information Officer at (KFH), expressed his pride that KFH gained “Best Private Bank for Islamic Services 2021” award. He said that this prestigious award reflects the Bank`s success in developing best innovative banking solutions, its leadership as a global Islamic institution, and its improved financial performance as well as high flexibility during the pandemic.

He confirmed that the award is a culmination of KFH's efforts in providing the highest standards of Islamic financial services, especially after the significant success achieved by KFH which contributed to the development of the banking industry. This is in addition to its keenness to develop the services in the Islamic finance industry.

Digital excellence

Alterkait added that “despite the exceptional repercussions of the pandemic on the markets and economies, we were unique in launching several digital services in 2020 and 2021. For example, KFH was the first bank to implement the E- signature service for personal finance transactions and to offer instant card issuance using hybrid solution where customers can print their cards within 3 minutes. Moreover, KFH introduces integrated digital services through different channels; KFHonline app, KFH Go and the website, among other alternative channels.”

He explained that the award is well deserved thanks to the remarkable contributions by KFH in developing the Islamic financial services and innovating products that meet the needs of customers efficiently and effectively while keeping pace with the latest banking and financial technologies.

Strengths

Alterkait confirmed that the global awards gained by KFH this year reflect the core strenghts the bank enjoys, including Islamic diversified and solid franchices, high liqudity, geographic spread on the Group level, as well as diversified banking and investment services that adopt the latest global technologies and standards.

“In addition to its leading position in financial services and Sukuk markets, KFH achieved qualitative leaps in implementing digital transformation strategy through adopting the latest financial innovations”, he said.

According to MEED said: “With its legacy as the first Islamic bank to be established in Kuwait, Kuwait Finance House has achieved a great deal in its 44 years of operation. As the only Islamic bank covering multiple international markets, they are able to offer an unrivalled breadth of service to their clients.”

Private Banker International (PBI) is an editorially independent briefing service aimed at banks, financial services companies, related intermediaries, and technology vendors in the private banking and wealth management sector. It also provides valuable and credible information on global private banking strategies, products and services, regulation and compliance, M&A activity as well as deals and technology.

The 31st edition of the Private Banker International Global Wealth Awards is presented by Private Banker International publication, organised in collaboration with Middle East Economic Digest (MEED), and its parent company GlobalData.