Euromoney Magazine has classified Kuwait Finance House (KFH) as a market leader in four categories: digital solutions, corporate banking, corporate social responsibility (CSR), and Islamic finance.
The prestigious rankings by such a renowned magazine emphasize the successful business model of KFH and its quality services, efficient digital transformation strategy and its leadership in different areas in a way that it strengthens its standing and strong brand as well as its solid financial position.
The Market Leader ranking obtained by KFH is one of the highest rankings at the level of Kuwait and a global recognition of KFH`s leading standing as well as a new milestone added to the success that it has been striving to achieve in various fields.
Digital Solutions Market Leader
Deputy General Manager Sales and Distribution at KFH, Khaled AlSubaiei said that the ranking of Market Leader in digital solutions at the level of Kuwait crowns the extraordinary achievements KFH achieved in digital banking and customer experience and confirms its successful digital transformation strategy.
He added that the ranking was based on independent and comprehensive criteria, data and evaluations, including the number of KFHonline mobile app users, demand for KFH`s digital platforms, enabling customers to obtain financing online, the revenues generated from digital banking services, and the features of KFHonline as well as alliances with Fintech companies.
AlSubaiei said that KFH succeeded in offering unique and innovative digital banking services according to the highest standards of quality and security which in turn contributed to enhancing customers satisfaction and meeting their aspirations.
He highlighted that leading the market in terms of digital solutions and continuing innovation in offering banking services and products is a big challenge, indicating that KFH succeeded in the challenge and proved its entitlement to obtain the market leader ranking.
AlSubaiei pointed out that KFH achieves a remarkable growth annually in the number of users and the number of e-banking transactions implemented by customers via KFHonline through mobile app or KFH website which is an indication of the efficiency of the digital services and solutions provided by KFH.
He stressed the continuous efforts to maintain KFH`s leading position by keeping pace with the latest financial technology and innovations as well as offering easy, safe and high-quality digital financial services in collaboration with FinTech companies, and by adopting robotics technology and artificial intelligence.
Corporate Banking Market Leader
Meanwhile, Deputy General Manager SME and Business Banking at KFH, Yousef Ibrahim Almutawa expressed his happiness that Euromoney magazine awarded KFH top ranking in corporate banking at the level of Kuwait. He explained that KFH`s strategy focuses on supporting and financing corporates as well as responding to the changing dynamics of customers’ demands and competition.
He added that the ranking emphasizes the prestigious standing KFH enjoys as a reference in industry and reflects its successful efforts to meet the aspirations of companies in terms of offering comprehensive package of outstanding financing services and contributing effectively to economic development.
Almutawa explained that one of the main drivers of KFH success is the relationship it builds with its customers on the basis of partnership in addition to the mutual interest that constitutes a key pillar of development and contributes to achieving Kuwait's vision 2035.
He said that KFH has a track record of executing major financing deals with giant sectors in Kuwait including, but not limited to, the oil sector. He noted that KFH expands the corporate financing portfolio by developing new products and services that contribute to achieving excellence in corporate banking and benefiting from different markets.
CSR Market Leader
Group DGM, Public Relations and Media, Yousef Al-Ruwaieh said that classifying KFH as a market leader in social responsibility at the level of Kuwait from Euromoney confirms the prominent social role the bank plays. This role is characterized by diversity and comprehensiveness in more than one important aspect in society and contributes to promoting the concept of sustainable development as well as lays new foundations for the developmental role of the private sector.
He added that KFH's community journey has been outstanding for more than 45 years, making it a role model and a reference at the market level. Meanwhile, he stressed KFH's keenness that its community initiatives have an added value and cover all society segments.
Al-Ruwaieh added that among the most prominent societal contributions of KFH have been supporting an initiative to reconstruct the areas damaged in the Mubarakiya fire incident, supporting the capital governorate’s initiative to beautify its buildings and roads, launching an initiative in cooperation with the Ministry of Justice for the settlement of the liabilities of debtors against whom court orders were passed. The amount exceeded KD 20 million and benefited around 10 thousand troubled debtors. Also, KFH contributed largely to the KD 10 million Covid-19 government relief fund as well as contributing an additional amount to the fund. In addition, KFH supported the efforts of Ministry of Interior by providing 30 vehicles to assist the ministry employees while carrying out their duties towards the state and society.
Al-Ruwaieh said that KFH has supported the efforts to build the Addiction Treatment Center costing KD 4.5 million and volunteered to build 15 ambulance centers to enhance the medical system.
He added that KFH has signed cooperation agreements with Kuwait Red Crescent Society to execute social and humanitarian initiatives inside and outside Kuwait, mainly, the execution of relief projects to aid the victims of natural disasters in Turkey. The aid includes the purchase of 12 blood donation vehicles and 2 rescue boats and a 300-day central kitchen. An agreement was also signed with the Disaster and Emergency Management in Turkey “EFAD” to support the establishment of a regional center to respond to the disasters and fires in Antalya – Turkey.
Al-Ruwaieh added that KFH has signed two donation agreements with Kuwait Red Crescent Society and King Hussein Cancer Center in Jordan aiming to cover the treatment expenses of cancer patients. He affirmed that KFH has recently participated in the relief and medical campaign in Jordan, comprising a highly skilled team of Kuwaiti doctors and consultants who provided services to more than 200 patients.
Al-Ruwaieh emphasized that KFH social responsibility strategy is focused on sponsoring distinguished and creative Kuwaiti youth and support their various sport, educational and social activities under the umbrella of “KFH Initiators” program which targets the development of creativity and competition. He added that KFH has the privilege of being the first bank in Kuwait to launch “You Are Our Pride” platform as an umbrella to honor toppers in various fields.
Al-Ruwaieh reiterated that KFH efforts shall continue in the “Keep it Green” campaign to support environmental initiatives within the sustainable development strategy. He noted that several distinguished events were organized, and a strategic partnership agreement has been signed with the Public Authority for Agriculture Affairs and Fish Resources (PAAFR(to support the plantation and greening campaign of Kuwait areas. KFH has also signed a strategic partnership with the “Sedra” initiative and the voluntary Green Dream Team, comprising various environmental projects and activities in the plantation of trees and mitigating carbon emissions through “Carbon offset” platform which is the first platform in Kuwait to mitigate carbon emissions.
Al-Ruwaieh said that KFH continues launching and supporting initiatives and activities that encourage and enhance sporting activities and healthcare in the campaign “Better Health for Better Life”.
He affirmed KFH continued efforts to support the handicapped and noted that a strategic partnership has been signed with the Kuwait Society for the Handicapped (KSH).
Al-Ruwaieh added that KFH is known for its continued endeavor to support all project owners, thus reaffirming its pioneering role in business, encouraging youth, and enhancing the concept of business leadership and youth initiatives.
He added that KFH is distinguished for its support to students and graduates, adding that KFH is keen on participating students’ graduation ceremonies and job fairs in several colleges and fostering students’ graduation projects. Being one of the biggest supporters of students’ graduation projects, KFH has several partnerships and cooperation initiatives with various universities, colleges, and educational institutions in Kuwait to support Kuwaiti youth who possess major potentials for creativity and success.
Al-Ruwaieh reiterated KFH commitment to participate in various social initiatives, strengthening its market leadership in social responsibility and maintaining its position as the “Market Leader” at Kuwait level.
Islamic Finance Market Leader
KFH received the ranking of “Market leader” in Islamic finance in recognition of its mega contributions in the development of Islamic finance industry, finance portfolio growth, recognition of sustainable profit, assets growth and fulfilment of customers’ needs of innovative Sharia-compliant products through highly developed and effective channels. KFH has reinforced its leadership in the Islamic banking industry. KFH has spread geographically and provided an integrated system of finance and banking services to enhance the sustainable growth of Islamic finance industry. Also, it has financed several projects and participated in major economic deals and giant projects having positive impacts on related societies and participated in sustainable finance projects “Green Finance”.
Euromoney rankings of the market leader is an international independent ranking of the financial services leaders in every market in several main categories. Euromoney, in ranking leading financial institutions globe-wide, considers research studies and questionnaires in addition to several quantitative and qualitative ranking criteria e.g., business volume, innovation, asset excellence, profit, adequacy ratios and main indices, leadership and credit ratings. Euromoney awards and accreditations are the most distinguished programs for the last 25 years attracting more than 1200 participations from global financial institutions.