Euromoney Magazine has ranked Kuwait Finance House (KFH) as a Market Leader- Kuwait in five categories: digital solutions, corporate banking, corporate social responsibility (CSR), investment banking and Islamic finance.

This highest rankings by such a renowned magazine emphasize KFH’s leadership in the Islamic finance industry, its successful business model, quality of services, efficient digital transformation strategy and its leadership in social responsibility, efficient investment banking services as well as in different areas.

The Market Leader ranking obtained by KFH is the highest ranking at the level of Kuwait by Euromoney.

Digital Solutions Market Leader

On this occasion, KFH Group Chief Technology, Digital Transformation and PMO Officer, Haytham Alterkait said that the ranking of Market Leader in digital solutions at the level of Kuwait crowns the extraordinary achievements KFH achieved in digital transformation initiatives, innovative and easy digital solutions that enhance the customer banking experience.

Alterkait 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 and by adopting robotics technology and artificial intelligence in addition to rolling out innovative digital solutions that meet customers’ aspirations.

Alterkait affirmed that ranking KFH as a Market Leader brings substantial responsibilities for the Bank. These responsibilities involve sustaining its leadership role in driving digital transformation of the banking industry. They also entail ongoing innovation to deliver distinctive solutions that enhance the banking journey for customers, ensuring it is more convenient, secure, and accessible 24/7.

Corporate Banking Market Leader

KFH General Manager Corporate Banking, Yousef Almutawa stated that ranking KFH as a Market Leader in Corporate Banking at the level of Kuwait is a thoroughly deserved acknowledgement, showcasing KFH’s successful endeavors in financing and supporting corporates in addition to delivering comprehensive banking services aligned with the highest quality standards.

Almutawa pointed out that KFH remains committed to its economic and national commitment by aiding development efforts, leading Islamic finance and innovating products and services. This approach strengthens KFH’s involvement in implementing economic visions, fostering growth and sustainability, enhancing economic landscape, promoting green finance, and adhering to ESG standards.

He elaborated that in 2023,KFH successfully provided funding to mega corporations and projects at the local and regional spheres. These included a club financing deal amongst several banks in favor of Saudi Electricity Company, where the total financing transaction amounts to US$ 3.0 billion (equivalent to 918 million Kuwaiti Dinars), a syndicated transaction of $4.4 billion financing (equivalent to 1.3 billion Kuwaiti Dinars) for Ras Laffan Petrochemicals project in Qatar, a syndicated financing transaction amounting to $1.6 billion (equivalent to 490 million Kuwaiti Dinars) for Dubai Aerospace Enterprise, in addition to participating in a syndicated financing agreement totaling $600 million (equivalent to 184 million Kuwaiti Dinars) for the Government of Sharjah. Additionally, KFH participated in a syndicated transaction with a certain cover from the Islamic Corporation for the Insurance of Investment and Export Credit, where the transaction was arranged by the International Trade Finance Corporation in favor of the Arab Republic of Egypt represented by the General Authority for Supply Commodities, which is part of a total financing transaction amounting to US$ 882 million (equivalent to 270 million Kuwaiti Dinars).

Almutawa further commented that since its inception, KFH has played a vital role for the micro and SME community in Kuwait and is keen to further extend the support in relation to this segment as strategic partner. While KFH succeeded in growing its SME portfolio. It is worth mentioning that many SMEs have started their early journey with KFH, and they have grown to become a market leader in their industries.

CSR Market Leader

KFH Group Deputy General Manager Public Relations and Media, Yousef Abdullah Al-Ruwaieh said that KFH continued its ceaseless support towards purposeful initiatives that focus on community, people with special needs, students and fresh graduates in addition to sponsoring high achievers and innovators. These initiatives also included launching social awareness campaigns geared towards environment preservation and sustainable practices, strengthening KFH’s leadership in sustainable societal development.

He added that KFH continued its strategic community and humanitarian initiatives inside and outside Kuwait. These encompassed a contribution of USD 20 million and in cooperation with the Kuwait Red Crescent Society to aid those affected by the earthquake that struck areas in Türkiye and Syria, in addition to many other strategic initiatives.

“The 2023 CSR Market Leader rank awarded for KFH for the second consecutive year is an affirmative gesture that underlines KFH’s diverse and inclusive social role,” Al- Ruwaieh stated “KFH plays a role in advancing the concept of sustainable development and establishes frameworks for the involvement of the private sector. This positioned KFH as a benchmark within the market.”

He emphasized KFH’s ongoing commitment to the (Keep it Green) campaign, which is aimed at environmental and sustainable efforts, highlighting KFH’s participation in COP28 in partnership with the UNDP as a validation of the considerable impact of Islamic finance in sustainability.

“Keep it Green Campaign contributed to supporting KFH’s efforts in executing its sustainability and environmental strategy” added Al-Ruwaieh.

He noted the strategic partnership which KFH signed with different entities. These included supporting the UNDP different sustainability activities and collaborations with Kuwait Environment Public Authority to support the many environmental and sustainable campaigns.

Investment Banking Market Leader

Meanwhile, KFH Capital Chief Executive Officer, Abdulaziz AlMarzooq expressed his happiness for awarding KFH Capital, the Group’s sole investment arm, a top ranking in investment banking, saying that this is a well-deserved due to the company’s achievement in delivering a comprehensive array of investment banking services and solutions to customers.

AlMarzooq noted that KFH Capital succeeded in completing various capital markets and sukuk transactions, syndicated financing, mergers and acquisitions, project financing and restructuring, indicating that KFH Capital has a dedicated a team of local and regional experts specialized in delivering financial, strategic and operational solutions to enhance customer’s revenues.

He added that KFH Capital demonstrated its key role by acting as Joint Lead Manager & Bookrunner for USD 1 billion AlRajhi’s Sukuk, USD 1 billion Dubai Islamic Bank’s Sukuk, USD 600 million debut Sukuk for Air Lease’s Corporation, USD 500 million First Abu Dhabi Bank’s Sukuk, USD 1 billion EDO's - Government of Oman owned entity debut sukuk, and the first sukuk issuance in Kuwaiti dinars for Kuwait Projects Company Holding - KIPCO with an amount of KD 103.1 million, KFH Capital also acting as the sole structuring agent for the issuance.

He pointed out that in 2023, KFH Capital received 10 prestigious awards from various prominent institutions. The Company successfully increased the capital of the REIT fund with a coverage of 149% of the required capital.

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.

Ranking standards

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.