KFH Wins World’s Best Islamic Financial Institution 2024 Global Finance Award

From left: Al-Kharji, Al Rushood, Al-Shamlan and Awyan, with a representative from Global Finance.

KUWAIT CIT, October 26: Kuwait Finance House (KFH) won the “World’s Best Islamic Financial Institution” in 2024 by Global Finance magazine. This prestigious recognition underscores KFH’s sustained growth in regional and international operations, market leadership in Islamic finance, excellence in digital banking, and a strong financial foundation and operational performance.

At its 17th annual 2024 Awards held during a special ceremony on the sidelines of the International Monetary Fund (IMF) and World Bank Group (WBG) meetings in Washington, DC, USA, Global Finance magazine honored KFH Group with four additional awards. KFH Group was recognized as “Best Islamic Corporate Bank – Global”, “Best Islamic Project Finance Provider – Global” and KFH-Türkiye was named “Best Islamic Financial Institution in Turkey”. In addition, AUB, a subsidiary of KFH Group, received the “Best Bank in Bahrain” award.

In a statement from the magazine, this year’s award winners are those firms that have contributed to the growth of Islamic finance. They have successfully met their customers’ needs for Shariah-compliant products with modern and efficient delivery channels, while laying the foundation for sustainable growth.

Receiving the awards at the IMF and WB meetings attended by the KFH delegation, KFH Group Acting Chief Executive Abdulwahab Iesa Al Rushood said this recognition confirms KFH’s position as the largest bank in Kuwait by market capitalization exceeding KD 12 billion, and the largest Islamic bank in the world.

He noted that the awards reflect the Bank’s efforts to promote its role and sustainability locally, regionally and globally, which is achieved by strengthening its market share and focusing on digital transformation, service quality and the efficiency of its human talents, while also paying attention. to the strength of its financial position, creditworthiness, development policy and innovation in offering banking solutions.

Al Rushood pointed out that KFH Group’s exceptional business framework involves elements of strength and performance incentives that constantly push towards further achievements and overcoming challenges, which has made KFH widely appreciated in global markets.

He added that the awards confirm the reliability of KFH’s approaches and successful policies that are implemented in a highly professional manner.

They are also a driver towards better levels of growth, making more efforts to strengthen their position in the local and international market, leading the competition and continuing to add value to the markets in which they operate in different geographies, including 12 countries around the world, especially Kuwait, Bahrain, Türkiye, Egypt, Great Britain and Germany.

“Best Corporate Islamic Bank – Global Awards and Best Islamic Project Finance Provider – Global Awards highlight KFH’s unique performance and leadership in financing and supporting large corporations through a range of financing services and solutions,” said Al Rushhood.

He noted that both awards highlight the Bank’s leading participation in financing major development projects that contribute to promoting economic growth, including projects in the fields of energy, transport, communications, infrastructure, industrial production, real estate development, digital transformation and technology development.

Commenting on the “best Islamic bank in Türkiye” award, Al Rushood explained that KFH – Türkiye is one of the largest Islamic banks in Türkiye and among the top ten in the Turkish market. In addition, its operations expanded into European markets by establishing KT Bank AG in Germany.

He emphasized KFH’s commitment to global banking standards, governance and Shariah, saying that KFH is fully committed to managing its capabilities and utilizing available material capabilities and human talents, in addition to meeting the aspirations of its clients.

“KFH has always been a significant reference, a trusted brand and an extremely valuable source in the Islamic finance industry in Kuwait and the world,” Al Rushood added.

It is worth noting that the awards announced by Global Finance have become a trusted standard of excellence for the global financial community and are awarded after extensive consultation with bankers, corporate finance executives and analysts around the world. Criteria for selecting top firms include asset growth, profitability, geographic reach, strategic relationships, new business development and product innovation, in addition to reputation and customer satisfaction.

Founded in 1987, Global Finance is headquartered in New York and is considered a trusted source in the world of business and finance in over 193 countries. Its magazine is the legacy of 37 years of experience in international financial markets.