Kuwait: Kuwait International Bank (KIB) announced the signing of a Memorandum of Understanding (MoU) with the Gulf University for Science and Technology (GUST) for collaboration on its innovation program. The MoU will create a strong foundation for innovation incubation and acceleration, offering students significant opportunities for growth and development. The new agreement comes as part of the Bank's commitment to its comprehensive social responsibility strategy, as well as its support of education and youth empowerment for a brighter future.

KIB will take the lead in coordinating and overseeing the innovation program, with the support of a globally recognized innovation expert. Through this partnership, GUST students will have the chance to participate in projects aimed at cultivating creative ideas and solutions. These students will benefit from hands-on experience through internships and co-op programs at KIB, where they can apply their academic knowledge in a practical banking context. In addition, KIB will evaluate top-performing students and graduates for potential employment opportunities, reinforcing the Bank's dedication to fostering local talent and supporting their professional growth.

Commenting on the new partnership, Mohamed Atef El-Shareef, General Manager of the Digital Innovation and Data Intelligence Department at KIB, said: “KIB’s agreement with GUST marks another important step in its mission to bridge academia and industry, ensuring that the next generation of professionals is equipped with the skills and knowledge to excel in the rapidly evolving banking sector. The collaboration is also a reflection of KIB’s efforts to be among top institutions leading the way in innovation within the banking industry.”

El-Shareef added: “By forging agreements with academic institutions, we aim to build a robust pipeline of talented professionals who will not only contribute to our business but will also shape the future of banking in Kuwait. We look forward to signing more agreements with other universities in the near future as part of our ongoing efforts to invest in the youth and the future of the financial industry.”

On his part, Professor Bassam Alameddine, President of Gulf University for Science and Technology (GUST), stated: "We are delighted to cooperate with KIB in this initiative, as it will provide our students with a pioneering opportunity to apply their theoretical knowledge in a hands-on industry experience. Through working with experts in the banking industry, our students will be able to develop innovative solutions for the banking sector and acquire the necessary skills to excel in their careers. This partnership reflects our strong commitment of preparing our graduates to become innovative leaders in the Kuwaiti job market."

Prof. Bassam Alameddine added: "GUST has consistently fostered innovation within its advanced academic programs, ensuring they align with the evolving demands of the Kuwaiti job market. Moreover, GUST actively supports initiatives launched by Kuwaiti youth in the field of startups and their career pursuits within both the private and public sectors. This unwavering commitment is driven by a shared vision of contributing to the advancement and prosperity of Kuwait and its young generation."

About KIB

Kuwait International Bank (KIB) is a bank that operates according to the Islamic Shari’ah, based in the State of Kuwait. Incorporated in 1973, and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007. In 2018, KIB embarked on a new phase of its journey full of innovation and development. As part of its new strategic direction, the Bank focuses on offering a next-level customer experience under the slogan: “Bank for Life”. 

Through a network of branches spread across the State of Kuwait, KIB offers a broad range of banking products and services, as well as innovative digital banking solutions in line with international best standards. As part of its duty towards the community, the Bank also encompasses a leading social responsibility program that aims at positively impacting all members of the community through a wide range of impactful initiatives and activities.

Today, KIB has taken concrete steps in implementing its new strategic objectives. The Bank has cemented its role as a key player in the local banking industry and has continued to maintain its strong financial performance; enabling it to be globally recognized for its strong credit rating and financial position.