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Kuwait: In recognition of its remarkable growth in the banking sector, Kuwait International Bank (KIB) was awarded ‘Fastest Growing Islamic Bank MENA’ 2019 for a fourth consecutive year by Capital Finance International (CFI.co); an organization specializing in the finance and banking sectors.
This achievement underlines the merit of KIB’s new strategic direction; a key component for its remarkable growth and expansion in the banking sector. Evaluated by an independent judging panel composed of specialized editors, the Bank was assessed against several key criteria, namely: financial performance, risk management, corporate governance, customer service, innovation, corporate social responsibility, market leadership, transparency, response to market demands, and number of votes.
On this occasion, Vice Chairman and Chief Executive Officer of KIB, –Raed Jawad Bukhamseen congratulated all KIB staff for winning this prestigious award, saying: “This award bears testament to KIB’s commitment to excellence, leveraging the latest technologies to better serve its clients and taking on an active role in the regional economy. We continue to deliver products and services that push boundaries in a highly-competitive market, reflecting our growing strength and leading role in the local financial landscape.”
Bukhamseen pointed out that KIB has collected the ‘Fastest Growing Islamic Bank MENA’ award for a fourth consecutive year. As a repeat winner in CFI.co award programs, the judges have witnessed KIB’s impressive performance trajectory over the years. In 2018, the Bank was included in the Premier Market segment of Boursa Kuwait, further boosting its investor profile at the regional and international levels. In 2019, KIB issued a $300 million AT1 perpetual Sukuk to fuel its local expansion plans and enhance its capital base.
CFI.co is an international, independent assessment body specializing in finance and banking. A prominent, London-based organization, CFI.co combines views from leading multilateral and national organizations with thought leadership from some of the world’s top minds to bring you news, analysis and commentary on markets worldwide. The organization also recognizes both individuals and institutions that demonstrate high standards of innovation and performance excellence in the global financial market.
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.
KIB is a full service Bank operating through a network of branches spread across the State of Kuwait, and offering a broad range of banking products, services and solutions in accordance with the principles of the Islamic Shari’ah. The Bank’s mission and vision also encompasses a leading social responsibility program that aims at supporting every member of Kuwait’s society by spearheading a multitude of initiatives and activities.
In 2015, KIB embarked on a comprehensive strategic plan, aimed at improving the Bank’s performance indicators, as well as enhancing the quality of its products and services. The strategy focuses on propelling the Bank to the forefront of the Kuwaiti banking sector and setting it on a solid path to becoming the “Islamic Bank of Choice” in the market.
Today, KIB is in the midst of its new strategic transformation: a comprehensive and long-term program which is aimed at transforming the way KIB engages with customers across every touch point and communication channel. This new strategy focuses on offering a next-level customer experience that delivers much more than just “banking” in the traditional sense - but rather establishes KIB as a partner in every aspect of its customers’ lives; a true “Bank for Life”.
Mouna Roumie
Senior Editor, Content
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