KUWAIT CITY, March 19: Once again, Kuwait International Bank affirms its leading position in the Islamic banking industry by winning the Commerzbank’s Quality Award for the year 2015 in recognition of its outstanding performance in Straight Through Processing (STP) payments and efficiency in processing international transfers in Euro.
Mohamed Said El Saka, Acting CEO & GM – Financial Control & Planning Department at KIB, commented: “We are very proud to receive this outstanding award that translates the sound success achieved by implementing our new promising transformation strategy at the beginning of this year, which aims at sustaining our leading position locally and abroad by providing quality services that comply with the Islamic Sharia principles”.
He added that this award was given to the bank in recognition of its outstanding performance in STP payments and efficiency in processing international transfers that meet our clients’ growing needs. He hailed the dedication of the staff that played an important role in achieving the bank’s successes, while giving special credit to the operations team headed by Abdulraheem Al-Awadhi, GM – Corporate Support Department, for their constant hard work and commitment that helped in receiving this prestigious award and positioning the bank at the forefront in its field.
This award is granted to select banks worldwide that meet the strict criteria for processing Euro payments through Commerzbank Bank. In respect of 2015, KIB exceeded the stringent STP performance standards achieving an STP rate of 99.40% for the MT103 category of payments.
It’s worth noting that Al-Dawli received several prestigious awards in the past few months that strengthen its leading position in the market. KIB earned the JP Morgan Chase 2015 Elite Quality Recognition Award in recognition of its exceptional performance in Straight Through Processing (STP) payments and efficiency in processing international transfers in US dollars at rate of 99.09%. Besides, the renowned UK-based financial magazine, World Finance, named the bank “Best Islamic Bank in Kuwait” for the year 2015, and Capital Finance International (CFI)- the specialized magazine in the financial and banking sector- honored KIB with the “Best Sharia-Compliant Bank in the Middle East” Award for the year 2015.