Al Rushood: Expertise and Excellence Drive KFH to Record Results

This news has been read 502 times!

Kuwait City, 16 Oct: Acting Group CEO of Kuwait Finance House (KFH), Abdulwahab Iesa Al Rushood said that KFH enjoys elements of strength that distinguish it from competitors. These include a large and growing customer base, streamlined operations, geographic reach, innovative solutions and diversified modern products.

In an interview with Global Markets magazine, Al Rushood emphasized that KFH’s competitive advantage comes through its highly qualified and experienced staff. This pool of talent helps maintain its position as a world leading Islamic financial institution.

“In addition to its long experience and world leading position in the Islamic finance industry market, KFH is an undisputed leader in innovation, having introduced a wide range of high-end digital services over the past few years. We have also teamed up with financial services technology providers who offer unique solutions and expertise.” revealed Al Rushood .

He added that the leadership in innovation has been instrumental in helping the bank provide incredible value for its shareholders. The record net profits for H1 2023 represented an increase of 73% in earnings per share. The bank’s remarkable financial results help support its solid credit ratings, high liquidity ratios and strong capital base.

Al Rushood added: “On such a strong foundation, KFH has excelled in supporting business growth and development plans in Kuwait and the wide range of international markets in which it operates. The successful completion of KFH’s acquisition of AUB-Bahrain has further enhanced the group’s regional footprint. The firm has a presence in Egypt, Turkey, Germany, the UK and Malaysia among others. Operations across a dozen regions worldwide has helped KFH become not just the largest bank in Kuwait, but the second largest Islamic bank in the world.”

Sustainability and Green Finance

“Recognising its responsibility as such a pivotal financial institution across the Middle East, KFH is working hard to implement an ESG framework. These efforts have seen the firm adopt new internal measurements to improve operational efficiency and lower its impact on the environment. The bank is also adopting an ESG approach in its Internal Capital Adequacy Assessment Process and stress test frameworks.” said Al Rushood.

When it comes to increasing green finance and expanding ESG investments, he emphasized that KFH has made impressive progress, adopting sustainability principles in all its banking and business activities. The bank’s environment-friendly auto showroom – KFH Auto – is fully compatible with green building and global sustainability standards.

“This led to KFH becoming the first bank in Kuwait to receive a Global Sustainability Assessment System certification – in this case a gold level award for KFH Auto. In the capital markets, KFH is active on the sustainability front through its issuance of green sukuk. In its effort to contribute to building a low-carbon economy for a sustainable future the bank has joined multiple initiatives. This includes signing a Memorandum of Understanding with the United Nations Development Programme to support the UN Sustainable Development Goals.” said Al Rushood.

Knowledge economy

Reflecting Kuwait’s drive to build a knowledge economy, KFH is highly active in supporting new technology, from AI and machine learning to broader fintech innovations. In its own operations, the bank has launched a variety of high-end services and maintained its reputation for providing high-quality, cutting-edge financial solutions.

With the aim of sustaining growth and expanding its customer base, Al Rushood explained that KFH is focused on automation and digitalization to enhance performance and efficiency.

“KFH has brought customer experience to new levels. We have made great strides in our digital transformation strategy, with customers carrying out more than 135 million e-banking transactions through KFH online on mobile and website in H1 2023 – a growth rate of 40% compared to the same period last year.” He added.

It is worth noting that KFH consistently stands out from its peers in terms of size and performance. The largest bank in the country, KFH reported total assets of KD37bn ($119.6bn) as of June 2023. The first half of this year also saw the bank report the highest-ever quarterly profits recorded in the Kuwait banking sector. Net profit for H1 2023 was up by over 140% to reach KD333.4m ($1bn). In the rankings of companies listed on Boursa Kuwait, KFH is top with a market capitalization exceeding KD11bn.

This news has been read 502 times!