KUWAIT CITY, Oct 14: Global Finance Magazine has awarded Kuwait Finance House (KFH) the “Best Islamic Project Finance Provider in the World 2017”, while “Best Up-And-Coming Financial Institution in the World 2017” for KT Bank AG, KFH’s bank in Germany.
KFH-Group CEO Mazin Saad Al-Nahedh received the awards in an award ceremony held during the IMF/World Bank Annual Meetings in the National Press Club in Washington, DC, USA.
Al-Nahedh said that KFH wins as the Best Islamic Project Finance Provider for the second straight year is due to the bank’s strong knowledge of market conditions and customer needs, indicating KFH is assuming significant role in the participating in financing major development projects.
KFH is highly experienced and a leader in the Islamic finance industry. It has financed major developmental projects in in different fields including infrastructure, oil and gas, mega construction projects, and other sectors.
He indicated that receiving such prestigious awards from Global Finance Magazine affirms customers’ confidence in the bank, and reiterates the bank’s leadership in the Islamic finance industry at a global level, indicating the awards culminate KFH’s achievements and efforts in offering the best financial services.
He added that KFH contributed to the growth of Islamic finance industry and successfully met customers’ needs for Shariah-compliant products, while creating the foundation for continued growth and safety in the future, with modern and efficient delivery channels.
Moreover, Al-Nahedh said that KT Bank, the German Islamic Financial Institution, more than doubled its asset size in 2016. It is the first Islamic bank in Germany, as well as in the Eurozone, that offers comprehensive financial products and services based on the principals of sharia.
KT Bank has branches in Berlin, Frankfurt, Mannheim, Cologne and Munich. In the long term KT Bank plans to offer Islamic banking products and services in continental Europe.
All selections were made by the highly professional team of Global Finance, after extensive consultations with bankers, corporate finance executives and analysts throughout the world. The Quantitative criteria of giving the award included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Among the subjective criteria considered were reputation, customer satisfaction, and the opinions of analysts and others involved in the industry.
It is worth noting that a KFH High-level delegation headed by the Chairman Hamad Al-Marzouq and the Group CEO Mazin Al-Nahedh, in addition to other high-level officials in the bank, is participating in the meetings of the International Monetary Fund IMF and the World Bank held in Washington from Oct 9-15.
The award ceremony was held in the National Press Club-USA, the world’s leading professional organization for journalists and one of the nation’s leading conference centers and event facilities. This club has more than 3,500 members. Each year, the Club hosts more than 250,000 visitors at more than 2,000 events that are beamed to global audiences in print, on the air and online.
Global Finance, founded in 1987, has a circulation of 50,000 and readers in 192 countries. It also targets the 8,000 international portfolio investors responsible for more than 80% of all global assets under professional management.