Kuwait City, August 25: Kuwait Finance House (KFH) continues to promote its standing in corporate social responsibility (CSR) and sustainability. In the recently launched 2023 Sustainability Report that aligns with Integrated Reporting principles, KFH shed light on its prominent achievements in the field.

KFH Deputy General Manager Public Relations and Media, Yousef Abdullah Al-Ruwaieh, said that KFH has succeeded in solidifying its leading position in CSR while maintaining sustainable growth. He noted that the 2023 Sustainability Report highlighted the notable social efforts of KFH, and the global recognitions awarded for its excellence. KFH’s commitment to promoting societal efforts is further solidified by its 2023 Market Leader classification in CSR in Kuwait by Euromoney for the second consecutive year as a testament to KFH’s pioneering social role.

He indicated that KFH’s efforts in innovating strategic programs and initiatives for sustainability and CSR have led to a tangible impact on society, adding that the Bank undertook over 200 initiatives, including sustainability-related initiatives in partnership with different official local and international organizations.

Al-Ruwaieh said that KFH has expanded its Keep it Green initiative, which fosters environmental protection for sustainability, with sub-initiatives and partnerships. Moreover, the Bank has forged a strategic partnership with the Public Authority for Agricultural and Fishery Affairs to aid in the plantation and greening of areas in Kuwait.

He further mentioned that KFH participated in the three-day Climate Change Hackathon event organized by Gulf University for Science and Technology (GUST) through its Keep it Green campaign, supporting efforts toward sustainability and environmental preservation.

“Partnering with Sadu House, KFH launched the Fun with Weaving initiative for children with Baiti accounts. This initiative aims to increase environmental consciousness among children by encouraging them to participate in activities that use recycled materials.” added Al-Ruwaieh.

Additionally, KFH introduced the SEEDS Sustainability Academy, which aims to educate and raise awareness about sustainability through an online library of training courses.

Speaking about KFH’s role in healthcare, Al-Ruwaieh highlighted the pioneering role of the Bank as a significant supporter and contributor to the healthcare sector through distinctive activities. These include programs in collaboration with AlSalam Hospital such as Breast Cancer Month, Prostate Cancer Month, as well as KFH’s campaign for World Diabetes Day. Also, KFH supported the CPR Life Saver program accredited by the American Heart Association (AHA). This initiative aims to equip participants (mainly schoolteachers) with life-saving skills, contributing to the overall health and safety of children in schools and the general community. In 2023, 200 teachers benefited from these certified courses.

In further examples of KFH’s role in promoting education, Al-Ruwaieh mentioned KFH’s Awards Program for High School Honor Roll Graduates. The Bank also sponsored the Engineering Design Exhibition at the College of Engineering and Petroleum, supported Kuwait Codes Program and Junior Coded Program, as well as Kuwait Hackathon Event, and participated in Breaking Barriers Conference in collaboration with the National Leadrship Institute (NLI) and many more.

He also shed light on a number of KFH’s initiatives focusing on social development such as building the KFH Family Mosque in Kyrgyzstan and organizing the KFH Readers competition to encourage and teach children and teenagers recitals of the Holy Quran.

Moreover, KFH renewed the partnership with the Touristic Enterprises Company to support the Winter Wonderland recreational project, signed Women’s Empowerment Principles (WEPs) in partnership with United Nations Development Programme (UNDP) and supported the third training program for students with special needs.

Mohammad Alarbeed - Executive Manager Governance and Sustainability

Meanwhile, KFH Executive Manager Governance and Sustainability, Mohammad Alarbeed, stated that KFH 2023 Sustainability Report highlights the Bank’s achievements and endeavors that are geared towards leading the sustainability plans for the Islamic banking sector in the region. The report also emphasizes KFH's dedication to providing an exceptional banking experience that contributes to balancing social and economic development, while also maintaining the environment. This commitment is evident in KFH's pursuit of the Sustainable Development Goals (SDGs) and its ongoing efforts to improve the communities we serve, while complying with robust environmental, social, and governance (ESG) practices.

Alarbeed affirmed KFH’s vigilant approach to environment preservation, underlining the Bank’s role in actively integrating eco-friendly products into its banking services.

He revealed that KFH oversees the implementation of different projects that focus on promoting sustainability. These include signing a memorandum of cooperation with both private and governmental entities to support plantation and greening projects, as well as efforts to mitigate carbon emissions.

He said that KFH actively engaged in various events during the COP28 Climate Summit, including panel discussions and workshops. This collaboration with the UNDP further solidified the Bank’s commitment to sustainable development. Notably, KFH organized a series of COP talk sessions in partnership with the UNDP to foster dialogue and collaboration toward addressing climate change.

Alarbeed pointed out that KFH launched its Printer Management Solution in 2023. This solution aims to implement international standards in sustainable printing, adopt digital solutions, and raise awareness of environmental preservation by minimizing paper and ink usage.

He added: “In line with its proactive approach towards enhancing its services and providing environmentally conscious solutions, KFH was the first bank in Kuwait to introduce credit cards made from recycled plastic. More than 49% of new credit cards issued in 2023 were made from recycled plastic.”

He stated that KFH  released its 2023 Sustainability Report, a pioneering document in the Kuwaiti banking sector. This comprehensive report integrates the bank's financial and non-financial performance, aligning with Integrated Reporting principles. By enhancing transparency and accountability, KFH demonstrates its commitment to embedding a sustainability strategy in line with global best practices. He also said that the 2023 Sustainability Report provides a comprehensive and integrated overview of KFH's business, encompassing the bank's performance, challenges, opportunities, and key activities related to sustainability, social responsibility, and environmental impact.