Kuwait City, June 6: Kuwait Finance House (KFH), the world’s leading Islamic institution, has won “Best Islamic Finance House” and “Best Financial Institution Sukuk” awards at the 16th Annual EMEA Finance Middle East, Africa and Europe Banking Awards for the year 2023.

The "Best Islamic Finance House" award acknowledges KFH's leadership, exceptional performance within the Islamic banking sector, and contributions to the advancement of the banking industry. The "Best Financial Institution Sukuk" award celebrates KFH's successful US$1 billion, 5-year Tier 1 Sukuk issuance under its US$4 billion Sukuk Program.

At the recent London awarding ceremony, KFH General Manager Treasury Kuwait, Ahmad Eissa Al-Sumait highlighted KFH's success in solidifying its role and expanding its business across local, regional, and global markets, both in Kuwait and for the Group as a whole.

He added that KFH, the first Islamic bank in Kuwait, has also achieved remarkable progress at all levels and established economic foundations which are based on human capital development and meeting the needs of the customers and corporates in the markets where the Group operates.

“These achievements have worthily made KFH an Islamic banking reference at the global level.” said Al-Sumait.

He emphasized that KFH's outstanding performance, professional approach, and unwavering commitment to Sharia principles have significantly enhanced its reputation. This strong reputation is built on the bank's solid financial position, extensive operations, high-quality services, and dedication to Islamic finance. These factors have all contributed to strengthening the Islamic finance industry, which has become a significant and influential sector in the global economy.

He went on to say that these awards highlight the integration of KFH's performance and the synergy of its strategy towards the major developments in global markets, noting that the Bank’s aspirations and achievements reflect its strategy of continuous development and sustainability for the future. These forward-looking plans also reflect KFH’s efforts in maintaining its pioneering position as the first and the largest Islamic bank in Kuwait and the world.

Al-Sumait added: “Winning these awards serves as a motivation for further success and continuous improvement to reach even higher standards.”

He pointed out that "Best Financial Institution Sukuk" award highlights KFH's successful issuance of their US$1 billion, 5-year senior unsecured Sukuk, the first offering under their US$4 billion Sukuk Program. "The issuance attracted significant investor interest, exceeding demand by more than three times. Notably, the Sukuk received strong participation from regional and global investors across the Middle East, Europe, and Asia, with participation primarily from banks, financial institutions, and investment funds. It was oversubscribed within a single day," he added.

Al-Sumait explained that the aim of this issuance is to finance KFH`s operations and expand its financing and investment capabilities, support the infrastructure projects and the local economic sectors in Kuwait.

Moreover, he affirmed that KFH has maintained its leading position in the Primary and Secondary Markets of the International Islamic Liquidity Management (IILM) Sukuk Program by topping the Primary and Secondary Market lists of the program for 2023. KFH achieved the top rank as a Primary Dealer and ranked first as a Secondary Dealer for the third year in a row amongst several international and regional banks by IILM. This unique excellence emphasizes the Bank’s outstanding status and expertise. The Group Treasury expanded further its ESG Sukuk exposure by further increasing the ESG compliant Sukuk investments.

Al-Sumait highlighted KFH Capital's success in leading and arranging Sukuk issuances for a diverse range of issuers, including both sovereign entities and corporations across various sectors and geographic regions. KFH Capital's role as Joint Lead Manager & Bookrunner for numerous Sukuk deals in Kuwait and internationally further demonstrates its expertise in this area.

He noted that KFH is continuing its Sukuk issuance endeavors, benefiting from the high demand of the global financial markets, for which governments and companies worldwide are focused on to contribute to implementing expansion and growth plans.

Prominent awards

KFH's recognition stems from the evaluation of EMEA finance's economy and financial analysts, bankers, and consultants. These experts consider a variety of significant factors, including financial performance, market share, growth, profitability, the quality of KFH's business strategy, its contributions to the issuance markets, and innovation in products and services.

The EMEA Finance Middle East Banking Awards are a highly respected recognition program that celebrates exceptional achievements and contributions within the Middle Eastern financial services sector. The program's 16th edition attracted participation from leading financial institutions across the region.