KUWAIT CITY, Sept 15: For the third consecutive year, and in parallel with its 50th anniversary, Kuwait International Bank (KIB) published its Annual Sustainability Report, which underscores the Bank’s achievements on the Environmental, Social, and Governance (ESG) front and its short and long-term impact on the market. Besides falling under the Bank’s ESG mandates for transparency as a committed adopter of the Central Bank of Kuwait’s (CBK) guidelines and a signee of the UN Global Compact, the KIB Annual Sustainability Report serves as an open source of knowledge and insight into Kuwait’s evolving banking and financial market.

“Kuwait's banking and finance market is in a state of constant evolution, and we are proud to be contributors to this change. Among the most notable factors of this change is the market’s accelerating need for and adoption of digital banking in addition to the rising market-wide awareness of the opportunities and risks that leave lasting marks on the economy, environment, and society,” commented Raed Jawad Bukhamseen, Vice Chairman and Chief Executive Officer of KIB. “As a committed forward-looking bank, a trusted financial partner and a proactive corporate citizen, KIB continues to embed ESG considerations in every business decision, ensuring that the Bank’s growth and success reflect positively on society and the domestic economy.”

He added: “To guarantee that KIB’s ESG efforts bear a tangible, lasting impact on our community, it is vital to adopt and promote sustainability as a philosophy and not merely an item on a business checklist; guiding every business decision we make and shaping our internal culture. This paradigm shift has inspired our employees, from managers to new hires, to make mindful, inclusive decisions within the workplace and beyond to reaffirm commitment to a better future.”

On his part, Nawaf Najia, Executive Manager of ESG and Sustainability – Strategy Department at KIB, said: “The establishment of a dedicated ESG Unit and the formulation of a governing ESG Policy in 2023 marked an important step in our sustainability journey. As a result, we conducted a double materiality assessment to identify the ESG topics most relevant to the Bank and its stakeholders. The assessment results reflected great alignment between the Bank’s and the stakeholders’ priorities, especially in Digitization and Innovation, Shari’a and Business Ethics, Transparency and Accountability, and Efficiency.”

Najia added: “Through the ESG Unit and its implementation of the ESG Policy, we guarantee that our steps forward continue to reflect positively and sustainably on all stakeholders, from customers to employees, investors, shareholders, regulatory bodies, suppliers, partners, and the community.”

The third KIB Annual Sustainability Report, curated in accordance with the Global Reporting Initiative’s (GRI) standards, leads with KIB’s 2023 accolades, including World Finance’s “Best Customer-Focused Islamic Banking Products and Services in Kuwait” and “Best Islamic Bank in Kuwait” awards, in addition to the Capital Finance International (CFI.co) awards for “Best Bank in Financial Literacy Program”, “Best Sharia Compliant Bank”, and “Best Banking Vision”.

These recognitions echo the Bank’s numerous ESG achievements in 2023, which include its USD 132 million worth of nominal ESG Sukuk investments in addition to its ESG-related investments that account for 16.3% of the total Sukuk investments. On the human resources front, in 2023, KIB achieved a 73.1% Kuwaitization rate while successfully offering 99.4% of its workforce training material of different formats, with an average of 53.19 training hours per employee.

A key area that witnessed remarkable progress at KIB is the Bank’s digital infrastructure following the introduction of three new digital platforms, including an upgraded retail app (KIB Mobile), an all-new and revamped Corporate Online Banking platform, and a first-of-its-kind digital real estate platform (KIB Aqari) – with a total of 49,755 online customers.

As for KIB’s impact on the growth and development of Kuwait’s entrepreneurship and SME market, KIB Mubader Center, the Bank’s dedicated entrepreneurship incubator and one-stop-shop for all SME mentorship and support needs, successfully supported four small and medium-sized businesses in their marketing outreach, enabling them to grow in sales. The KIB Mubader App also attracted 141 new subscribers, allowing the Bank to support more aspiring entrepreneurs and ultimately boosting Kuwait’s economic growth.

Guided by the country’s vision and economic development plans, KIB is adamant about innovating new sustainable solutions as well as forward-looking banking products and services that guarantee the shared welfare of all market participants, members of the community, the economy, and the environment. Furthermore, KIB – through its ESG Unit – remains focused on achieving ESG wins throughout the year, ensuring a lasting positive impact on the Bank’s growth and the multifaceted development of Kuwait.