Kuwait Finance House (KFH) won three awards by Islamic Finance News (IFN), which are Best Islamic Bank in Kuwait 2013 for third consecutive year, Deal of the Year, and Best Sukuk Deal related to USD 490 million Sukuk deal for International Islamic Liquidity Management Institution. General Manager of Treasury at KFH Abdul Wahab Al-Roshoud stated in a speech during the awarding ceremony, that KFH managed to offer an integrated system of technical, financial, and banking services, not to mention meeting the expectations of its clients. He added that the bank has also succeeded in balancing Shariah requirements with the latest in banking technology. He emphasized KFH’s leadership in the field of Islamic banking, since it was the first Islamic bank in Kuwait, and highlighted the bank’s fruitful efforts in expanding in various markets, which allowed it to become the best Islamic bank in the world.
Al-Roshoud stressed the importance of operating as planned in all markets, while focusing on the local market. He noted that all of KFH’s global success would have never been attainable, if the bank did not have a solid platform and high level of professionalism. KFH became a main trader in the first issuance of the short-term Sukuk performance for the International Islamic Liquidity Management worth USD 490 million; especially that Sukuk has developed as one of Islamic financing tools that can be traded and liquidated. This issuance is considered to be the institution’s first issuance and lasts for three months. Eight GCC and foreign banks are main traders, including KFH. Sukuk are short-term and has the highest short-term credit rating A-1 by Standard and Poor’s.
It is worth noting that the institution that is based in Malaysia, was established in October 2010 by nine central banks and Islamic Development Bank, to offer short-term sovereign Sukuk from six months to one year worth USD 2 billion. The central banks are from Kuwait, Qatar, UAE, Indonesia, Nigeria, Luxemburg, Mauritius, Malaysia, and Turkey. KFH manages its operations in the GCC, Asia, and Europe through over 310 branches, including KFH-Turkey, in order to offer services for the bank’s clients in Turkey, Malaysia, Saudi Arabia, Bahrain, Australia, Jordan, Dubai, and Manheim in Germany.
KFH’s mission is to achieve highest levels of excellence and innovation in the field of client service, while developing common interest for all those concerned with the financial institution. KFH’s vision is to spearhead the global development in Islamic financial services, and to upgrade the bank into the level of becoming the most sustainable profitable Islamic bank in the world. KFH’s values include cementing leadership through all its businesses, including leadership in the Islamic banking services worldwide, through innovation and in client service and the development of its employees. In addition, KFH is committed to all its procedures, and to setting up long-life partnerships with the concerned authorities.
Source: Arab Times