Kuwait Finance House (KFH) won the “Islamic Bank of the Year 2022 – Kuwait” award from The Banker, the world`s most prestigious banking magazine, owned by the Financial Times Group.

The Magazine`s judges used a precise and strict methodology including criteria such as KFH`s commitment to technological innovation, highlighted by the launch of a cross-border payments service with KFH-Turkey powered by Ripplenet, gold bar purchase, online FX automation, and KFH Pay service.

The Banker`s jury also praised KFH's strong profitability in 2021, indicating that it was evidence that the bank had successfully weathered the challenges of the pandemic lockdowns and was another factor which differentiated KFH from its competition.

Meanwhile, Acting Group CEO of KFH, Abdulwahab Essa Al-Rushood said that the award is evidence of KFH`s efficient performance and its excellence in providing high-quality innovative products through an advanced digital infrastructure. It is also a recognition of the successful digital strategy where KFH has made great strides.

He emphasized that KFH is keen on providing the best developed banking solutions, adding that KFH`s e-services have witnessed significant developments that stimulate innovation in the global financial industry through offering a set of innovative banking solutions.

Al-Rushood said that KFH provides diversified and strong activities and services that are Sharia- compliant and adopts the latest financial technologies in line with global standards.

He indicated that KFH made qualitative leaps in implementing the digital transformation strategy quickly, by adopting the latest FinTech innovations. Also, KFH enjoys a leading position in Sukuk market and Islamic financial services market

Al-Rushood emphasized that confidence of KFH shareholders and customers and the dedicated efforts and efficiency of its employees, which have always distinguished KFH and established its brand and its leading position at the local and global levels, contributed to achieving the recognition of the global awards providers.

He explained that KFH reinforces its approach by a policy of integrating innovative solutions and banking technology operations, launching digital transformation initiatives and rearranging products and services in line with the needs and nature of the main operational sectors, with an emphasis on moving forward to become the best digital bank in the Middle East, both in terms of systems interactive software, robot technologies, and artificial intelligence that it uses or the services it provides to customers, which contribute to adding a distinct value to the experience of customers who are looking for fast and easy banking services.

Smart banking

Al-Rushood said that smart banking has strengthened KFH’s uniqueness with distinguished banking solutions such as KFH Go smart branches which  contribute to meeting the growing needs of customers and keeping pace with the cutting-edge technologies and the highest quality standards as well as adding value to the customer experice.

He added that KFH has succeeded in enhancung service delivery channels, whether through KFH Go, KFHonline mobile application, social media channels, banking robotics technology, AI or other alternatives to traditional banking channels.

Al-Rushood explanied that KFH provides XTM machines and smart KFH Go branches in various Kuwait governorates including Kuwait International Airport. KFH Go branches enable customers to benefit from the diversified banking services package including instant cheque book printing, instant credit card printing without pre-request, receipt of gold biscuits (10g), opening (gold, saving, winner, automated service) account, buying/ selling gold, printing IBAN certificates, requesting commercial transactions “Murabaha”, requesting credit and prepaid cards, updating information and mobile No., activating banking cards, opening deposits and accounts, and many other finance and banking services. KFH also launched a service, first of its kind in Kuwait, enabling KFH customers to use smart watches to utilize ATM services.

It is worth noting that The Banker`s  judges look for strong finances and answers to questions that contain evidence of notable customer-centric innovations that will be of interest to its readers and show evidence of the continual improvement of a bank's operating strategy that is in line with embracing current trends.