Kuwait Finance House (KFH) maintained its leading position in the Primary and Secondary Markets for the Sukuk issuance of the International Islamic Liquidity Management (IILM) Sukuk Program. KFH achieved the top rank as a Primary Dealer for the sixth time and ranked first as a Secondary Dealer for the second year in a row amongst several international and regional banks by IILM.

KFH General Manager Treasury Kuwait, Ahmad Eissa Al-Sumait stated that this is an unprecedented accomplishment for KFH which continues achieving record numbers, saying that KFH is the only financial institution to ever top the Primary and Secondary Market lists of the IILM program. This unique excellence emphasizes the Bank’s outstanding status and the confidence it enjoys in the Sukuk market and its pioneering role in activating and developing the Primary and Secondary Sukuk market.

He added that Standard & Poor’s (S&P) rated IILM Sukuk Program a short-term A-1 sukuk program, adding that KFH is top-ranked in this program, with an issuance volume of US$ 13.8 Billion covering 37 Sukuk. First Abu Dhabi Bank (FAB) came in second position while MayBank came in third.

Al-Sumait stressed that the investment endeavors of the Group Treasury will continue in the Primary and Secondary Markets, pointing out that the Bank is one of the most active market makers. KFH also continued to persistently expand its short-term Sukuk trading. He indicated that the Bank succeeded in enhancing its active role as a market maker, maintaining its leadership in professionalism and efficiency standards, thus contributing to the development and improvement of the Sukuk market.

He noted that despite the unstable global economic environment in terms of the fluctuations of returns in the fixed income market due to the global high inflation levels, and the Central Banks withdrawing liquidity, KFH ranked first in the IILM Sukuk issuance program for the Primary and Secondary Sukuk market.

“Given the expected stable returns in 2023, it will be an active year in the volume of issuances for the Primary Market and trading for the Secondary Market, offering capital attractive investment opportunities.” said Al-Sumait.

Meanwhile, the International Islamic Liquidity Management (IILM) commended KFH’s strong performance in the Sukuk Market and the high professionalism it showed in marketing sukuk issuances. IILM praised the extended relationship it has with KFH since IILM’s first sukuk issuance in 2013 as part of a short-term wide-ranging sukuk program.