In the 14th edition of the EMEA Finance Middle East Awards 2021, Kuwait Finance House (KFH) won three prestigious awards in a new achievement that ranks KFH as a leader in shaping the Islamic finance sector.

KFH was named “Best Financial Institution Sukuk” for Kuwait Finance House’s debut US$750mn Perpetual NC6 Sukuk, “Best Financial Institution Sukuk” for KFH-Turkey’s US$350mn sustainability Tier 2 Sukuk and “Best Green Sukuk” for KFH-Turkey’s US$350mn sustainability Tier 2 Sukuk.

EMEA Finance awards are one of the most prestigious recognitions in the banking sector which aim to honor banking institutions for their financial performance, quality of services and banking excellence. The Magazine uses fundamental criteria in its selection process, which include the bank’s market share, products growth, profits, innovative services and products, as well as the quality of KFH`s business strategy.

KFH’s Group Acting CEO, Abdulwahab Essa Al-Rushood, stated that the recent awards are a remarkable addition to the previous honoring awards the bank has received. He indicated that the awards are a recognition of KFH’s prominent position achieved on local and international levels.

He added that KFH has an impressive record of achievements in Islamic finance, in addition to the Bank’s high efficiency which enabled it to be a player in developing Sukuk market, stressing that this win is due to the trust of KFH’ shareholders and customers, as well as the continuous efforts of KFH’s competent employees.

Al-Rushood reaffirmed that KFH employs all its abilities and efforts in developing innovation in the Islamic finance, positively influencing the markets where it operates and enhancing economies, which is reflected in the bank’s recent shift towards supporting sustainability by issuing Green Sukuk.

EMEA Finance stated that the high ratings of KFH support its plans to access international capital markets. In 2021, KFH-Turkey succeeded in issuing Green Sukuk worth US$ 350mn under the leadership of KFH as a result to its extensive experience in the Sukuk market and contributions in developing the thriving area of Islamic finance.

The magazine added that the awards are a recognition of KFH’s leadership and innovative abilities in the Sukuk market, pointing out that the Green Sukuk is the “first of-its-kind” to be issued by an Islamic financial institution and the first international debut for Tier2 sustainable Sukuk.

Market-Maker

KFH has been in so many circumstances the market-player in financing of Sukuk, and a Lead Arranger for more than US$ 5bn in Sukuk. Many of the Sukuk, for which KFH was a Lead Manager, or a Bookrunner, were for the benefit of commercial and development banks in the Middle East. The Bank’s most outstanding role was being the Joint Lead Manager and the Bookrunner for Islamic Corporation for the Development of the Private Sector “IsDP” (US$ 600mn), Islamic Bank of Dubai (US$ 1bn), Boubyan Bank (US$ 750mn) and First Abu Dhabi Bank (US$ 500mn).

In 2021, KFH’s Group Treasury and Financial Institutions Department expanded investment and trading activities in the primary and secondary capital markets. Due to being the most active market player in the secondary market, KFH Group Treasury executed Sukuk deals worth over US$ 16 bn. In addition, KFH topped the main dealers list in the issuance of the International Islamic Liquidity Management (IILM) of the primary Sukuk market. The bank also topped the Secondary Market Dealers list in 2021. It is worth noting that this is the first achievement whereby a financial institution tops the two lists in the Sukuk primary and secondary markets.

It is worth noting that the British magazine “EMEA” covers all dynamic financial markets in Europe, Middle East, and Africa through highly specialized analyses by a team of experts.