KUWAIT: For the fourth consecutive year, Boursa Kuwait joined over 100 stock exchanges around the world to raise awareness of financial literacy as part of World Investor Week (WIW) 2024, a week-long global campaign by the International Organization of Securities Commissions (IOSCO) and the World Federation of Exchanges (WFE).
This year’s WIW, which begins on Monday the 7th of October and concludes on the 13th, aims to disseminate key messages that support investor education, investor protection and financial literacy as well as foster learning opportunities for investors. Additionally, WIW aims to strengthen collaboration between WFE and IOSCO member states and drive awareness around trending issues impacting investors worldwide.
Mohammad Saud Al-Osaimi
"As a member of the World Federation of Exchanges (WFE) and an affiliate member of the International Organizations of Securities Commissions (IOSCO), Boursa Kuwait is pleased to join stock exchanges from around the world in the eighth edition of World Investor Week, marking the fourth year in a row for the Kuwaiti stock exchange. This participation stems from our commitment to promoting financial literacy in the Kuwaiti capital market and expanding the knowledge base of its participants as we firmly believe that investing in financial awareness contributes to the development of capital markets and enhances the ability of investors to make informed decisions, which is in line with Boursa Kuwait’s vision to strengthen its position as a reliable and sustainable investment destination,” said Boursa Kuwait’s Chief Executive Officer Mohammad Saud Al-Osaimi.
The principal themes for this year’s World Investor Week include Technology & Digital Finance, Crypto Assets, and Sustainable Finance, which will be complemented with discussions and workshops on Fraud and Scam Prevention, Investor Resilience, and the Basics of Investing. IOSCO’s Committee 8 agreed upon these themes, which conducts its work on retail investor education and financial literacy and includes 38 members from established and emerging markets. Participating members can choose any week in October and November to organize initiatives related to World Investor Week.
Jean-Paul Servais
Jean-Paul Servais, Chair of IOSCO’s Board, and Chairman of the Financial Services and Markets Authority, Belgium, said: "Last year’s World Investor Week saw the involvement of 118 jurisdictions and reached almost 730million individuals. We have to keep the ball rolling as with technological advancements and increased use of AI, new challenges arise. We also see how fractional trading, gamification and copy-trading are trending. I am confident that WIW2024 will build on the success of previous years to drive greater investor awareness of these issues and look forward to contribute to its success.”
IOSCO believes the need for investor education and financial literacy has never been greater than today. As the financial marketplace continues to evolve and innovate, investment products are becoming increasingly complex and financial services increasingly diverse. A greater understanding of key financial concepts is required on the part of retail investors to understand and evaluate the choices available to them and to avoid financial fraud.
As part of World Investor Week, IOSCO is holding webinars on technology and digital finance and navigating the new economy on October 7 and 8. These webinars are available on the World Investor Week website with free registration for everyone.
‘The Bell’ initiative
Boursa Kuwait launched ‘The Bell’ initiative in collaboration with the Union of Investment Companies, The Kuwait Financial Center (Markaz), the CFA Society, Kuwait University, and the Kuwait Credit Information Network (CINET). This initiative reflects Boursa Kuwait’s longstanding commitment to educational programs that empower individuals and strengthen the community, ultimately contributing to Kuwait’s economic development. By fostering financial awareness and literacy, Boursa Kuwait aims to solidify its position as a leading regional and international exchange.
The initiative’s title, "The Bell,” is symbolic on multiple levels. It evokes Boursa Kuwait’s crucial role in signaling market changes and investment opportunities to investors, much like a bell announces important events. Additionally, it alludes to the bell ringing that signifies the start of trading sessions, emphasizing the importance of being prepared and knowledgeable when making investment decisions. Throughout the month, the initiative will delve into a wide array of investment trends from the growing influence of artificial intelligence to the rise of digital finance.
Al-Osaimi added: "Today, we launch "The Bell” initiative to promote financial literacy, which contains training programs, workshops, seminars, and panel discussions, organized in collaboration with experts in the capital markets industry and the financial sector. I would like to thank our partners in this initiative and look forward to more fruitful collaborations in the interest of the Kuwaiti capital market in the future.”
The initiative is packed with workshops, seminars and educational events, including a seminar for university students organized in collaboration with ciNet focusing on financial management and a seminar by Dr Fahad Waleed Al-Mudhaf, Associate Professor in the Department of Finance at the College of Business Administration at Kuwait University who will explore the intersection of technology and digital finance. Additionally, Boursa Kuwait will organize a virtual workshop with UIC which delves into the importance of sustainable development and a workshop with Markaz, which aims to provide valuable insights into the complexities of mergers and acquisitions and examine bonds and sukuk as an alternative way of financing.
In addition to these engaging events, Boursa Kuwait is also planning to revamp its Boursa Academy online financial education portal, which aims to enhance capital market knowledge for both novice and seasoned investors. Boursa Kuwait’s partners in this initiative will also be enriching Boursa Academy’s content with a whitepaper from Markaz on sustainable finance in the GCC, a podcast on utilizing artificial intelligence finance and investments from the CFA Society, and educational videos that shed light on the basics of investing from UIC.
Hamad Al-Terkait
Union of Investment Companies Chairman Abdullah Hamad Al-Terkait spoke about UIC’s involvement in "The Bell”, saying "The Union of Investment Companies (UIC) is proud to collaborate with Boursa Kuwait in this initiative, which coincides with World Investor Week. This partnership reflects the commitment of both organizations to educate Kuwaiti society, from students to financial institutions, about the importance of financial knowledge, responsible investing, and adhering to best practices within the financial market. I would like to thank Boursa Kuwait for its efforts in putting this initiative together and look forward to more collaborations in the future.”
The Union of Investment Companies was established to contribute to the development of Kuwait’s investment market. By advocating for revised economic legislation and proposing solutions tailored to the diverse needs of Kuwaiti investment companies, the Union plays a key role in driving economic growth and development in Kuwait. Its efforts are focused on fostering a thriving investment environment and creating innovative financial tools that will position Kuwait as a leading financial center in the region.
Ali Khalil
Kuwait Financial Centre "Markaz” CEO Ali Khalil also hailed Boursa Kuwait for this initiative, saying: "At Markaz, we firmly believe that financial literacy is fundamental to empowering individuals and communities, paving the way for a more sustainable society. This belief underpins our commitment to corporate social responsibility, where we prioritize sustainable economic development and good governance.
By promoting financial knowledge and responsible investment practices, we aim to equip investors with the tools to make responsible investment decisions based on fundamental factors that enable the right companies to attract capital, grow and prosper, contributing to the country’s economic growth. I applaud Boursa Kuwait for their commendable initiatives and efforts aimed at building a more financially aware and empowered Kuwait.” Established in 1974, Kuwait Financial Centre ‘Markaz’ is one of Kuwait’s leading asset management and investment banking institutions with a presence in 13 countries and a total of KD 1.38 billion in assets under management.
Aminah Abotalaf
Additionally, CFA Society President Aminah Abotalaf spoke about the Society’s collaboration with Boursa Kuwait, saying, "The CFA Society is proud to partner with Boursa Kuwait in all initiatives that seek to raise financial literacy levels and awareness in Kuwait. Both entities have a shared goal of empowering individuals, from students to seasoned professionals, to invest with confidence through effective and innovative financial literacy programs. Together, we are committed to building a more financially aware future for Kuwait.”
The CFA Society Kuwait is an association of local investment professionals, consisting of portfolio managers, security analysts, investment advisors and other financial practitioners, that has served CFA charter holders and CFA Program candidates locally since 2008. Boursa Kuwait entered a Memorandum of Understanding (MoU) with the CFA Society in October 2018, aiming to educate the public on the fundamentals of investing through the Boursa Academy Online platform and collaborating to organize training programs and seminars.
Dr Fahad Waleed
"Technology has removed geographical barriers, allowing everyone to access financial services and expanding their scope, in addition to promoting financial inclusion and reducing the digital divide. Digital finance offers tremendous opportunities in a rapidly changing world, but that requires keeping pace with technological and regulatory developments. I extend my sincere thanks to Boursa Kuwait for their efforts in organizing this initiative, and I look forward to more fruitful collaborations,” said Kuwait University Associate Professor of Finance Dr Fahad Waleed Al-Mudhaf.
Mai Bader AlOwaish
Commenting on CINET’s participation, company CEO Mai Bader AlOwaish stated, "Credit information and credit score services are among the most important indicators for improving and developing financial systems worldwide. They contribute to creating efficient systems with added value through the collection, request, and analysis of credit information, which in turn enhances the efficiency of financing operations and the granting of credit facilities in all forms. Therefore, we must raise awareness in the community and provide society with the necessary knowledge and skills to be fully aware of their credit rights and obligations. I extend my sincere thanks to Boursa Kuwait for this initiative and look forward to further cooperation in the future.”
The Kuwait Credit Information Network (CINET) is the sole and leading provider of credit information and credit scores in Kuwait, operating under the supervision of the Central Bank of Kuwait. The company aims to assist the financial and banking sectors in making informed and sound decisions, helping the entities it serves facilitate financing processes, increase the collection rates of customer loans, and reduce non-performing loans. Additionally, CINET contributes to facilitating individual transactions and reducing credit and financing risks.
"The Bell” initiative forms part of Boursa Kuwait’s efforts to develop and educate market participants as well as create a lasting meaningful impact on the communities where it operates. Part of the company’s Corporate Sustainability (CS) strategy, they are in line with Goal 4 – Quality Education – and Goal 17 – Partnership for the Goals - of the UN’s Sustainable Development Goals (SDGs).
Boursa Kuwait’s support of World Investor Week comes from the company’s Corporate Sustainability (CS) strategy, which stipulates ensuring initiatives apply and fall in line with the company’s corporate social responsibility (CSR), industry best practice standards and investor expectations, creating strong and sustainable partnerships that ultimately achieve success and allow it to leverage the capabilities and strengths of other companies or organizations that have experience in different fields, and integrating sustainability efforts with the company culture, in order to achieve longevity and an ongoing impact that is carried on and instilled in the day-to-day operations of the stock exchange.