WASHINGTON: Sheikh Ahmad Duaij Al-Sabah, Chairman for the Commercial Bank of Kuwait and Chairman at Kuwait Banking Association said the participation of Kuwaiti banks in the International Monetary Fund (IMF) and World Bank meetings is a valuable opportunity to showcase the strength and resilience of the Kuwaiti banking sector at both local and global levels.
In a statement to KUNA during a reception organized by the Kuwait Banking Association in Washington, Sheikh Ahmad Duaij noted that participating in such significant forums highlights the robustness of the Kuwaiti banking sector on local, Arab, and international fronts, especially given the tremendous developments in financial technology and sustainable financing.
The reception was held under the patronage of the Governor of the Central Bank of Kuwait, Basel Al-Haroon, with the attendance of the Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam, the Kuwaiti Ambassador to the United States Sheikha Al-Zain Al-Sabah, and various central bank governors from Arab countries, alongside key figures from the local banking sector and numerous economic and financial leaders worldwide.
Sheikh Ahmad Duaij highlighted the prestigious ratings and sound financial indicators of the banking sector, which benefit from the prudent oversight of the Central Bank of Kuwait and the adoption of the best regulatory and supervisory standards. He stated that the reception was an opportunity to showcase the progress Kuwait has made in various areas, particularly in financial and economic reform measures, and updating legislation for a more competitive economy and improved business climate.
Sheikh Ahmad Duaij asserted that technology and innovation are key drivers for achieving security, operational efficiency, and enhancing customer experience in the banking sector.
Hamad Al-Marzouq, Vice Chairman of the banking association and Chairman of Kuwait Finance House (KFH), emphasized the importance of participating in the IMF and World Bank meetings as they are among the most prominent economic and financial gatherings globally. Marzouq noted that KFH, as a leader in the global Islamic finance industry, played an active role in the meetings and conferences accompanying the IMF discussions, showcasing its pioneering role in Islamic banking and its future in the global economy, as well as presenting and discussing joint projects and various fields with multiple parties, particularly following the successful acquisition of Ahli United Bank - Bahrain, which has given KFH new geographical reach, now providing services in 12 countries including Kuwait, Bahrain, Turkey, Egypt, the UK, and Germany.
Bader Al-Kharafi, Chairman of Gulf Bank, pointed out that the importance of these meetings stems from the high-level participation aimed at discussing global economic developments and anticipating future trends amid current international crises, focusing on poverty alleviation, sustainable development, and enhancing monetary cooperation and international trade. He stressed the significance of active Kuwaiti participation in discussing pressing issues, including food economy dynamics, accelerating gender equality, mechanisms for achieving sustainable development, and the complexities facing global financial markets while proposing necessary solutions to increase financing and knowledge, encourage private sector investments, and prepare for future crises.
Isam Al-Sager, Vice Chairman and CEO of the National Bank of Kuwait Group, described the reception as a significant event for as it gathers a multitude of Kuwaiti government officials, senior bankers, investors, and financial policymakers worldwide to discuss the latest financial and banking developments and explore opportunities for exchange of expertise and collaboration in financing and investment, as well as addressing the major challenges facing the banking and financial industry globally. Adel Al-Majed, Vice-Chairman & Group Chief Executive Officer of Boubyan Bank Group, emphasized that the IMF and World Bank meetings are particularly important as they discuss key policies and trends supporting and achieving economic stability and the impact of challenges on monetary policies amid the financial and economic difficulties facing the global banking industry.
Raed Bukhamseen, Vice Chairman and CEO of Kuwait International Bank (KIB), said KIB’s participation in these international forums reflects its strong belief in the importance of enhancing international cooperation in the financial and banking sector. He added that the reception is an opportunity to showcase KIB’s distinguished banking model and emphasize its role in financing investment projects and contributing to achieving Kuwait Vision 2035. Bader Al-Shalfan, Vice Chairman of Warba Bank, noted that Warba Bank has recently made significant advancements, particularly in developing its investment and financing portfolio, especially in light of the global trend toward Islamic banking, which has proven its remarkable success.
Abdullah Al-Sumait, Deputy Chief General Manager at Al Ahli Bank of Kuwait (ABK), said the bank is committed to continuously supporting the efforts of the Kuwait Banking Association, praising its significant role and contributions to elevating the banking sector’s status and enhancing its image at various levels. Abdullah Marafie, General Manager of Treasury and Financial Institutions at Burgan Bank, concluded that the global economic arena is continuously evolving, making it essential for the bank to to participate in global discussions to achieve success. He added that for decades, Burgan Bank has significantly contributed to the development of banking services in Kuwait and the region by adopting sustainability, innovation, digital transformation, and human capital development as core pillars of the group’s operations. — KUNA