KUWAIT: Gulf Bank Chairman Bader Nasser Al-Kharafi announced his decision to step down, reflecting on the remarkable milestones achieved during his tenure, including efforts to transform of Gulf Bank into an Islamic institution.
Al-Kharafi described the move to adopt Islamic banking as a pivotal moment in the bank’s journey, aligning its operations with principles that resonate deeply with the values of the communities it serves. "This was not merely a structural change but a declaration of our commitment to aligning the bank with principles that reflect our values,” he said.
During his leadership, Gulf Bank saw exceptional achievements. The bank’s value soared to KD 1.5 billion, solidifying its position as a leading financial institution in the region. Gulf Bank also recorded significant growth in profitability, enhanced customer-centric services and the implementation of innovative digital solutions, ensuring the bank stayed at the forefront of the evolving financial landscape.
Additionally, Al-Kharafi spearheaded initiatives to strengthen the bank’s corporate governance and sustainability practices, which earned Gulf Bank widespread recognition and awards in the industry. These accomplishments were achieved through disciplined execution, a shared sense of purpose, and a commitment to excellence.
Acknowledging the workforce as the bank’s most valuable asset, Al-Kharafi attributed the successes to their dedication and shared belief in the bank’s vision. "Your trust, commitment, and passion have been the driving force behind every success,” he stated.
As he transitions from his role to focus on personal endeavors, Al-Kharafi expressed gratitude and assured his continued support for the bank and its team. "Although I am leaving my official capacity, my door will always remain open for advice, support, or anything else you may need, personally and professionally,” he affirmed.
Extraordinary journey
"As I write this, I find myself reflecting on the extraordinary journey we have shared," Al-Kharafi said in a letter to the Gulf Bank team. "It has been a journey that has reshaped Gulf Bank, created significant value, and laid the groundwork for a future filled with promise."
Our accomplishments have been built on a foundation of shared purpose, disciplined execution, and an unwavering commitment to excellence," he said. "It is this collective spirit that has enabled us to achieve so much, including fulfilling our duty to maximise shareholder value. Together, we brought the bank’s value up to KD 1.5 billion, which is an achievement we can all take immense pride in."
"One of our greatest milestones was the decision to transform Gulf Bank into an Islamic institution," he noted. "This was not merely a structural change but a declaration of our commitment to aligning the bank with principles that reflect our values and those of the communities we serve."
"While these achievements are significant, the most valuable asset of Gulf Bank has always been you, the workforce," he stressed. "Your dedication, trust, and shared belief in our vision have been the driving force behind every success."
"As I transition from my role as Chairman and focus on my personal endeavours, I do so with immense gratitude," he said. "Although I am leaving my official capacity, my door will always remain open for advice, support, or anything else you may need, personally and professionally. Wishing you all continued success and prosperity."
Decades of experience
Al-Kharafi became the Chairman of Gulf Bank in March 2024, and had served as a member of the board since March 2012. He has two decades of experience in the financial, banking, industrial and telecommunication sectors, having assumed various leadership positions locally and abroad. Gulf Bank achieved significant milestones in the past year, reflecting its commitment to innovation, digital transformation and community engagement.
In 2024, Gulf Bank announced its transition to Islamic banking, aligning its operations with sharia principles and reflecting its dedication to transformative growth in the banking sector. In June 2024, the bank received approval from the Central Bank of Kuwait to conduct a feasibility study on converting its operations to comply with Islamic sharia principles. The board of directors engaged an international consultant to carry out this study.
In addition to exploring internal conversion, Gulf Bank is considering a merger with Boubyan Bank to create a single Islamic bank with $53 billion in assets as part of a plan to fuel growth and expansion. This potential merger aims to create a unified Islamic banking entity, enhancing market presence and competitiveness within the Kuwaiti banking sector. By transitioning to Islamic banking, Gulf Bank seeks to expand its customer base and contribute to the diversification and resilience of Kuwait’s financial industry.
Moreover, the bank’s Digital Transformation Program was honored with two distinguished awards: "Best Digital Platform Implementation” and "Best Program Vision” at the 2024 IBSi Global FinTech Innovation Awards in Mumbai. Gulf Bank also received the "Best Next-Generation Offering” award at the 2024 Private Banker International Global Wealth Awards in Singapore, highlighting its commitment to catering to the evolving needs of its clientele. The bank was recognized by Mastercard for having the "Highest Tokenized Debit Portfolio in Kuwait”, showcasing its leadership in adopting secure and innovative payment solutions.
Celebrating 64 years of active contribution, Gulf Bank has been instrumental in supporting Kuwait’s development through major project financing and community initiatives, reinforcing its role as a pillar in the nation’s economic growth. These achievements underscore Gulf Bank’s dedication to excellence, customer-centric services, and its proactive approach to embracing technological advancements in the banking industry.
Moves to transform into an Islamic bank, coupled with these achievements, marks a significant chapter in Gulf Bank’s history, laying a strong foundation for future growth and alignment with community values.