ShareKUWAIT: For the fifth consecutive year, Warba Bank received three Elite Quality Awards from JP Morgan, recognizing its excellence in complying with sustainable practices in direct payments. The achievement also reflects the bank’s consistency in maintaining exceptional efficiency in processing financial transactions, particularly in straight-through processing (STP) of direct money transfers in both US dollars and euros.
The bank achieved industry-leading STP rates for both individual and corporate direct payments, positioning itself among the select few banks in the Middle East and North Africa (MENA) region to receive this prestigious recognition for both customer and interbank transfers.
The awards reaffirm Warba Bank’s leadership and commitment to global banking standards, as assessed by JP Morgan, one of the world’s largest financial institutions by market value, with operations in over 100 countries. Warba Bank was recognized for achieving an outstanding 99.75 percent STP rate in individual direct payments in US dollars and 99.68 percent in commercial payments in US dollars, qualifying for the Elite Award. Additionally, Warba Bank is the first and only bank in the GCC to receive JP Morgan’s Elite Award for Quality Recognition for achieving an exceptional 99.26 percent STP rate in individual euro payments for the third consecutive year.
Commitment to quality standards
Commenting on this achievement, Layali Mustafa Al-Fahad, Chief Operations Officer at Warba Bank, said: “We are proud that Warba Bank has been ranked among the top-performing banks in this field, particularly by JP Morgan, a global benchmark in the financial sector. This recognition is clear evidence of Warba Bank’s commitment to providing the highest standards of financial services while highlighting the expertise of our teams and the dedication of our operations department in delivering innovative financial solutions tailored to our customers’ diverse needs.”
Al-Fahad emphasized that Warba Bank prioritizes ensuring customer transactions are completed on time, with the highest levels of security. This success is a result of the bank’s strong focus on quality, automated STP processes, and the adoption of advanced payment technologies, ensuring seamless, efficient and secure transactions.
Sustainable practices
Al-Fahad reiterated Warba Bank’s commitment to environmental, social, and governance (ESG) principles, which form an integral part of the bank’s strategy. Warba has automated its operations by implementing advanced technological systems, reducing paper usage, enhancing transparency, and boosting operational efficiency. These initiatives align with the United Nations Sustainable Development Goals (SDGs) and Kuwait Vision 2035, reinforcing Warba’s future-focused approach to providing modern financial services that adhere to Islamic Sharia principles while contributing to a sustainable economy.
Leading the future of digital banking
Warba Bank has achieved significant milestones in a short period, establishing itself as a leader in Islamic digital banking services. With one of the largest shareholder-base among local banks, Warba Bank remains deeply connected to all segments of society. Winning JP Morgan’s Elite Award for the fifth consecutive year further reinforces Warba Bank’s position as a trusted banking partner, recognized for combining innovation and social responsibility in delivering best-in-class financial services and products.
