KUWAIT: Kuwait Finance House (KFH) has won World's Best Islamic Financial Institution 2020 Award from Global Finance magazine in its 13th annual awards for the World's Best Islamic Financial Institutions for this year. KFH-Turkey has also been named as World's Best Islamic Financial Institution 2020 in Turkey, KT Bank AG-Germany as World's Best Islamic Financial Institution 2020 in Europe, KFH Capital as World's Best Islamic Fund Manager and KFH Takaful as World's Best Islamic Takaful by Global Finance.

All selections were made by the highly professional team of Global Finance, after extensive consultations with bankers, corporate finance executives and analysts throughout the world. The stringent criteria of giving the awards included new business development and product innovation, meeting all customer's requirements, geographic reach and strategic relationships. Also, among the criteria considered were reputation, customer satisfaction and the adherence to ethical standards.

Acting Group Chief Executive Officer (GCEO) at KFH, Abdulwahab Al-Roshood, said that World's Best Islamic Financial Institution Award is a culmination of KFH's efforts in providing the highest standards of Islamic financial services, especially after the significant success achieved by KFH which contributed to the development of the banking industry. This is in line with the methodological and Sharia support that KFH is keen to provide to spread the Islamic finance industry.

Al-Roshood added in a press release that the awards KFH received were well-deserved in view of the bank's contribution to the growth of the Islamic finance industry in the markets it operated in, its success in meeting the customers' needs of Sharia-compliant products and establishing sustainable future growth with high efficiency for the Islamic finance industry and keeping up with the latest financial and banking technology. He pointed out that the excellence of KFH Group is reflected in its keeping pace with the development of digital banking services, adoption of technology, commitment to the highest levels of professionalism, best standards of risk management, and prudent practices.

Al-Roshood emphasized the wide experience of KFH in Islamic finance industry, Sukuk issuance for many banks, corporates and governments and arranging major financing deals for mega infrastructure development projects including vital sectors as well as contributing to driving economic growth and developing many financial products and alternative funding options, which are currently used in international markets. He added that KFH has achieved qualitative success, based on the strategy of digital transformation, focusing on core business, developing employee's performance, promoting service quality and improving performance levels in line with international standards and Sharia principles.

Al-Roshood emphasized that the awards indicate the readiness and capability the Group subsidiaries enjoy and their consistent performance based on specific rules, clear systems and sound foundations. This reflects the efforts that began years ago to unify work systems, enhance transparency and the coordination and cooperation among the Group subsidiaries.

Al-Roshood mentioned that KFH succeeded in strengthening its roles and expanding its activities locally and globally, represented by Kuwaiti market and Group's markets. Being the first Islamic bank in Kuwait, KFH achieved many successes in several areas, including building solid economic basics depending on developing human resources, and offering products and services that meet the market's requirements.

This made KFH deservedly a global model for Islamic banking industry. In its 29th annual awards, KFH topped Global Finance's list of the Safest Islamic Financial Institutions in the GCC 2020. It also ranked fifth among all Islamic and conventional banks in the Middle East, and ranked 14 among the 50 banks ranked by Global Finance as the world's safest bank in emerging markets.

Headquartered in New York, Global Finance, founded in 1987, has readers in more than 191 countries and 33 years of experience in international financial markets. The magazine is an international reference in the financial sector, covering topics of corporate finance, joint ventures, capital markets, currencies, banks and risk management.