Kuwait Finance House (KFH), the world`s leading Islamic financial institution, has won the prestigious Best Domestic Bank in Kuwait 2021 award from Asiamoney Magazine, a renowned global financial publication.
KFH was awarded for its outstanding performance across a range of core banking activities in the domestic sector over the past 12 months. The award is also a recognition of the bank's contribution to the growth of the Islamic finance industry in Kuwait.
Abdulwahab Al-Rushood, Acting Group Chief Executive Officer at KFH said: 'Winning the Award for Kuwait`s Best Domestic Bank from Aisamoney Magazine is such an honor. It provides a global recognition of our pioneering role in banking sector through harnessing KFH`s capabilities and expertise and the latest technology to deliver accessible, convenient and innovative banking products. This award attests to the KFH leading position in the local and international markets and we are delighted that our significant investment in providing highest standards of Islamic financial services is yielding the desired results.'
'KFH`s headline-grabbing banking solutions, powered by its robust digital platform provide diverse products and services to governments and corporate and retail clients to meet and exceed their evolving needs and expectations. The digital services offered by KFH witnessed big boom through launching a series of innovative digital banking solutions especially during these challenging COVID-19 times. These solutions include for example and not limited to opening bank account online' service for citizens and residents, digital signature service in personal financing products that includes the electronic handling of all paper documents for personal finance transactions, instant transfer using ' RippleNet' network and Swift GPI service through KFHOnline. In addition, KFH was the first bank in the world to use NCR Hybrid Solution to instantly issue banking cards without a prior request.'
Al-Rushood emphasized that the award indicates the readiness and capability KFH enjoys and its big efforts to broaden its services for retail investors in response to the coronavirus pandemic.
He added that the bank deployed unique innovative digital banking solutions relying on its advanced IT infrastructure, which was part of a successful digital transformation strategy that the bank has implemented.
Al-Rushood explained that the efficiency of KFH`s digital services is reflected in the huge demand of the bank's customers to use digital transactions through KFHonline or the mobile app. This emphasizes the successful efforts KFH exerted to provide innovative banking solutions to enable customers to complete their transactions around the clock, from anywhere, easily and safely.
Asiamoney's award decisions were made by a team of senior journalists after receiving detailed submissions from market participants and in conjunction with research into the banking and capital markets by its editorial committee. The magazine`s senior editors also visited each country or territory to meet leading bankers and gather client and competitor feedback.
As a subsidiary of Euromoney, Hong Kong- based Asiamoney magazine covers the Asian financial service sector and publishes detailed financial and investment reports on issuers, investment companies and financial decision makers in public and private sectors.
It is worth mentioning that KFH won prestigious awards from international magazines and institutions such as the 'World's Best Islamic Bank 2021' Award and 'Best Treasury and Cash Management Bank in Kuwait' Award 2021 from Global Finance Magazine. Along with other illustrious awards won by KFH based on specific professional standards, the bank won 'Best Islamic Bank in Middle East' and 'Best Islamic Bank in Kuwait' 2021 Awards from the prestigious 'The Banker Magazine', and 'Best Islamic Bank in the Middle East' Award and 'Best Bank in Kuwait' Awards from EMEA Finance Magazine.