Kuwait Finance House to have 175 group branches by end of 2008

These branches offer integrated services according to world class quality standards, which is rendered a great development in the geographical expansion policy and achieving globalization of the corporation.

This is built on a strategy that depends on diverse investments in various fields, in addition to offering the best Shariah compliant services, which include 50 branches in Kuwait, 113 branches in Turkey, and the rest of the branches are scattered in Malaysia and Bahrain.

Al-Omar added that the award that KFH recently won from 'The Asian Banker' as the best bank in serving individuals in Kuwait, proves the success of the expansion plans in offering services that meet the demands of clients, face competition, keep up with market updates that KFH operates in to achieve best level of services according to world standards in quality.

Al-Omar announced that such awards won by KFH show the appreciation that stems from monitoring and analyzing the steps taken by KFH to execute the set strategies. He explained that the increase of number of branches came in the form of qualitative shifts, whether in numbers of branches or the kinds of services they offer.

Moreover, he stresses that the success achieved by adhering to the policy of external expansion, where KFH reached high status in the global arena, is shown by the interest that governments and financial institutions reveal to benefit from the development of Islamic financial business. These governments and institutions opened their markets for KFH to work in, offering many facilities to ensure optimum performance and benefit.

Al-Omar stated, 'The ambitious expansion policy followed by KFH combines constructing the globe and committing to Shariah, in addition to benefiting from the growth in such markets and seizing available opportunities, to achieve best returns and expanding the business of Islamic financial deals. That policy also depends on regional expansion, which is evident in KFH's presence in Saudi Arabia, some GCC countries, and the Middle East, like Jordan and the Arabian West.'

'In addition to that,' Al-Omar said, 'there are huge efforts that resulted in KFH's presence in Malaysia, South East Asian countries and Hong Kong, whether through direct investment or contributing in deals and financing major, vital projects in these countries. The main goal, which is almost achieved, is to make Islamic financial services an essential component in building global markets.'

Al-Omar stated that since KFH is a pioneer, it seeks to achieve added value in the markets it enters. This value might be seen as financing projects, deals, or by offering competitive and innovative products and services.

It can also take the form of tying these markets to Kuwait and the GCC, which will lead to open markets, commercial trading, developing common benefits, bridging the gap among people, cultures and civilizations through solidifying the opportunities of common business and serving the development plans in the ambitious societies. This allows Islamic financial business to add dimensions that other economic businesses cannot achieve.

He mentioned the unprecedented profits achieved by KFH in Q1, where the total profits reached KD151.326m, with a 32% growth. The percentage of increase in shareholders profit reached 43%, and the share per stock reached 33%. The deposits during Q1 reached KD5.918bn with a 39% increase, which reflects the trust and great demand that clients have in KFH. In addition to that, KFH has the biggest market share in clients' deposits in Kuwait.

Al-Omar said that KFH works on reinforcing the financial status of its banks abroad, where KFH-Turkey (KFHT) has increased its capital, which will be financed through shareholders, to face the challenges of expansion and development, in addition to the desire to enter new markets in Europe, Central Asia and the GCC.

This inclination has pushed KFH-Bahrain (KFHB) to expand its business in new markets by opening independent banks in Jordan. KFH relies on building strategic alliances with major financial institutions, and approaching the biggest Asian markets, like China and Singapore. In addition to that, KFH has made new and innovative deals in fields like power, petrochemicals, and others.