World Finance awards KFH 'Most Trusted Bank Award in 2009'
- Kuwait: Wednesday, June 24 - 2009 at 09:29
- PRESS RELEASE
World Finance magazine granted Kuwait Finance House (KFH) the Most Trusted Bank Award for 2009, which is one of the awards it grants to Islamic finance.
KFH's CEO Mohammed Al-Omar announced that this award is one of the most prestigious awards granted to KFH recently, since it is about trust. He added that the award was granted after thorough studies and close monitoring of KFH's development and growth, which is a natural byproduct to the trust the clients put in it, despite the skeptics who believed that it would fail.
Al-Omar went on to mention that KFH's deposits grew by 14% during the First Quarter of this year, which reveals KFH's ability to attract new clients by offering them saving and investment vessels that suit various client segments. It is worth noting that the clients' deposits climbed to reach KD6.7bn, which is the highest in the local market. The clients' trust resulted in boosting KFH's deposits by KD3.5bn and a growth rate of 111% during the past three years.
Moreover, the continuous growth in market share that reached 35% of the total market share in several fields is solid proof of KFH's success, taking into consideration the growth of assets by 12% in the First Quarter, in addition to the high demand on KFH's products and services.
Furthermore, Al-Omar mentioned KFH's role as an essential market maker, which reveals its potential to cement the national economy. He added that KFH is one of the biggest Islamic banks that bred high caliber bankers that are now leading the Islamic finance industry in Kuwait and the world.
He went on to explain that KFH is committed to follow the guidelines set by the supervisory bodies, such as its Fatwa and Shariah Department, in addition to other authorities and institutions concerned with supervising banks, such as the Central Bank of Kuwait.
Meanwhile, KFH continued to expand globally by establishing KFH-Turkey, not to mention operating in more than 20 countries with 175 branches around the world, which prompted many countries to ask KFH to operate on their lands. KFH uses its branches in Bahrain, Jordan, Malaysia, and Singapore as means for further cooperation between Kuwait, the GCC, and the Middle East region.
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