A consistent top performer in Islamic banking, Kuwait International Bank (KIB) has steadily increased its profits whilst keeping strong financial fundamentals in line with the institution’s adherence to Sharia Law. Whilst depressed oil prices add to Kuwait’s and the wider region’s challenges, KIB has deftly managed to register positive results across all performance indicators, further enhancing its financial position and adding to shareholder equity. As a result, the bank had its long-term IDR (issuer default rating) affirmed at A+ with a stable outlook, reflecting the country’s likewise solid sovereign rating.
With a view to becoming Kuwait’s Islamic bank of choice, KIB moved ahead with the implementation of its strategic plan which includes, amongst other initiatives, a drive to update and expand the already robust governance model with new management committees and a review of the delegation of authorities structure in order to enhance effectiveness. The plan also aims to broaden the scope of KIB’s customer service to ensure the bank solidifies its leading edge and reputation for excellence.
KIB maintains an active recruitment policy with which it manages to attract some of the country’s best and brightest young people who inject an added degree of vitality and help the bank connect with multiple demographic segments.
The CFI.co judging panel has closely followed the trajectory of the bank over a number of years. KIB stands head-and-shoulders above the crowd. A recognised pioneer of Sharia-compliant banking, KIB has successfully claimed CFI.co awards in 2015 and 2016. The judges feel no hesitation in again declaring Kuwait International Bank a clear winner. KIB is granted both the 2017 Fastest-Growing Islamic Bank MENA Award and the 2017 Best Sharia-Compliant Bank MENA Award.