Despite the global drop in oil prices, Islamic finance continues to thrive. According to the EY consultancy, Sharia-compliant banking grew at an annual rate of 17.6% between 2009 and 2013, and is now projected to grow by an estimated 19.7% annually by 2018. This rate of growth far outpaces that of conventional banks, putting pressure on traditional banks to diversify their operations by including Sharia-compliant services. Kuwait International Bank (KIB) converted to exclusively Sharia-compliant services in 2007 and paved the way for Islamic finance in Kuwait. Sheikh Mohammed Al-Jarrah Al-Sabah, Chairman of KIB, said the bank has adopted a new strategic outlook which had its first stage launched in 2015. This brought about a change in KIB’s franchise operations and its day-to-day activities. The second phase develops the bank's product and service offerings. The final stage scheduled for 2017 will focus on boosting KIB’s competitive edge within the banking industry.
The banking sector in #Kuwait remains solid, robust and unaffected by regional events. The operating environment can be described as low-risk thanks to the country’s central bank regulatory role and conservative approach. Kuwait International Bank (KIB) has risen to become one of the most established in Kuwait. The bank's CEO, Loai Muqames, says diversification into the retail sector took priority with the launch of stand-alone retail banking operations. Since adopting a unified CRM system the quality and efficiency of the customer service has dramatically increased. KIB partners with Kuwait’s telecom providers to offer SMS banking for those account holders without a mobile internet connection. KIB is also investing in those sectors related to the $100bn government funded national development plan currently in motion. These sectors include infrastructure, oil and gas, energy, and real estate.
Kuwait International Bank (KIB) is keen on opportunities for mutual ventures and cooperation with Islamic finance and banking institutions, both in and beyond Kuwait.
Assistant Chief Executive Officer (CEO) Diyaa Al-Asfoor was speaking to the press upon a visit by a delegation from the Central bank of Malaysia and noted this visit was important for exchange of expertise in the field.