Industry Banking Number of employees 9,000 | ||
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Founders Consortium of Kuwaiti merchants Headquarters Kuwait City, Kuwait - Group Headquarters Key people Hamad Abdulmohsen Al-Marzook, ChairmanMazen Al Nahedh CEO CEO Mazin Saad Al-Nahedh (1 Oct 2014–) Subsidiaries Kuveyt Turk, International Turnkey Systems Group Profiles | ||
Kuwait Finance House (Arabic: بيت التمويل الكويتي)(KFH) was established in the State of Kuwait, in 1977, as the first bank operating in accordance with the Islamic Shari'a. KFH is listed in Kuwait Stock Exchange (KSE), with a market capitalization of $8.2 billion (KWD 2.49 billion) as of May 2016. Assets total $55.52 billion (KWD 16.83 billion) and deposits amount to $34.97 billion (KWD 10.66 billion.) It has been awarded Best Islamic Bank in the world from CPI Financial institution for the year 2014.
Contents
- Kuwait finance house kfh product launch
- History
- Subsidiaries and Affiliates
- Kuwait
- Bahrain
- Saudi Arabia
- Turkey
- Malaysia
- Investment In Associates
- Ownership of Kuwait Finance House
- Kuwait Finance House Global Awards
- Corporate Social Responsibility
- Richard Clark Allegations
- References
KFH provides Islamic Shari'a compliant products and services, covering banking, real estate, trade finance, investment portfolios, and other products and services.
Since the 1980s, KFH has witnessed multi-activity in international expansion. It has established independent banks in Turkey, Bahrain, and Malaysia. Moreover, it has stakes in other Islamic banks. Its investment activities in the US, Europe, South East Asia and the Middle East contributed to achieving the growing profit of KFH.
KFH has always endeavored to expand its local branch network, covering 52 branches, in addition to special sections for ladies. It adopts the out-of-branch client concept. KFH has maintained its foothold as a pioneering entity in utilizing the latest technologies to meet the requirements of the various activities in which it operates, using online, SMS, as well as phone service (Allo Baitak), which has received the highest accreditation from the US Purdue University for outstanding customer service level.
Kuwait finance house kfh product launch
History
Kuwait Finance House was established in 1977 as Kuwait’s first Islamic bank. It received 170 applications to open new accounts on its first day of operation on 31 August 1978. By 1983, KFH was the only Islamic Bank listed on the Banker’s list of the top 100 Arab Banks.
KFH was listed on the Kuwaiti Stock Exchange in 1984, where it is currently the second largest company. In 1989, KFH’s subsidiary in Turkey, Kuveyt Turk Particpation Bank, was established by a Turkish cabinet decree.
KFH Capital Investment Company was formed in 1999. KFH Capital is the main investment of the bank, with offices in Safat, Kuwait and Oman.
In 2002, KFH opened its first branch in Bahrain and in 2005 KFH Malaysia was established, becoming the first Islamic bank to be granted a license in the county under the 1983 Islamic Banking Act. Since then, KFH and Kuveyt Turk have established a presence in Jordan, the UAE and Germany.
Subsidiaries and Affiliates
According to the KFH website, until January 2017, KFH ran the following subsidiaries:
Kuwait
Bahrain
Saudi Arabia
Turkey
Malaysia
Investment In Associates
Ownership of Kuwait Finance House
Kuwait Finance House Global Awards
Corporate Social Responsibility
Working toward the betterment of society is a key aspect of Islamic finance. KFH has a very active corporate social responsibility program, as do its subsidiaries in Turkey, Bahrain and Malaysia.
The Creating Footstep program run by KFH Malaysia focuses on promoting financial awareness amongst young people, supporting education, and encouraging environmental sustainability.
Richard Clark Allegations
In his statement on the subject of terrorist finance before the U.S. Senate in October 2003, Richard Clarke reported that the Kuwait Finance House was allegedly an investor in Bait ul-Mal Incorporated (BMI), an Islamic investment firm based in the U.S. that fundraised for Hamas and its officers.
Clarke also alleged that Kuwait Finance House has strong ties to the Muslim Brotherhood in Kuwait. More specifically, Clarke declared before the Senate that “the Kuwait Finance House is reported to be the financial arm of the Muslim Brotherhood in Kuwait.”
However, Clarke's allegations were not supported with any factual evidence and his broader testimony was subsequently challenged. Then Senate Majority Leader Bill Frist accused Clarke of telling different stories under oath. While Frist later wavered due to the severity of the accusations, former Deputy National Security Advisor Stephen Hadley said that Clarke was a liar.