Since its inception in 2004, Boubyan Bank has carved out a specific niche in a Kuwaiti market dominated by bigger and more established players. As chief executive Abdullah Al-Tuwaijri puts it, three words serve as the guiding star for the bank’s strategy: “modern, attractive and digital.”
Today, Boubyan is on stage four of its vision to be Kuwait’s most innovative Islamic bank – the tech transformation phase. The first was pulling off what was in 2004 the biggest share sale – KD76 million ($247 million) – in Kuwait. The same year, Boubyan established both a holding company and the Islamic bank.
Stage two, from 2005 to 2009, saw Boubyan build up domestic and international investment teams. This included a tie-up with Bank Muamalat Indonesia, the incorporation of Boubyan Takaful Insurance Company, the opening of units in London and across the Middle East, and the expansion of its investment portfolios and fund offerings.
From 2009 to 2014, stage three, saw Al-Tuwaijri, a veteran of National Bank of Kuwait, join the executive team to expand Boubyan’s reach at home and abroad.