Kuwait Finance House (KFH) is Kuwait's best Islamic bank thanks to its strong financial performance and the implementation of several innovative solutions.
In 2023, the bank achieved a net profit of KD461.5 million ($1.5 billion), an increase of 124.3% over the previous year. Its assets under management grew by 2.8%, reaching KD38 billion.
One area of focus is digital banking, where it has launched TAM, a dedicated digital bank. Its mobile app has implemented innovations such as biometric facial recognition, virtual digital prepaid cards and an integrated cash-back reward system. This has attracted new business: of newly acquired digital customers, 60% were existing KFH customers, while 40% were new to the bank.
KFH has also launched several services aimed at enhancing customer convenience. These include a new-to-market digital point of sale for opening accounts.
In line with its environmental, social and governance roadmap, the bank has introduced a green personal finance campaign. This provides customers with sustainable housing and consumer products.
The bank's investment banking arm also stands out for its involvement on key deals across the region. In one example, it acted as joint lead manager on the Republic of Turkey's $2.5 billion sukuk issuance, the country’s first issuance after its May 2023 elections.