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The best Islamic bank in Kuwait 2023: Kuwait Finance House

Kuwait Finance House’s 45th year in business was a banner one. In October 2022, the team led by acting chief executive Abdulwahab Iesa Alrushood completed the acquisition of Bahrain’s Ahli United Bank to create the world’s second-largest Islamic bank.

The $11.6 billion deal was four years in the making and was among the world’s biggest bank mergers announced last year. It also was a rare cross-border transaction in the Middle East, creating the Gulf region’s seventh-largest lender by assets.

Along with optimizing costs in an increasingly competitive industry, the combined bank boosts KFH’s geographic diversification and increases its opportunities to participate in state projects.

With 524 branches, 1,812 ATMs and state-of-the-art mobile app services across the Gulf Cooperation Council (GCC), Asia and Europe, KFH’s regional footprint is already well established. Adding Ahli United Bank reinforces this leadership position.

Abdulwahab Iesa Alrushood-KFH-960.jpg
Abdulwahab Iesa Alrushood

The financial results speak for themselves. In the 12 months ended September 2022, net financing income rose 14.8%,