Kuwait Finance House (KFH) stands at the forefront of Islamic banking in the Middle East, with a year of transformation and expansion that reaffirmed its leadership across markets and business lines.
In 2024, KFH achieved significant milestones in digital innovation, Shariah-compliant financing, regional integration and sustainability, making it a deserving winner of the award for the Middle East’s best Islamic bank.
The landmark event of the year was KFH’s successful completion of its merger with Ahli United Bank of Kuwait, in its home market, following its prior acquisition of Bahrain-headquartered Ahli United Bank (AUB).
This was the largest-ever banking merger in Kuwait, turning KFH into a formidable global Islamic financial group with 615 branches across 12 countries, including Saudi Arabia, Turkey, Egypt, the UK and Germany. KFH completed the Shariah conversion of the newly acquired AUB entities in Bahrain, the UK and Egypt in record time, extending its Islamic banking model across a wider international footprint.
KFH continues to dominate across retail, corporate and investment banking in Kuwait and plays a significant role across the region. Its market capitalisation is the highest in Kuwait and ranks among the largest in the Middle East. Its leadership in sukuk was further solidified through KFH Capital’s role in arranging $17.8 billion worth of issuances across sovereign and corporate clients, including deals for Al Rajhi Bank, Dubai Islamic Bank, First Abu Dhabi Bank and Aramco.
On the digital front, KFH introduced Kuwait’s first fully Shariah-compliant digital bank, Tam, which combines gamified user experiences with real-time onboarding, a 100% cashback rewards system and innovative features such as card personalisation, virtual issuance and social media-style interfaces.
Launched in late 2023, the success of Tam in its first year of operations has drawn regional and international acclaim, underlining KFH’s ability to compete at the digital front while maintaining full compliance with Islamic principles.
KFH also deepened its commitment to sustainable finance. It became the first Islamic bank in Kuwait to offer a green financing product for energy-efficient private housing and launched broader personal finance initiatives that promote resource conservation and renewable energy use. It was the first bank in the country to release a carbon footprint report and in 2024 it earned an MSCI ESG “A” rating – the highest received by any Kuwaiti entity – alongside inclusion in the FTSE4Good Index. FTSE4Good Index
The bank’s service excellence and inclusive growth strategies have also been in evidence. It launched accessible banking for customers with special needs, invested in employee development through scholarship programmes, and engaged in high-impact CSR initiatives including KD1 million ($3.25 million) in support for the Kuwait Food Bank and the reconstruction of heritage buildings in Al Mubarakiya.
With a unique ability to integrate scale, innovation and authenticity in Islamic banking, KFH has not only retained its market leadership but redefined what it means to be a global Islamic bank.
