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Kuala Lumpur 29 January 2008 - Kuwait Finance House (KFH) has emerged as a major force in the Islamic banking and finance industry as it sets off 2008 with several awards. This week, Kuwait Finance House Bahrain (KFH-Bahrain) is honoured with the "Best New Product" Award by CPI Financial during the Islamic Business and Finance Awards Ceremony 2007 held in Dubai. KFH-Bahrain received the award for developing the Durrat Al Bahrain flagship real estate project as an investment product. KFH-Bahrain was also short-listed in a further five categories.
The prestigious event, which took place at The Godolphin Ballroom in The Emirates Towers, Dubai, gathered highly influential guests representing the most prominent Islamic banking, finance, and investment institutions from around the region. Mr. Khalid Rafie Senior Manager and Head of Banking Group at KFH¿Bahrain accepted the Award on behalf of the Bank.
"We are very proud of achieving the Best New Product Award. It is truly satisfying and represents another milestone achievement for KFH-Bahrain. The award reflects the recognition of KFH-Bahrain as a growing brand regionally and globally, which has been achieved through attaining consistent best performance ratios, continuous product and service innovation, and various strategic initiatives for growth," said Mr. Abdulhakeem Alkhayyat, General Manger of KFH-Bahrain, who expressed his gratitude upon receiving the news of the award.
"The award validates our efforts towards creating a strong institution with best international practices and standards. We have been growing steadily on all domains. Within a short period of time, we have created a strong image in the Islamic finance sector, which is in line with our business strategies. We are committed to sustain the growth level through continuous innovation," he added.
"Winning this distinguished award for Durrat Al-Bahrain reflects the extreme care and attention to detail within the project, which consequently provides unparalleled investment opportunities for individuals wishing to own their own house or for investors looking for high returns," said Mr. Jassim Al-Jowder, Chief Executive Officer at Durrat Al-Bahrain.
The Islamic Business & Finance Awards 2007 have been designed to recognize and reward excellence throughout the global Islamic finance community. These awards honour Islamic financial institutions from around the region and emphasize the importance of Islamic finance.
The Islamic Business & Finance Awards are administered by CPI Financial, which publishes a number of authoritative magazines on the global finance industry, such as Banker Middle East, Private Equity & Hedge Funds and Islamic Business & Finance. Winners are voted by the readers of Islamic Business & Finance Magazines from a list of nominations by a panel of ratings and consulting firms. These ratings are mainly based on the nominees' performance over the last twelve months.
The Islamic Business & Finance Awards were launched in 2005 in response to the phenomenal growth of the Islamic finance industry; currently estimated at $500 billion in value.
In an earlier development, KFH is a clear winner when it emerged as the Best Overall Islamic Bank in the Islamic Finance news Awards Bank Poll 2007.
KFH garnered 27% of the 1502 votes cast by members of the global Islamic finance industry during the polling period last December. KFH has also scooped another two awards: the country category for Best Islamic Bank in Kuwait and Most Innovative Islamic Bank. A total of 35 categories were contested, representing all major facets of the global Islamic capital markets industry.
Meanwhile, Kuwait Finance House (Malaysia) Berhad (KFHMB) won two awards in the Islamic Finance news Awards Deals of the Year 2007. KL Sentral Sukuk Musharakah won for Best Musharakah and SREI Infrastructure & Finance Ltd for Best Country Deals, India. There were 212 unique deals submitted for the awards, a fourfold increase from the 2006 awards, reflecting the dramatic rise in volume of new deals. The transactions are reflective of the depth of the players from regional institutions in Malaysia and the Gulf Cooperation Council (GCC) countries. Innovations is said to be a hallmark of the transactions with many bankers and clients testing new frontiers. Two gala award ceremonies will be held to honour the winners: in Dubai on 26 February and in Kuala Lumpur on 6 March.
The prestigious event, which took place at The Godolphin Ballroom in The Emirates Towers, Dubai, gathered highly influential guests representing the most prominent Islamic banking, finance, and investment institutions from around the region. Mr. Khalid Rafie Senior Manager and Head of Banking Group at KFH¿Bahrain accepted the Award on behalf of the Bank.
"We are very proud of achieving the Best New Product Award. It is truly satisfying and represents another milestone achievement for KFH-Bahrain. The award reflects the recognition of KFH-Bahrain as a growing brand regionally and globally, which has been achieved through attaining consistent best performance ratios, continuous product and service innovation, and various strategic initiatives for growth," said Mr. Abdulhakeem Alkhayyat, General Manger of KFH-Bahrain, who expressed his gratitude upon receiving the news of the award.
"The award validates our efforts towards creating a strong institution with best international practices and standards. We have been growing steadily on all domains. Within a short period of time, we have created a strong image in the Islamic finance sector, which is in line with our business strategies. We are committed to sustain the growth level through continuous innovation," he added.
"Winning this distinguished award for Durrat Al-Bahrain reflects the extreme care and attention to detail within the project, which consequently provides unparalleled investment opportunities for individuals wishing to own their own house or for investors looking for high returns," said Mr. Jassim Al-Jowder, Chief Executive Officer at Durrat Al-Bahrain.
The Islamic Business & Finance Awards 2007 have been designed to recognize and reward excellence throughout the global Islamic finance community. These awards honour Islamic financial institutions from around the region and emphasize the importance of Islamic finance.
The Islamic Business & Finance Awards are administered by CPI Financial, which publishes a number of authoritative magazines on the global finance industry, such as Banker Middle East, Private Equity & Hedge Funds and Islamic Business & Finance. Winners are voted by the readers of Islamic Business & Finance Magazines from a list of nominations by a panel of ratings and consulting firms. These ratings are mainly based on the nominees' performance over the last twelve months.
The Islamic Business & Finance Awards were launched in 2005 in response to the phenomenal growth of the Islamic finance industry; currently estimated at $500 billion in value.
In an earlier development, KFH is a clear winner when it emerged as the Best Overall Islamic Bank in the Islamic Finance news Awards Bank Poll 2007.
KFH garnered 27% of the 1502 votes cast by members of the global Islamic finance industry during the polling period last December. KFH has also scooped another two awards: the country category for Best Islamic Bank in Kuwait and Most Innovative Islamic Bank. A total of 35 categories were contested, representing all major facets of the global Islamic capital markets industry.
Meanwhile, Kuwait Finance House (Malaysia) Berhad (KFHMB) won two awards in the Islamic Finance news Awards Deals of the Year 2007. KL Sentral Sukuk Musharakah won for Best Musharakah and SREI Infrastructure & Finance Ltd for Best Country Deals, India. There were 212 unique deals submitted for the awards, a fourfold increase from the 2006 awards, reflecting the dramatic rise in volume of new deals. The transactions are reflective of the depth of the players from regional institutions in Malaysia and the Gulf Cooperation Council (GCC) countries. Innovations is said to be a hallmark of the transactions with many bankers and clients testing new frontiers. Two gala award ceremonies will be held to honour the winners: in Dubai on 26 February and in Kuala Lumpur on 6 March.
