Kuwait, 16 June 2010 - Kuwait Finance House (KFH) was accorded three awards by the Global Finance magazine in conjunction with the World's Best Islamic Financial Institutions Awards 2010. The awards were given for the Best Islamic Bank in the Gulf, Best Islamic Bank in Kuwait and Best Real Estate Service Provider. These prestigious recognitions reinforce the leadership position of KFH and its ability to build a strong foundation for the Islamic finance industry, locally in Kuwait and the Gulf Cooperation Council (GCC) region, as well as globally.

Being one of the largest Islamic banks in the world, the Shariah-based innovative products and services of KFH have attracted several market segments. To date, the Group has expanded to Turkey, Bahrain, Saudi Arabia, and Malaysia.

Assistant General Manager for Investment Sector at KFH, Abdul Nasser Al-Subeih, stated that the awards are another feather in the group’s cap, mostly presented by authority bodies around the world. He added that KFH won the awards after the magazine considered its achievements in the GCC, especially after KFH established banks in Bahrain and Saudi Arabia.

Al-Subeih also highlighted KFH’s major financing projects in the GCC in the fields of power, communications and infrastructure, among others. Power station projects included Al-Shuwaihat, Al-Taweela, and Om Al-Nar in the United Arab Emirates (UAE), and Al-Had in Bahrain, with a total cost of USD 9 billion. In communications, KFH played a major role in the second cell phone license in Saudi Arabia with a share of USD 200 million, with the whole deal amounting to USD 2.35 billion. KFH also worked on two largest real estate projects in the area, namely Durrat Al-Bahrain and Diyar Al-Muharraq.

The Best Real Estate Service Provider award was accorded for KFH’s involvement in providing suitable homes for 30,000 Kuwaiti families. The funds amounted to USD 10.27 billion for a period of 33 years, which was recognised as a major step forward to solve the residential crisis.