The Banking Executive Magazine - March 2024 Issue

KIB Group mation strategy and the fundamental plans it encompasses, and the efforts aimed at modernizing the business model, enhancing sustainable growth indicators, and achieving fur- ther development. KIB completed the capital increase subscription process successfully in June 2023, by offering 428,571,429 shares valued at KD 60 million. The Bank’s paid-up capital increased by 34.98% to reach KD 165.4 million. The rights issue was oversubscribed by 687%, re- flecting the shareholders' and in- vestors' confidence in KIB's dynamic strategy and future vision." On the digital front, Bukhamseen pointed out that, last year, KIB un- veiled three new, advanced digital platforms: the first-of-its-kind digital real estate platform, KIB Aqari; the all-new and revamped Corporate Online Banking platform; and the upgraded and improved version of the KIB Mobile application. This af- firms the Bank's commitment to keeping up with the latest digital in- novations and its expansion plan in digital banking services and prod- ucts, in order to meet all customer needs in a more comprehensive, ef- ficient, and secure manner. On another note, Bukhamseen re- ferred to the official opening of "KIB Mubader Center" to support the en- trepreneur segment of small and medium-sized enterprise (SME) own- ers, in addition to the founding of KIB Invest, the investment arm of KIB, with a capital of KD 45 million, which centers its activities on Islamic investment and providing a compre- hensive suite of investment services that fulfill the needs and aspirations of the Bank’s customers within the domestic and global markets, which is delivered by a highly qualified and competent team. Bukhamseen further noted: “The es- tablishment of a new company comes as part of KIB’s continued ef- forts to reinforce its pivotal role in vi- talizing the domestic capital market and providing its customers with out- standing investment opportunities. It also comes as part of the Bank’s en- deavors to attract more investors to its customer base, offering them di- verse and thoroughly thought-out in- vestment options that guarantee maximum returns with minimum risk.” SOCIAL RESPONSIBILITY KIB is among the driving forces be- hind one of Kuwait’s most profound and comprehensive social responsi- bility programs across the banking sector’s major institutions, renewing, under its umbrella, the Bank’s com- mitment to environmental, social, and governance (ESG) policies and practices. The Bank’s commitment to the ESG guidelines is but an exten- sion to its determination to play an active role in the wide-scale devel- opment of society across diverse fields, enabling the Bank to benefit as many segments of society as possi- ble. Within this context, KIB commenced 2023 by renewing its continuous support for the banking awareness campaign ‘Let's Be Aware’ (Diraya) for the third consecutive year, launched by the Central Bank of Kuwait (CBK) and the Kuwait Bank- ing Association (KBA) in cooperation with local banks. The Bank focused on selecting strategic locations, such as busy malls, to reach the largest segment of the community, in addi- tion to continuing to disseminate its awareness messages through media platforms and its digital banking channels. Moreover, KIB was keen on taking ef- fective steps to enhance the sports and social culture in the State of Kuwait by sponsoring various sport- ing and social events. KIB also published its second Annual Sustainability Report for 2022, through which it renewed its com- mitment to its clear and focused ini- tiatives and efforts in applying and integrating Environmental, Social, and Governance (ESG) principles across all its banking operations and activities. AWARDS AND HONORS Bukhamseen lauded the Bank for re- ceiving numerous prestigious awards during 2023, confirming its contin- ued progress and significant achieve- ments in the field of Islamic finance and social responsibility. KIB gar- nered several awards from World Fi- nance magazine, including the "Best Islamic Bank in Kuwait for 2023" award, for the tenth consecutive year, and the "Best Customer-Fo- cused Islamic Banking Products and Services in Kuwait" award, for the third consecutive year. World Fi- nance also honored KIB's leadership, where the Bank's Chairman, Sheikh Mohammed Jarrah Al-Sabah, once again received the "Life Achievement in Islamic Banking and Dedication to Community" award. Meanwhile, Vice Chairman and CEO, Raed Jawad Bukhamseen, garnered the "Kuwaiti Visionary CEO – Develop- ment and Growth Driver" award for another year. KIB also won several awards from Capital Finance International (CFI.co ). For the third year running, KIB secured the "Best Banking Vision - MENA 2023" award, as well as the "Best Sharia-Compliant Bank - MENA" by the magazine for the year 2023. CFI.co also named KIB the "Best Bank in Financial Literacy Pro- gram - MENA 2023". KIB was also named the "Best Bank in Kuwait in Terms of Spreading Fi- nancial Literacy and Banking Aware- ness in 2023" by the World Union of Arab Bankers. In addition, KIB was recognized in the first-ever Qorus Reinvention Awards – MEA, which put the spotlight on the institutions that are innovating at scale to shape the future of financial services in the Middle East and Africa region. The Bank’s innovative KIB Aqari, which offers the first-of-its-kind real estate digital platform in Kuwait, won an award under the "Distribution" cate- gory. ISSUE 183 MARCH 2024 the BANKING EXECUTIVE 21