Combined assets of the country’s Islamic banks and Islamic banking windows rose 10.5% year-on-year to RO10.1 billion at the end of July 2026, according to the latest data from the Central Bank of Oman (CBO). Islamic banking now accounts for about 19.1% of total banking-sector assets.

The growth has been driven primarily by financing. Outstanding financing provided by Islamic banks and windows increased 10.9% year-on-year to RO8 billion by the end of July, while deposits rose 10.3% to RO8 billion.

Oman’s Islamic banking industry comprises two fully fledged Islamic banks and five Islamic banking windows operated by conventional lenders. The sector has expanded rapidly since the CBO introduced its Islamic Banking Regulatory Framework in 2012.

By the end of 2024, Islamic banking assets had already reached RO8.3 billion, representing 19.3% of the banking system.

Fast-growing Gulf market
The expansion has placed Oman among the faster-growing Islamic banking markets in the Gulf.

Moody’s Ratings said Oman recorded the highest compound annual growth rate among GCC Islamic banking markets over the past five years, at 12%, compared with about 10 per cent in Saudi Arabia, the UAE and Kuwait.

The ratings agency expects demand from both retail and corporate customers to continue supporting growth.

Corporate financing is becoming particularly important. At Oman’s two standalone Islamic banks, corporate financing represented 63% of total gross Islamic financing in 2025, while retail financing accounted for 37%.

Corporate financing grew at a compound annual rate of 12% between 2020 and 2025, compared with 8% for retail financing, according to S&P Global Ratings.

The trend reflects the expansion of Oman’s non-oil economy and demand for financing from companies operating in sectors targeted under the country’s economic diversification strategy.

Industry restructuring
The sector is also entering a period of structural change.

The CBO introduced an Islamic Banking Windows Conversion and Transformation Framework in July, establishing a phased process from 2026 to 2030 for Islamic banking windows operated by conventional banks to transition towards standalone Islamic banks.

The central bank says the reform is intended to strengthen governance, accountability and operational autonomy while giving institutions sufficient scale to compete regionally.

One potential consequence is consolidation. Bank Nizwa has proposed acquiring and merging Alizz Islamic Bank, a transaction that Moody’s said could create Oman’s largest standalone Islamic bank if completed.

The CBO is simultaneously seeking to deepen the Islamic capital market. Its initiatives include developing Wakalah certificates of deposit and Islamic government treasury bills, alongside efforts to accelerate domestic sukuk issuance.

Asia Al Raisi, the CBO’s deputy chief economist for investment and market operations, said a deeper domestic sukuk market could diversify funding sources, finance productive investment and attract a wider investor base.

From growth to depth
The next challenge for Oman’s Islamic finance industry is therefore less about expanding its headline balance sheet and more about building deeper and more liquid markets.

Industry executives speaking at the IFN Oman Forum said Islamic banking and sukuk had achieved considerable scale, but asset management, takaful and other capital-market products remained relatively small. Oman’s Islamic finance industry could reach about USD 45 billion in assets this year, according to industry estimates.

Asset quality will also require monitoring as portfolios mature. S&P estimated Islamic banks’ non-performing financing ratio at 3.6% at the end of 2025, with exposure to cyclical sectors such as real estate and construction accounting for about 12% of portfolios.

For Oman, the expansion of Islamic banking is increasingly tied to the wider economic transformation agenda. The CBO has identified deeper Islamic money markets, sukuk development, responsible digital innovation, stronger governance and greater financing for diversification sectors as priorities.

With assets now above RO10 billion, the sector has established a significant foothold in Oman’s financial system. Its next phase will depend on whether the country can convert that scale into deeper capital markets, broader investment products and stronger regional competitiveness.

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The Saudi Central Bank (SAMA)-licenced financing company recorded total operating income of SAR 424.1 million in 2025, an increase of 59% compared with SAR 267.3 million in 2024.

Net profit after Zakat increased by 73% to SAR 40.3 million, while operating profit before Zakat and expected credit losses reached SAR 99.3 million, representing year-on-year growth of 55%.

The expansion was also reflected in Raya Financing’s balance sheet, with total assets increasing by 56% to SAR 3.09 billion. Its net financing portfolio across finance lease and Murabaha reached approximately SAR 2.86 billion by the end of 2025.

Growth Beyond the Numbers
The performance reflects Raya Financing’s broader strategy to expand its presence across consumer, automotive and SME financing while developing solutions that respond to evolving customer and business needs in the Kingdom.

SME financing and productive assets remain important areas of focus for the company as Saudi Arabia continues to strengthen the contribution of small and medium-sized businesses to the national economy under Vision 2030.

Raya is investing in its digital platforms and operational infrastructure as it works toward more seamless end-to-end digital financing journeys and greater process efficiency.

At the same time, the company continues to evolve its financing propositions to provide greater flexibility and address different customer needs across the financing journey.

Strengthening the Foundation for Expansion
As its financing portfolio grows, Raya Financing has taken steps to strengthen and diversify the funding supporting its expansion.

The company executed portfolio securitisation transactions with major financial institutions, including Saudi National Bank and Gulf International Bank.

Raya has advanced a SAR 500 million multi-issuance Sukuk programme following Board approval and regulatory approvals from SAMA and the Capital Market Authority.

The programme represents another step toward diversifying the company’s long-term funding sources and supporting future portfolio growth.

The company’s continued expansion, financial performance and strategic development come alongside its recognition at the International Finance Awards 2026.

Looking ahead, Raya Financing plans to continue building on its momentum through sustainable growth, product development, digital transformation, and further expansion across key financing segments.

With Saudi Arabia’s financial services sector continuing to evolve, Raya aims to strengthen its role in the market by developing financing solutions that serve individuals and businesses while contributing to the Kingdom’s broader economic ambitions.

Image Credit: Raya Financing

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In its latest report on the African sukuk market, the credit rating agency said outstanding African sukuk crossed USD 7 billion in August, up 16% year-on-year.

Fitch said that sukuk is becoming a new way for some African governments to get funding, helping them to move away from traditional loans and attract interest from banks and investment funds in the GCC and Africa.

Egypt accounts for 48% of Africa’s outstanding sukuk, making it by far the continent’s largest market, supported by regulatory reforms and closer economic ties with the GCC. Around USD 1 billion of African sukuk has been issued so far in 2026, mainly by Benin and Egypt, a sharp slowdown compared with the USD 3.3 billion issued across the full year in 2025.

The decline in fresh issuance this year underscores how heavily the market still depends on a narrow group of sovereigns that are both willing and able to access the instrument. Fitch noted that enabling regulation for sukuk remains absent in most African countries, leaving a legal and structural vacuum that discourages new entrants.

Domestic Islamic financial institutions, which typically serve as both key investors and potential issuers in more established sukuk markets, are either small or non-existent across much of the continent.

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Uzbekistan’s high yields and strong fundamentals make the landlocked Central Asian nation a preferred credit for many emerging market investors.

In June this year, Moody’s upgraded Uzbekistan a notch from Ba3 to Ba2 with a stable outlook due to “sustained improvements” in the country’s institutional and policy framework.

“These developments indicate increasing policy effectiveness and have enhanced the country’s resilience to external shocks,” said Moody’s back then.

The sovereign witnessed another positive rating action in June when Fitch and S&P upgraded their outlooks from stable to positive while maintaining their BB ratings.

Simultaneously, the government, on August 12, held a press conference on a new draft law named “On the Capital Market.” The bill provides for expanding the range of financial instruments, developing market infrastructure, and improving state regulation.

The event was attended by Saibjan Khudaiberdiyev, Head of the Capital Market Development Department; Saulat Toreshov, Head of the Capital Market Regulation Department; and Valeriy Lee, Head of the Capital Market Ecosystem Development and Regulatory Innovation Division.

The objectives of the new draft law include attracting global depositories to the Central Asian nation’s national stock market, apart from adopting a new regulation in cooperation with international financial institutions.

According to the government data, the volume of share issuances in Uzbekistan increased from 189.7 trillion soums in 2023 to 265.1 trillion soums in 2025, reaching 269.4 trillion soums by July 1, 2026. Over the same period, the volume of corporate bond issuances grew from 1.06 trillion to 3.93 trillion soums, exceeding 7 trillion soums.

Total trading volume on the stock exchange increased nearly sixfold from 2023 to 2025, rising from 2.9 trillion to 17.6 trillion soums.

The draft of the new law consists of 16 chapters and 123 articles. During its preparation, current legislation was reviewed, taking into account modern market requirements and international practice. The EBRD, IFC, ADB, Islamic Development Bank, UNDP, IOSCO, US Department of Commerce, and SEC participated in the development, alongside state bodies, professional market participants, and representatives of market infrastructure.

The bill, expanding the list of financial instruments, provides for the introduction of options, swaps, futures, forwards, and contracts for difference. It also proposes to regulate covered bonds, securitized bonds, sustainable development bonds, and sukuk securities.

Sukuk gets special attention in the draft law, reflecting Uzbekistan’s Islamic finance push.

The bill provides for legal regulation of the issuance and circulation of sukuk, including partnership, ijara, trade, and agency types. To protect investors’ rights, the draft law has also proposed the introduction of the institution of a representative of sukuk holders and a special mechanism to confirm the compliance of transactions with Islamic finance standards.

The bill also aims to enhance capital market infrastructure by proposing the licensing of custodial activities and central counterparty operations. Additionally, it seeks to expand the powers of the Central Securities Depository and introduce self-regulatory organizations along with a representative for bondholders.

Meanwhile, Uzbekistan’s soum-denominated international bonds are set to be added to JP Morgan’s Government Bond Index (GBI-EM) for local currencies.

The inclusion will be effective from September 30, 2026. It will be the only CIS country that has its local currency sovereign bonds included in the index.

Uzbekistan is a regular issuer of local currency Eurobonds. Earlier in 2026, the sovereign printed S12.194 trillion (USD 1 billion equivalent) through a three-year 144A/Reg S bond offering. That deal was not only the biggest single-tranche issuance by Uzbekistan in the Eurobond market. It was also the largest local currency transaction across CEEMEA in the past 15 years.

There was strong demand for the deal, given the high yield and strong performance of the Uzbekistani soum versus the US dollar. Books reached over S19.5 trillion, and the deal is priced at 12.25%.

“Inclusion in the GBI-EM Index signals growing confidence among international investors in Uzbekistan’s economy and is expected to help broaden the investor base and lower borrowing costs when raising funds from external sources,” said the Central Asian country’s Ministry of Economy and Finance.

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The report, titled “The Islamic Finance Connector Era,” finds that Islamic finance assets grew 13% in 2025 alone, with the sector now spanning close to 100 jurisdictions. Sukuk outstanding stood at USD 1 trillion in 2025, while Islamic banking remains systemically important in 15 countries, according to LSEG analysis based on the Islamic Finance Development Indicator cited in the report.

Standard Chartered argues that the next phase of expansion will be defined less by how much capital is available and more by how effectively institutions can move that capital across borders.

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The Anwar Ibrahim government sold Islamic securities, or sukuk, in two parts to help fund projects, including infrastructure, as well as refinance existing obligations. It priced a USD 850 million note due in April 2032 to yield 4.612% and sold a USD 650 million tranche maturing in July 2036 to yield 4.949%.

As per the Malaysia government, the bonds were 4.7 times oversubscribed, with the strong demand allowing the Southeast Asian nation to tighten final pricing by 30 basis points from the initial price, recording the tightest ever spreads for the country’s global sukuk offerings.

“The strong oversubscription with the tightest ever spread reflects global investors’ continued confidence in Malaysia’s economic prospects and policy credibility,” Second Finance Minister Amir Hamzah Azizan said on July 24.

While Malaysia’s economic growth has surpassed expectations in recent quarters due to tailwinds like robust domestic demand, a surge in semiconductor-related investments, and artificial intelligence (AI) and electronics exports, the fuel subsidy bill will test the nation’s resilience amid the ongoing Iran war.

On July 15, Deputy Finance Minister Liew Chin Tong said that Malaysia’s fuel subsidy expenditure may reach nearly RM40 billion in 2026 if the current geopolitical volatility, along with the oil market conditions, remains.

As per Liew, the Ibrahim government spent almost RM800 million a month on RON95 (grade of petrol with a Research Octane Number of 95) and diesel subsidies in January and February 2026 before the amount surged to around RM5 billion monthly in March and April following the escalation in the Gulf region.

While the subsidy costs moderated to around RM4 billion in May and June as oil prices eased, the administration now expects petroleum product subsidies to total close to RM40 billion for the remainder of the year, depending on the geopolitical developments.

GDP rose 5.8% in the three months through June from a year earlier, beating analysts’ expectations. Apart from the Iran war, the nation will face uncertainties on the trade front as well, with the Donald Trump administration looking to collect new levies from most major trading partners while rebuilding Washington’s tariff warfare mechanisms.

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“The financing will build the Labe-Banti-Tougue-Bafing River axis, a route listed in Guinea’s transport infrastructure development plan. The works also cover the Banti-Koubia spur and a bridge over the Bafing River,” said the Bank of Africa.

Bank of Africa United Kingdom PLC, the group’s London-based subsidiary, led the operation as global coordinator and mandated lead arranger, assembling a group of international financial institutions.

The signing ceremony, that took place on Wednesday (July 23) in Conakry (capital of Guinea), saw the presence of high-profile personalities like Said Adren, executive director of Bank of Africa United Kingdom PLC, Zineb Tamtaoui, executive director of Bank of Africa Dubai, Guinea’s Minister of Economy, Finance and Budget, Mariama Cire Sylla, Infrastructure and Public Works Minister Facinet Sylla, and Moroccan Ambassador to Guinea Issam Taib.

The loan structure, as per the officials, pairs conventional financing with an Islamic Murabaha tranche, apart from carrying partial cover from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IsDB). Murabaha is a cost-plus sale arrangement used in place of interest-bearing lending.

Taib extended his wishes to the Guinean government and expressed pride in seeing African institutions mobilize medium- and long-term capital of “vital importance” for the continent.

Khalid Nasr, executive managing director for Morocco and corporate and investment banking at Bank of Africa, described the transaction as confirmation of the group’s position among African players “structuring complex financings for large infrastructure projects.” He also tied the transaction to the bank’s capacity to combine conventional and Islamic finance for African economies with growing development needs.

Talking about the 160-kilometer road project, Guinea’s Ministry of Economy terms the initiative as a structuring one under the Simandou 2040 development program. The Compagnie Sahelienne des Entreprises (CSE) will carry out the works. It has already committed to contractual deadlines and international quality standards.

“The northern corridor has never had a fully paved modern road link since independence. The ministry expects the axis to connect production basins to national and regional markets, reduce transport costs, and ease the movement of people and goods,” said Mariama Cire Sylla.

Called the project “a structuring investment” for economic and social development, the official linked it to the strategic vision of President Mamadi Doumbouya.

For Cire Sylla, the agreement represents more than a financing deal, as she described it as “a Guinea resolutely turned toward the future,” while expressing hope that the partnership with Bank of Africa UK and ICIEC would be the first step in a broader cooperation.

Facinet Sylla, who cited a figure of 300 million euro in the government’s own account of the deal, said the mobilization shows Guinea is “attractive and competitive,” with every franc invested feeding growth, GDP, and public finances.

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As per Bashar Al Natoor, managing director and global head of Islamic Finance at Fitch Ratings, the Southeast Asian country has remained a unique “local story” that has successfully buffered itself against external shocks, including geopolitical volatility.

“During the crisis, the Gulf Cooperation Council (GCC) debt markets saw minimal dollar issuances, rising yields, and tighter liquidity, while Malaysia’s market remained resilient with steady foreign investor participation, growing non-sovereign issuance, and innovations like tokenized sukuk, supported by strong ringgit stability and regulatory development. It’s impacted by its own local story,” the senior official told the StarBiz.

Al Natoor expects a resilient debt capital market that will continue to expand as envisioned in Malaysia’s local Capital Market Master Plan (2026 to 2030). Fitch also predicts the nation’s debt capital market (DCM) to expand modestly to reach USD 640 billion outstanding by the 2026-end.

“This growth is anchored by a deep domestic investor base, stable yields, and the ringgit’s performance as one of Asia’s most resilient currencies. Unlike the GCC, where US dollar issuances were scarce during the height of the conflict, activity in the Malaysian market continued almost as normal,” the ratings agency remarked.

“A key trend for the remainder of 2026 is the strategic shift from sovereign to non-sovereign debt. While the Malaysian government is engaging in fiscal consolidation, aiming to reduce federal debt to 60% of GDP by 2030, the private sector is picking up the mantle as well. Non-sovereign issuance rose by 17% year-on-year in the first five months of 2026, accounting for 68% of total DCM activity,” said Bashar, terming the transition a sign of market maturity.

“We expect more non-sovereign to go and issue into the market, and I think that stands out,” he stated, noting that corporate and bank issuers are increasingly defining the market’s trajectory.

“Banks remain the largest non-sovereign contributors, often using sukuk for refinancing and opportunistic funding. The local Islamic banking sector, meanwhile, continues to outpace conventional growth. Islamic banking assets grew by 7% to reach USD 312 billion by the end of 2025, while conventional assets grew by only 4%,” Fitch said further.

Talking about the growth of the Islamic financial ecosystem in Malaysia, the industry now represents 44% of the Southeast Asian country’s total system loans, nearing the Anwar Ibrahim government’s 50% target.

Bashar attributed this success to the most “evolved ecosystem” in the world, which integrates issuers, investors, takaful (Islamic insurance), haj funds, and pension funds like the Employees Provident Fund (EPF) into a cohesive syariah-compliant framework.

“Malaysia has cemented its position as the world’s largest environmental, social, and governance (ESG) sukuk market, holding a 31.6% share of global outstanding ESG sukuk as of mid-2026. ESG-linked debt in the country rose by 44% to USD 20 billion, heavily supported by government tax incentives. Sukuk remains the dominant vehicle for these sustainable investments, accounting for 94% of total ESG debt issuance,” Fitch noted.

Malaysia is also taking a lead role in terms of innovating in the industry. The Southeast Asian nation saw its first tokenized sukuk issuance in the first half of FY 2026. New regulations for private debt will likely further enable this niche.

Bashar, however, warned the use of technology could present a challenge for Malaysia’s Islamic financial ecosystem, as technological advancements are vital for maintaining a competitive edge.

“While the Islamic capital market is domestic-centric, foreign interest remains stable. Foreign holdings of government debt stood at 21.6% at the end of the first quarter of financial year 2026, a high figure compared to other Organization of Islamic Cooperation countries,” he told the StarBiz.

To further attract international capital, particularly from the GCC, the Anwar Ibrahim government plans to launch its first wakalah bi al-khadamat sukuk in 2026. This will bridge the gap between Malaysian and GCC syariah interpretations, potentially opening new inflows of Middle Eastern investments into the Southeast Asian nations.

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The Forum brought together distinguished policymakers, regulators, development practitioners, and industry leaders with the goal of exploring how Islamic finance can foster sustainable prosperity and address development challenges across the IsDB’s member countries.

“Aligned with the broader annual meeting’s theme, Regional Integration for Sustainable Prosperity, the Forum examined how countries and institutions can leverage Islamic finance to deepen regional integration, enhance economic resilience, and promote inclusive growth across IsDB member countries,” IsDB said in a statement.

In his keynote speech, Mr Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan, reaffirmed the transcontinental country’s commitment to contributing to the future development of the Islamic finance ecosystem, highlighting the nation’s role as a reformer and a bridge between regions and markets. He emphasised the importance of a clear strategic vision in shaping future growth and cooperation.

Eng. Adeeb Yousuf Al Aama, Chief Executive Officer of ITFC, in a keynote speech on behalf of the IsDB Group, said, “Islamic finance should not be viewed merely as an alternative set of financial contracts or a niche segment of the global financial industry, but rather as a values-driven development paradigm that reconnects finance with the real economy, productive activity, shared prosperity, and social well-being.”

In his opening remarks, Dr Sami Al-Suwailem, Acting Director General of the IsDB Institute, highlighted the IsDB Group’s significant contribution to the development of the global Islamic finance industry, now valued at approximately USD 4-5 trillion. He also underscored the importance of innovation in maintaining the leadership of the IsDB Group and ensuring the industry remains relevant while consistently contributing to sustainable development.

The event also saw the launch of a new report titled “Islamic Finance in Azerbaijan: Breaking New Ground”, jointly produced by IsDBI and ITFC, along with other flagship publications. Apart from that, IsDBI (Islamic Development Bank Institute) also announced a memorandum of understanding (MoU) with the Labuan Financial Services Authority to explore the “Awqaf Free Zones” flagship project. Among the two high-level panel discussions focusing on Islamic finance and development, the first one explored how Islamic finance can help countries overcome structural development challenges and achieve sustainable economic transformation.

Speakers included Mr Shahin Aydin Mahmudzade, Executive Director, Central Bank of Azerbaijan; Mr Adnan Zaylani, Deputy Governor, Bank Negara Malaysia; Ms Mihoko Kumamoto, Director, Division for Prosperity, UNITAR; Dr Bambang Brodjonegoro, Dean, Asian Development Bank Institute; and Dr Areef Suleman, Chief Economist, ISDB Group. The session was moderated by Mr Mustafa Adil, Head of Islamic Finance, London Stock Exchange Group.

“The second session examined practical approaches to mobilising sustainable finance in support of food and energy security, drawing on insights from member countries and partner institutions. Speakers included Mr Valeh Alasgarov, Chairman of the Board, AFEZ Authority, Azerbaijan; Dr Mansur Muhtar, Chairman of the Board, Bank of Industry, Nigeria; Professor Emeritus Dato’ Dr Azmi Omar, President & CEO, INCEIF University; and Mr Orkhan Vidadi oglu Mammadov, Chairman, Small and Medium Business Development Agency of Azerbaijan (KOBIA). The session was moderated by Mr Yahya Rehman, Associate Manager, IsDBI,” IsDB stated further.

Before concluding, the Forum identified key priority areas for future collaboration, including scaling innovative Islamic finance instruments, strengthening institutional partnerships, and enhancing capacity development initiatives. It also reinforced the role of the IsDB Institute as a key partner in advancing practical, innovative solutions that support sustainable development and regional integration within the framework of Islamic finance.

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KFH Capital achieved landmark transactions across Kuwait, Qatar, and the UAE, including the world’s first Tier‑2 Sustainability Sukuk. The business transformed from a paper‑based company to the one initiating fully automated, traceable workflows in the Islamic Financial landscape, by combining technical structuring expertise with a firm commitment to ESG (Environmental, Social, and Governance) principles and digital modernisation.

These efforts saw the venture getting recognised with the honours of being the “Best Green Sukuk Structuring – Kuwait 2025” and “Best Digital Transformation in Financial Services – Kuwait 2025,” at the recently concluded International Finance Awards, reflecting the company’s ability to lead on two critical fronts: sustainability and innovation.

KFH Capital is among the largest participants in the global Sukuk issuance market, consistently attracting robust international demand and achieving oversubscriptions that signal deep investor confidence. In 2021, the company coordinated the Kuveyt Turk Katılım Bankası USD 350 million Tier‑II Sustainability Sukuk—the first of its kind globally and the first sustainability Sukuk from an Islamic financial institution. The issuance was oversubscribed nearly 12x, setting a new precedent for ESG‑aligned Islamic Finance.

Landmark Sustainable Transactions
Between 2024 and 2025, KFH Capital played active roles across six sustainable transactions in Kuwait, Qatar, and the UAE, totalling USD 3.8 billion. With Qatar International Islamic Bank, the company got the first sustainable Sukuk listed on the London Stock Exchange. The collaboration with the Dubai Islamic Bank resulted in the creation of KFH Capital’s pioneering sustainability‑linked Sukuk.

Warba Bank launched its first sustainable Sukuk from Kuwait. Additionally, partnering with Aldar Investment Properties led KFH Capital to issue an “Oversubscribed Green Sukuk,” reinforcing net-zero commitments.

In each case, KFH Capital served as joint lead manager and bookrunner, showcasing capabilities in structuring, marketing, and delivering complex, first‑of‑a‑kind deals. The company’s repeat activity underscores reliability and strategic importance in connecting MENA capital with global sustainability demand.

Strategy And Principles
In tandem with its sustainable finance achievements, KFH Capital executed a sweeping digital transformation, migrating from fragmented, paper‑based systems to fully automated, end‑to‑end processes. The impact was immediate, as the client onboarding times got compressed from days to minutes. Operational error rates, on the other hand, fell to near zero, while scalability improved without additional manpower.

KFH Capital’s digital transformation strategy rested upon four principles: customer‑designed journeys, automation of repeatable tasks, full traceability at every stage and system integrability across the estate.

Rejecting one‑size‑fits‑all ERP models, KFH Capital built a tailored digital ecosystem aligned to the company’s culture and client needs. Embedded teams mapped workflows, challenged legacy policies, and prototyped solutions with exacting user‑experience standards. Key initiatives included digitised onboarding, workflow‑based controls to eliminate errors, and transparent performance monitoring.

The outcomes were not limited to efficiency gains—they strengthened governance, compliance, and auditability, ensuring that controls scale alongside growth. Looking ahead, KFH Capital’s roadmap focuses on expanding automation, self‑service capabilities, and data‑driven decision‑making, positioning the business as a reference model for modern services in the region.

By structuring landmark Sukuk issuances that advance ESG objectives and by executing a disciplined digital transformation programme, KFH Capital has demonstrated measurable impact and long-term scalability.

As global markets evolve, KFH Capital continues to set benchmarks in Islamic finance, combining technical expertise with strategic vision. Its achievements illustrate how disciplined execution and innovation can deliver value to clients, investors, and stakeholders, while positioning Kuwait as a hub for sustainable and modern financial services.

Image Courtesy: KFH Capital

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