Some of the prominent winners of the International Finance Awards 2023 include AlBawani Holding, Al Qassim National Hospital, The Access Bank UK, Bahrain Development Bank, SAL Saudi Logistics Services, Middle East Telecommunications Company, Oman Sats LLC, Finexis Advisory (HK) Ltd, PASHA Capital, Easy Parking, Al Ahli Bank of Kuwait K.S.C.P., SOCAR Capital, Ahli United Bank, Suez Canal Bank, Siraj Finance, Lumi, QiCard, Easy Lease, Abu Dhabi Commercial Bank, Anoud Technologies LLC, and Abdullah Al-Othaim Investment Company.

After winning the ‘Most Innovative New SME Digital Banking Platform’ award and ‘Most Innovative SME Financing Program for Women Empowerment’ award, Bahrain Development Bank Group CEO Dalal Al Qais said, “Our team has worked hard to achieve this award, and it is a reflection of our dedication, strategy, and vision. Innovation is a key component of our strategy.”

“We have recently launched Tijara, a platform that provides instant financing. We have also introduced another Tijara that allows instant account opening with many benefits, such as a 3.5% interest rate until 2024. We aim to continue innovating and strive to make our bank the best and only solution for SME clients,” she added.

During an interaction with International Finance, Norah Musaad Al-Hashash, Assistant VP of Business Development, Kuwait Investment Company, shared her excitement after winning the ‘Best Investment Firm – Kuwait 2023’ award.

She credited the persistent work culture and the management’s commitment to investing in the development and education of their employees as the key to the success of the company.

Norah Musaad Al-Hashash said, “The company has gained extensive experience in the investment sector through several strategic restructuring processes. Its persistent work culture enables it to constantly adapt to market dynamics, resulting in superior financial performance. The management is committed to investing in the development and education of their employees, fostering a culture of constant learning. The company also encourages its employees to be proactive, agile, and vigilant in analysing market data. It has established strategic partnerships to help its employees adapt to market challenges and changes.”

UAE-based company FAB Securities bagged two awards. They were recognised for being the ‘Best Online Trading Platform – UAE 2023’ and ‘Most Innovative Mobile Trading Application – UAE 2023’. FAB Securities CEO Osama Mahmoud received these awards at the ceremony.

Meanwhile, BATIC for Investment and Logistics Company, a Saudi-based venture was honoured with multiple awards at the ceremony. While the company’s CEO, Eng. Mohammed Saud Al-Zamil won the ‘Best Investment Management CEO – Logistics – Saudi Arabia 2023’ award, their CFO, Mr. Mohamed Tantawy won the ‘Best CFO Logistics – Saudi Arabia 2023’ award.

BATIC for Investment and Logistics Company CEO Eng. Mohammed Saud Al-Zamil, said, “Firstly, I would like to thank International Finance for arranging this event. We are fully committed to achieving excellence, which is extremely important for me and my team. This award is a recognition of our efforts. It gives us the motivation to work towards our vision of investing in real estate, logistics and other supporting services, and to continue to strive for excellence in the future.”

International Finance, a leading provider of business media services, began its journey in 2013 intending to recognise industry talents, leadership skills, net worth, and capabilities on a global scale. It made headlines in 2014 when it introduced its first flagship programme in London. International Finance’s diligent research and development team assisted the latter in identifying the top corporate talent and rewarding them on the strength of their applications and prior achievements.

When considering nominations, International Finance gives preference to C-Level executives and senior management representatives in the financial, banking, asset management, brokerage, insurance, energy, oil & gas, logistics, and utilities sectors from the Middle East, Asia, Europe, and Africa.

In 2016, Southeast Asia became the second venue for the International Finance Awards, while in 2018, the company touched the 400 mark in dignitaries attending these award ceremonies. The award ceremony gives opportunities to corporate leaders to build networking with other like-minded ventures. International Finance foresees a future where passion meets excellence.

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AUB’s excellence in this domain was duly acknowledged at the esteemed International Finance Awards, held earlier this year, where they were bestowed with the prestigious title of ‘Best Bank in Internal Shariah Audit Award in Kuwait’.

This recognition further validates the key factors that set AUB’s Internal Shariah Audit Department apart. International Finance specifically acknowledged several noteworthy aspects, including the bank’s exceptional efficiency and effectiveness in implementing the Shariah control system, their comprehensive Shariah risk assessment matrix, as well as their meticulous Shariah Audit procedures guide and comprehensive training methods.

When it comes to AUB’s remarkable track record, they have effectively implementing Shariah governance instructions in alignment with the well-structured internal Shariah Audit framework. This commitment ensures the utmost efficiency and effectiveness of Shariah Audit operations.

Furthermore, AUB’s contribution to the promotion of Islamic banking got highlighted through the development and dissemination of Islamic financial awareness materials on the bank’s official social media channels.

Over the years, AUB’s internal Shariah Audit team has consistently demonstrated exceptional expertise and proficiency in their responsibilities. They have continuously embraced cutting-edge techniques and methodologies for selecting Shariah Audit samples. This adaptable and efficient approach has directly enhanced the precision and excellence of their Shariah Audit outcomes.

On AUB winning the International Finance Awards, Ms. Jehad Al-Humaidhi, Chief Executive Officer and Board Member of the of Ahli United Bank, expressed her delight. She warmly praised the remarkable efforts of the Fatwa & Sharia Supervisory Board, along with every employee of AUB’s Internal Shariah Audit Department, for their exceptional contributions in diligently overseeing all transactions and monitoring the bank’s operations, products, and personalized services.

Ms. Al-Humaidhi highlighted the steadfast commitment of Ahli United Bank since its transformation into a Shariah-compliant bank in April 01, 2010. Leveraging their extensive 80-year experience in the Kuwaiti market since their establishment in 1941, the bank has dedicated itself to utilizing its full capabilities to offer a distinctive array of banking services. These services seamlessly merge adherence to the principles of Islamic Shariah with the integration of cutting-edge banking advancements and technologies.

The senior official further lauded the bank’s unwavering dedication to upholding the principles of Islamic Shariah in all monetary transactions, services, and products offered to its valued customers. Ms. Al-Humaidhi also commended the bank’s dedication to providing the best services and products that enrich the Islamic financial services industry.

During an interaction with International Finance, Mr. Abdullah Tariq Al-Shuaib, Assistant General Manager of the Internal Shariah Audit Department at Ahli United Bank, expressed deep appreciation for the recognition bestowed upon the bank. He attributed this remarkable achievement to AUB’s effective integration of the principles and regulations of Islamic Shariah in its banking operations.

The official also emphasised the vital role played by the AUB’s ‘Internal Shariah Audit Department’ in this accomplishment.

“Their pivotal role in enhancing and reinforcing the efficiency and effectiveness of the bank’s internal Shariah control system, through recommendations and proposals that support operational and transactional controls in line with the vision and directives of the Shariah Supervisory Board and the bank Board of Directors, has significantly contributed to the attainment of this award,” Mr. Al-Shuaib commented.

The official further emphasized that the International Finance Award serves as a solid testimony to the exceptional work model of Ahli United Bank’s ‘Internal Shariah Audit Department’. This achievement stands as a testament to the collective efforts of the bank’s leadership and dedicated employees, who have consistently delivered the desired results.

Mr. Al-Shuaib also drew attention to the bank’s Shariah Supervisory Board, emphasizing their unwavering commitment to closely overseeing the Shariah aspects of transactions. This meticulous monitoring has significantly bolstered the confidence of AUB’s customers. The official expressed strong confidence in Ahli United Bank’s ability to continue garnering further distinctions and achieving constant success in the days ahead.

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The award reflects Ahli United Bank’s distinct position as the top employer in Kuwait’s banking sector.

Ahli United Bank won this award for the outstanding accomplishments it made in the field of human resources, particularly its HR strategy, which focuses on luring in the most qualified professionals, developing their skills, and engaging with them constantly.

HR Department took various initiatives to ensure smooth operation even while working remotely and took on tasks related to hiring, planning, training, development, and performance management.

Additionally, the HR Department was successful in converting the traditional yearly performance review process into ongoing performance management year-round, which improved communication between Senior Management and staff.

Ahli United Bank was also able to take the lead in change management by engaging in the bank’s transformation project, which put an emphasis on improving workers’ productivity in terms of their ability to use technology and perform data analysis.

By enforcing the internal communication plan and promoting active participation on the in-house IConnect platform, Ahli United Bank also ensures to keep its staff informed about transformational developments.

It was decided to bestow AUB this prestigious award after the International Finance Magazine carried out an initial assessment of the nominees. Following this, it referred the particulars to an external assessment agency to determine the nominees’ final level and to select the award winner.

After that, the winner is announced through a point system that includes the results of the initial assessment, and external agents with input from various experts in the banking industry.

Speaking about global recognition, HR General Manager at Ahli United Bank, Mr. Naqeeb Amin said, “This award emphasizes the success of the Bank’s efforts in developing and maintaining an attractive work environment for the best banking talents, given that the Bank’s employees are the cornerstone of its development and success in achieving its goals, through its direct reliance on the application of a forward-looking policy in managing and developing employees and enhancing their skills in line with the highest international standards.”

“We are introducing a unique and successful experience in Human Resources Department. Hence, our ability to retain a large number of the bank’s employees for more than 30 years, and who have managed to accomplish their career ambitions through an interactive environment between employees and management, that enables them to exchange experiences with each other is apparent evidence of our success in dealing with employees being the bank’s most valuable wealth,” Mr. Naqeeb Amin added.

Mr. Naqeeb Amin concluded by praising all of Ahli United Bank’s HR staff members for their earnest efforts and outstanding performance, which resulted in bagging this prestigious award.

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While JP Morgan and HSBC were hired as joint global coordinators, by Ahli United Bank, the likes of Bank ABC, Dubai Islamic Bank, Kamco Invest, KFH Capital, Kuwait International Bank and Mashreq joined as joint lead managers.

Recently, it was also reported that Dubai Islamic Bank (DIB) is also planning to soon sell US dollar-denominated senior Sukuk, or Islamic bonds. It is believed that DIB, which is the largest Islamic lender in the UAE, has already hired banks for the deal, which is expected as soon as next week.

According to the IIF, this year, the Gulf raised a combined $95 billion in the international markets, while in 2020 international bonds from the region totalled $111 billion, dominated by sovereigns and quasi-sovereigns.

According to a report by S&P Global Ratings, global Islamic Finance is set to grow by 12 percent during 2021 and 2022, after slowing down to 10.6 percent in 2020. The growth of Islamic Finance this year and the next, will be driven by increased Sukuk issuance in key markets.

Sukuk issuance across the globe this year is forecasted to increase by $140 billion to $155 billion, the report said. Sukuk issuance dropped in 2020 to $139.8 billion due to the coronavirus pandemic from $167.3 billion in 2019.

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At the forefront of environmental activities 

Given that environmental activities are at the forefront of the bank’s CSR program, 2020 saw many initiatives to protect the environment and raise awareness of the importance of preserving it. AUB placed an advanced model for collecting and recycling plastic at Al-Yarmouk, which is considered a pilot eco-friendly area. The container was designed in the form of an ATM machine, manufactured from recycled materials with the contribution of creative designers of young Kuwaiti environmentalists. This initiative is also considered a support for those young people and an encouragement to their skills. At the end of 2020, AUB’s recycling initiatives resulted in collecting more than 32,685 kilograms of plastic wastes, which is more than double the amount collected in the same period last year. This initiative managed to save 326.85 cubic square metres from landfills through a successful partnership with Omnia Plastic Recycling Factory.

This initiative serves as an awareness message from the bank on the danger of waste disposal carried out in an inappropriate way. It is worth mentioning that AUB has previously placed a number of recycling containers for collecting plastic wastes next to the bank’s branches in some areas in Kuwait, such as Salwa, Rumaithiya, Bayan, and Jarhead Al-Mubarakiya. 

The charity “Fun Run” event, organised by AUB under the theme “Plant Palm Trees with Your Steps” keeps on making success and achieving positive results. All the proceeds of this event have been allocated for planting palm trees, and the harvested dates have been dedicated for supporting and subsidising needy families on an ongoing basis. AUB celebrated the delivery of the palm trees planted for this purpose in Gamal Abdel Nasser Park to be under the supervision of the Public Authority for Agriculture Affairs and Fish Resources (PAAFR).

In continuation of its efforts in the field of environmental protection, AUB launched its annual initiative for the year 2020 to remove and clean up residues from the seabed of Kuwaiti islands, with the participation of a number of volunteer amateur divers from the bank’s staff who enjoy diving. They set out to spend the whole day cleaning seabed from pollutants, with a view to disseminating community environmental awareness as well as implanting and enhancing environmental culture in all segments of society, and raising awareness of health risks caused by the spread of debris and waste, whether to community members or marine life.

AUB also announced its cooperation with Refood Company. Through this cooperation, AUB has contributed to reducing waste and focusing on environmental, social and economic sustainability by sponsoring 266 baskets of foods and consumables in surplus to the need of suppliers, which are distributed by Refood to needy families.

This initiative by AUB helped save more than 6.5 tons of foods and consumables. AUB has a strong belief that this project is important in supporting social solidarity in a sustainable manner ensures that these foods and consumables reach those who need them and enhance the role of the private sector in participating in social responsibility. In addition, attention to environmental issues and reducing waste is at the top of the bank’s CSR program.

Committed to support women 

In recognition of the role of women and their vital position in all fields, AUB CSR program focused on supporting women. AUB celebrated the International Women’s Day by offering its female employees letters of gratitude and a collection of beautiful token gifts from Lush Company under the theme “You Can”, which was a pleasant surprise for all the female employees for honoring and thanking them for their dedication and loyalty, which in turn has contributed positively to supporting the bank’s success.

AUB has also sponsored a workshop to train members of Women Tech Makers (WTM) in Google Developer Group (GDG) Kuwait. The workshop was recently held online as part of AUB’s keen interest to enhance digital awareness. The workshop’s focus is to train and educate participants on essentials in software development and programming with a special focus on a number of tools such as artificial intelligence and data analytics. This initiative is part of AUB’s concern to participate in the events that support the development of women and qualify them to keep abreast with everything new to help them achieve professional excellence.

Special attention on the people of determination

In continuation of its partnership with Al-Manabr Al-Quraniyah Society, AUB announced the launch of the second step of the bank’s sponsorship of “Kairokoum” simplified interpretation application for the hearing-challenged by the development of “Juz Al Ahqaf” of the Holy Quran. This step comes after the remarkable success achieved by “Juz Amma” application sponsored by AUB as a first step of “Kairokoum” application, which is the first of its kind that includes the Holy Quran with interpretation of its verses in emoji sign language.

AUB has been the first supporter for integrating people of determination in the private sector and employed nine people with minor and medium disabilities at some of the bank’s branches and different departments. This initiative added a distinct flavor to the work environment, which was highly appreciated by employees and customers

Youth and children support activities 

In the context of its attention on young people belonging to needy families and to provide them with the opportunity to complete their education, AUB donated tuition fees for five low-income students in different majors at the Arab Open University (AOU). This initiative is an extension of the ongoing cooperation between AUB and Kuwait Red Crescent Society (KRCS).

In line with its humanitarian and community role, AUB places education at the top of its priorities and concerns, and contributes to supporting an informed and educated generation capable of dealing with challenges and achieving a better life. AUB also donated to Kuwait Red Crescent Society the costs of performing a critical surgery for a child from a needy family, who has managed to continue her normal life after the surgery and recovered from her illness. 

AUB announced that it will sponsor a series of basic professional skills workshops launched by LOYAC Foundation. The workshops will be launched online via the Zoom platform for students between an age demographic of 18 and 30 years. This sponsorship is part of the community partnership between AUB and LOYAC with an aim to provide students with core skills and knowledge necessary for their success in future careers.

Best CSR Services Award 2020 in Kuwait

AUB won the “Best CSR Services Award 2020” in Kuwait by International Finance, a global financial magazine. AUB won this award in recognition of its distinguished initiatives and strategy aimed at making a positive contribution to society. This recognition is a result of the bank’s successful CSR program for the second year in a row. 

AUB: A role model in coping with the pandemic

AUB managed to provide a role model in dealing with the repercussions of the coronavirus pandemic. Since the onset of the pandemic, AUB began to take all precautionary measures and health guidelines requested by the Ministry of Health and the competent authorities, with the aim to make compliance with health requirements, while protecting employees and customers on one hand in line with propelling development and playing its role in meeting the needs of its customers on the other hand.

The bank managed to play its community-based role during the coronavirus pandemic. AUB presented several awareness messages that urge maintaining the public health through the bank’s social media platforms. AUB is committed to full transparency in announcing the cases that are tested positive for Covid-19 among branch employees. The efforts made by the CSR volunteers team at AUB, who continued to perform their functions under these exceptional circumstances and served the bank’s customers during the coronavirus pandemic, were appraised by the bank’s management, especially for their tangible efforts to ensure that health safety measures are best followed to protect the bank’s customers and employees.

The bank also responded to the Kuwaiti Blood bank’s initiative, which required all those recovering from Covid-19 to donate blood to meet the increasing demand for immune plasma, as the bank educated its employees about the importance of donating plasma after recovering if it happened to be infected with the virus.

AUB volunteers have participated in the production of face shields in cooperation with Hope volunteering Team, a national non-profit team aims to help national staff by providing solutions for health crises, where the volunteer team participated in the manufacture of about 1500 face shields per day to be distributed to the front lines at hospitals, due to their urgent need to confront the pandemic.

AUB also participated in sponsoring the “Their Life is Valuable” campaign that was launched by the Public Authority of the Disabled with the aim to support the psychological health of people of determination in the face of the negative impacts arising from the spread of the coronavirus pandemic.

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