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Kuwait Finance House

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Kuwait Finance House
Company typePublic
IndustryBanking
Founded1977; 47 years ago (1977)
FoundersConsortium of Kuwaiti merchants
HeadquartersKuwait City, Kuwait - Group Headquarters
Number of locations
Presence in Bahrain, Malaysia, Saudi Arabia, and Turkey
Key people
Hamad Abdulmohsen Al-Marzook, Chairman
Mazen Al Nahedh CEO
RevenueIncrease KD 717.9 million KWD (2016)
Increase KD 145.8 million KWD (2016)
Number of employees
9,000
Websitewww.kfh.com

Kuwait Finance House (Arabic: بيت التمويل الكويتي)(KFH) was established in the State of Kuwait, in 1977, as the first bank operating in accordance with the Islamic Shari'a. KFH is listed in Kuwait Stock Exchange (KSE), with a market capitalization of $8.2 billion (KWD 2.49 billion) as of May 2016. Assets total $55.52 billion (KWD 16.83 billion) and deposits amount to $34.97 billion (KWD 10.66 billion.) [1][2] It has been awarded Best Islamic Bank in the world from CPI Financial institution for the year 2014.[3]

KFH provides Islamic Shari'a compliant products and services, covering banking, real estate, trade finance, investment portfolios, and other products and services.

Since the 1980s, KFH has witnessed multi-activity in international expansion. It has established independent banks in Turkey, Bahrain, and Malaysia. Moreover, it has stakes in other Islamic banks. Its investment activities in the US, Europe, South East Asia and the Middle East contributed to achieving the growing profit of KFH.

KFH has always endeavored to expand its local branch network, covering 52 branches, in addition to special sections for ladies. It adopts the out-of-branch client concept. KFH has maintained its foothold as a pioneering entity in utilizing the latest technologies to meet the requirements of the various activities in which it operates, using online, SMS, as well as phone service (Allo Baitak), which has received the highest accreditation from the US Purdue University for outstanding customer service level.[citation needed]

History

Kuwait Finance House was established in 1977 as Kuwait’s first Islamic bank. It received 170 applications to open new accounts on its first day of operation on 31 August 1978. By 1983, KFH was the only Islamic Bank listed on the Banker’s list of the top 100 Arab Banks.[4]

KFH was listed on the Kuwaiti Stock Exchange in 1984, where it currently the second largest company.[5] In 1989, KFH’s subsidiary in Turkey, Kuveyt Turk Particpation Bank, was established by a Turkish cabinet decree.

KFH Capital Investment Company was formed in 1999. KFH Capital is the main investment of the bank, with offices in Safat, Kuwait and Oman.[6]

Subsidiaries and Affiliates

According to the KFH website, until January 2017, KFH ran the following subsidiaries:

Kuwait

  • KFH Capital – Kuwait
  • Development Enterprises Holding Co. – Kuwait
  • Aref Investment Group (Closed) – Kuwait
  • Kuwait Finance House Investment Company – Kuwait
  • Enmaa Real Estate Company Ksc (Closed) – Kuwait
  • Kuwait Finance House Real Estate Company – Kuwait
  • International Integrated Computer Systems Group Co. – Kuwait
  • Human Investment for Training and Consulting – Kuwait
  • Public Services Company – Kuwait
  • ALAFCO Aviation Lease And Finance Company Kscc. – Kuwait
  • Al Salam Hospital Company Ksc (Closed) – Kuwait

Bahrain

  • Kuwait Finance House – Kingdom Of Bahrain – Bahrain
  • Bahrain Pearl Company – Bahrain
  • INMAA House Real Estate Company – Bahrain
  • Mena Telecom Company – Bahrain
  • Miracle Graphics Company – Bahrain
  • Sevilla Village Company – Bahrain
  • Diyar Al Moharaq Company – Bahrain
  • B K Development Company – Bahrain
  • Baitak Oasis Industrial Company – Bahrain
  • Kuwait Finance House- Hashemite Kingdom Of Jordan – Bahrain
  • Diyar Homes Company – Bahrain

Saudi Arabia

Turkey

  • Kuwait Turkish Participation Bank "Kuwait Turk" – Turkey
  • Corviztatel Company – Turkey
  • Corviz Company (GYO) – Turkey

Malaysia

  • Kuwait Finance House – Malaysia – Malaysia
  • Baitak Asset Management Company – Malaysia
  • Baitak Libwan Company – Malaysia
  • Baitak Nominees Company – Malaysia

Investment In Associates

Ownership of Kuwait Finance House

Kuwait Finance House Global Awards

Richard Clark Allegations

In his statement on the subject of terrorist finance before the U.S. Senate in October 2003, Richard Clarke reported that the Kuwait Finance House was allegedly an investor in Bait ul-Mal Incorporated (BMI), an Islamic investment firm based in the U.S. that fundraised for Hamas and its officers.[19] [dubious – discuss]

Clarke also alleged that Kuwait Finance House has strong ties to the Muslim Brotherhood in Kuwait. More specifically, Clarke declared before the Senate that “the Kuwait Finance House is reported to be the financial arm of the Muslim Brotherhood in Kuwait.”[20] [dubious – discuss]

However, Clarke's allegations were not supported with any factual evidence and his broader testimony was subsequently challenged. Then Senate Majority Leader Bill Frist accused Clarke of telling different stories under oath. [21] While Frist later wavered due to the severity of the accusations, former Deputy National Security Advisor Stephen Hadley said that Clarke was a liar. [22]

References

  1. ^ "Kuwait Finance House". Forbes. Retrieved 1 February 2017.
  2. ^ "KFH KWD 165.2 Million 2016 Net Profit for KFH Shareholders, an increase of 13.3 per cent". CPI Financial. Retrieved 1 February 2017.
  3. ^ "CPI Financial: KFH Best Islamic Bank in the World". Zawya. Retrieved 26 December 2014.
  4. ^ http://shodhganga.inflibnet.ac.in/bitstream/10603/38458/4/chapter%202.pdf
  5. ^ "Oxford Business Group Analysis - Kuwait Finance House". Oxford Business Group. Retrieved 21 February 2017.
  6. ^ "Company Overview of KFH Capital Investment Company". Bloomberg. Retrieved 21 February 2017.
  7. ^ https://article.wn.com/view/2016/08/25/Gulf_Bank_Receives_Straight_Through_Processing_Excellence_Aw/
  8. ^ http://noozz.com/forbes-middle-east-names-kipco-among-top-companies-in-the-arab-world-2016/
  9. ^ https://www.gfmag.com/media/press-releases/global-finance-names-worlds-best-islamic-financial-institutions-2016
  10. ^ http://imf.einnews.com/article__detail/349104547-kfh-bags-top-three-prestigious-awards-global-finance-magazine-recognition-at-imf-world-bank-meetings?vcode=Xibw
  11. ^ https://article.wn.com/view/2016/05/22/KFH_Wins_Best_Bank_in_Kuwait_Award_from_EMEA_Finance_Kuwait_/
  12. ^ https://article.wn.com/view/2016/12/04/KFH_Wins_Best_Islamic_Bank_2016_Award_Kuwait_Finance_House_K/
  13. ^ https://www.zawya.com/story/KFH_Wins_Best_Islamic_Bank_in_Kuwait_2015_Award_from_IFN-ZAWYA20160327095608/
  14. ^ http://www.publicnow.com/view/D67C08C8DD0E23810873514E97D6FB8D376D0966?.tsrc=opera&pt=Array
  15. ^ http://www.cpifinancial.net/events/35/banker-middle-east-industry-awards-2015
  16. ^ http://www.cpifinancial.net/events/43/banker-middle-east-kuwait-product-awards-2015
  17. ^ http://www.cpifinancial.net/events/43/banker-middle-east-kuwait-product-awards-2015
  18. ^ http://www.zawya.com/mena/en/story/ZAWYA20150829112924/
  19. ^ Wikisource contributors (17 April 2012). "Statement to the House on Terrorist Financing". Wikisource. Wikisource. Retrieved 13 March 2016. {{cite web}}: |last= has generic name (help)
  20. ^ Wikisource contributors (17 April 2012). "Statement to the House on Terrorist Financing". Wikisource. Wikisource. Retrieved 13 March 2016. {{cite web}}: |last= has generic name (help)
  21. ^ "Talking Points Memo by Joshua Micah Marshall". Talking Points Memo. Retrieved 27 January 2017.
  22. ^ "Richard Clarke, at War With Himself". TIME. Retrieved 27 January 2017.
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