Islamic Finance News (IFN) awarded Kuwait Finance House Group (KFH) 6 awards for the services and products they presented. KFH received three awards in the IFN Awards Poll 2007 - Best Overall Islamic Bank, Most Innovative Islamic Bank and Best Islamic Bank in Kuwait. The awards were received in Kuala Lampur by
Mr. Abdul Wahab Al-Rushood, KFH Group Head of Treasury & Board Member of KFHMB. On the other hand, (KFHMB) bagged three awards - the Deal of the Year in India for the Syndicated Ijarah facility for SREI Infrastructure Finance Ltd, Trade Finance Deal of the Year for PT Krakatau Steel’s international Murabaha syndication and Musharakah Deal of the Year for the KL Sentral Sukuk.
The IFN relied on track record of successes and the uniqueness of products and services in granting these awards, in addition to distinguished methods of work.
Votes for the IFN Awards Poll undergo a strict screening process, either cast online or faxed to the organiser. Corporates and banks are not allowed to vote for themselves, and only corporate email addresses are accepted. Each vote received by the organiser is acknowledged and confirmed. A record 1,502 submissions were received, 22% higher than those received for the 2006 edition. Following strict due diligence, however, 186 of those votes were eliminated due to irregularities. Islamic finance issuers, investors, non-banking financial intermediaries and government bodies from around the world were invited to participate.
Al-Rushood added that KFH does not rely on awards. Nonetheless, the global recognition of KFH's accomplishments and successes is rendered a sign that KFH is on the right track and that the efforts being exerted to create new products and services are felt and noticed. These products reinforce the market transactions that rely a lot on Islamic finance transactions. It also signifies the role KFH aspires to play, which is to bind the markets it works in with the countries through economic and civilized bonds, in addition to cooperation among nations. He stated that this became clear due to the types of awards KFH has won. There is the Most Creative Bank Award that ensures KFH's keenness to adopt creative concepts and added value in all the services and products. There is the Best Deal Award for the year that KFHMB has won, which was a result of one of its investment projects in India. This shows the widespread and expansion in neighboring markets to Malaysia and tying them to Kuwait and the GCC.
He also noted the level of quality that the products and services have, which are proven by the awards of contribution and financial trade for KFHMB. This stresses the concept of business in the new markets, which is based on the importance of offering tangible additions and new accomplishments that develop the methods of business, and achieve leadership in the face of competition.