Accolade for achieving highest level of customer satisfaction

Sheikh Mohamed Jarrah Al-Sabah

KUWAIT: In a testament to its ability to attract clients and achieve the highest levels of customer satisfaction, Kuwait International Bank (KIB) was awarded "Best Customer Acquisition GCC" for the year 2017 by World Finance; a global magazine specializing in the finance and banking sectors, which continues to recognize prominent institutions across the GCC.

This latest accolade, which came as part of World Finance's annual GCC Investment and Development Awards, was awarded to KIB after extensive deliberation by the latter's Editorial Panel. As a result, World Finance recognized the Bank as the best in attracting customers amongst other Islamic Banks in the GCC. KIB was also recognized for its Sharia-compliant financial products and services, robust forward-looking strategy and its implementation, transparency and corporate governance, sustainable growth and pursuit of innovation, comprehensive social responsibility program, and various other key industry standards that were fundamental in expanding the Bank's customer base in recent years.

Speaking about this achievement, Sheikh Mohammad Jarrah Al-Sabah, Chairman of KIB, said: "This award came as a result of the success of our new strategy, which focuses on understanding customer preferences and meeting their diverse banking needs in full compliance with the principles of Islamic Sharia," he further added: "We do not only seek to provide the best banking services, but we also aim to deliver the utmost levels of customer service, in accordance with the highest international industry standards."

Within this context, KIB continues to enhance its Islamic banking capabilities in order to improve and expand its Sharia-compliant banking solutions. Accordingly, the Bank is successfully implementing its new strategic plan aimed at developing its product and service offerings, such as its suite of investment solutions which include its various investment deposits. Overall, KIB's deposits witnessed a significant increase in their annualized profit rates during 2017. The annualized gross profit rate of Boushra (three years) and Arzaq Deposits in Kuwaiti dinars increased during the third quarter of 2017 to reach 3.25 percent and 2.7 percent respectively. Additionally, the annualized net profit rate of Savings Account in Kuwaiti dinar offered 1.62 percent at the end of the third quarter of 2017, amounting to the highest return rate in Kuwait distributed by a savings account on a quarterly basis.

As Al-Jarrah noted, KIB was recognized with this award from amongst a number of other banks, as a result of its outstanding Islamic banking offerings, excellent customer management, simple and effective procedures, and innovative services; all of which have helped distinguish it from other players in a highly-competitive market. The Bank has also excelled with its promotional campaigns, which seek to provide customers with countless benefits, offering them the highest value and the best rewards.

On its part, KIB has garnered numerous local, regional and international awards and honors thus far in 2017. Some of the most prominent and prestigious of these accolades have included: Islamic Banking Chairman of the Year from World Finance, Best Change Management in Kuwait from The Banker Middle East, Best Strategic Vision in Banking from the World Union of Arab Bankers (WUAB), Distinction in Social Responsibility in Islamic Banking from the Regional CSR Network, and Excellence in Development of Islamic Banking Services from the Union of Arab Banks (UAB). Moreover, KIB was named amongst the 50 Top Listed Companies in Kuwait by Forbes Middle East.

It serves to note that World Finance magazine is a leading quarterly global financial magazine based in London, and is one of the most prominent and independent global financial evaluation bodies, which seeks to identify industry leaders in finance and banking that represent the benchmark of achievement and best practice in the financial and business world.