Kuwait International Bank (KIB): Best Sharia-Compliant Bank Middle East 2015
In business since 1973, Kuwait International Bank (KIB, originally known as Kuwait Real Estate Bank) is a publically-traded Kuwaiti bank that in 2007 adapted all its operations and processes to fully comply with Islamic financial law. Adhering to Sharia has enabled KIB to offer a full range of traditional and innovative products and services to its clients. A committee of learned Islamic scholars monitors both KIB’s internal and external operations in order to ensure strict compliance with Sharia Law.
As a premier Islamic bank which has won many accolades, KIB’s business covers all banking services including acceptance of deposits, financing, investments, Murabaha (auto, real estate and commodities), Ijara Muntahia Bittamleek (lease-to-own), Istisna’a, Tawarruq, credit cards, Wakala, and other products in addition to corporate and project finance, treasury services, issuing letters of credit and letters of guarantee. KIB also encompasses a dynamic real estate division which facilitates transactions and helps manage property portfolios.
KIB also maintains a modern nationwide network of 28 branches. The bank has a well-established reputation for adhering to the highest ethical standards and regulatory requirements. KIB is a client-centric bank primarily guided by the needs, wishes, and aspirations of its customers. KIB’s fully Sharia-compliant operations have allowed it to broach new markets and expand the range of its services and products.
The CFI.co judges commented on KIB’s exceptionally solid reputation both as a leading financial institution and as a partner to private and corporate clients. The judging panel is pleased to extend the 2015 Best Sharia-Compliant Bank Middle East Award to Kuwait International Bank.
