26 July 2016
Kuwait - CEO KFH-Group, Mazin Saad Al-Nahedh reiterated KFH's leadership in innovating sharia-compliant products, indicating that the bank had achieved remarkable presence in the subscription of the sovereign debt issuances (Tawarruq) issued by the State to help bridge budget deficit. KFH subscribed to 20 Million of the last 7-year Tawarruq issue of 25 Million to Islamic banks, i.e. 80% of the issue.

It is worth noting that KFH announced in an earlier statement that KD 700 million sovereign debt issuances (Tawarruq) went to Islamic banks since the beginning of the program that had started last April. The share of KFH accounts for 50% which represents its market share of Islamic banks in Kuwait. The pace of offering the Tawarruq issues is suitable for the market and the liquidity volume.

Al-Nahedh said that KFH has a proven track record of success in the subscription of the sovereign debt issuances (Tawarruq), indicating the issue was Tawarruq for Islamic banks rather than sukuk as the government is still working on finding legislative framework for this important product; sukuk that opens new horizons for financing the State's budget deficit and the development process as per sharia principles. The sukuk legislation process reached advanced stages.

KFH has extensive experience in the sukuk issuances in the domestic and global capital markets. The success is not only for KFH solo but also for the Group. KFH-Turkey was the first to enter the sukuk market in 2010. The bank issued lease certificates in domestic and overseas markets in different currencies such as US Dollar, Ringgit Malaysia and Turkish Lira.

Kuwait Finance House (KFH)
KFH was established in Kuwait in 1977 and is enlisted in the Kuwait Stock Exchange. KFH Group is a global pioneer in the field of Islamic banking services, where it offers a wide array of Islamic products and services, not to mention a high standard of innovation and client service.

KFH manages its operations in the GCC, Asia, and Europe through over 446 branches, including KFH-Turkey, in order to offer services for the bank's clients in Turkey, Malaysia, Saudi Arabia, Bahrain, Germany, Jordan, and Dubai.

KFH's mission is to achieve highest levels of excellence and innovation in the field of client service, while developing common interest for all those concerned with the financial institution. KFH's vision is to spearhead the global development in Islamic financial services, and to upgrade the bank into the level of becoming the most sustainable profitable Islamic bank in the world.

KFH's values include cementing leadership through all its businesses, including leadership in the Islamic banking services worldwide, through innovation and in client service and the development of its employees. In addition, KFH is committed to all its procedures, and to setting up long-life partnerships with the concerned authorities.

For more information, please visit: www.kfh.com

© Press Release 2016