Kuwaiti newspaper newspaper | Abdulwahab Al-Rashoud: a pioneering role for KFH in the economy and society

The Bank has invested heavily in digital transformation … and has strived to provide high quality services

The Federation of Kuwait Banks publishes a series of documentaries on the role of local banks, led by the Central Bank of Kuwait, outlining the stages of development of these banks and the most prominent challenges they have faced since their inception in the faced, on the occasion of the 80th anniversary of the age of the Kuwaiti banking sector.

Reviewing the role of KFH since its inception in 1977 as the first Islamic bank in Kuwait, the designated CEO of Kuwait Finance House Group Abdulwahab Al-Rashoud said that the bank has its business in a temporary headquarters in Ahmed Al- Started Jaber Street, and then moved in 1983 to Emad Commercial Center in the same street, which is The first branch of the Finance House.

Al-Rashoud added during his speech in a documentary program that the current number of KFH branches in Kuwait is 60, in addition to 10 smart branches spread in various regions of the country. KFH also manages its operations in a number of countries around the world through 520 branches Note that the first branch of KFH outside the country in Turkey (KFH – Turkey) was opened in 1988, followed by the opening of other branches in Bahrain, Malaysia , Saudi Arabia and Germany.

leading role

Al-Rashoud emphasized KFH’s leading role in the economy and society, within the framework of the sustainable development strategy, in addition to its ongoing support for small and medium-sized companies, and the financing of megaprojects in various vital sectors.

He pointed out that KFH participated in the agreement to regulate the Islamic segment, which he led in 2020, with a value of 400 million dinars, as part of a large complex financing transaction, the value of which is one billion dinars has for the benefit. of the Kuwait Petroleum Corporation and with the participation of Kuwaiti banks Dinars in the signing of contracts.

Regarding small and medium-sized companies, he explained that KFH provides all monetary financing services like Murabaha, Tawarruq, Ijarah and non-cash financing like documentary credits and guarantee steps of all kinds.

social contributions

Al-Rashoud stated that during his career spanning more than 44 years, KFH has contributed to many strategic community initiatives, including, for example, the payment of defaults in collaboration with the Ministry of Justice, where the amount exceeded 20 million dinars. and benefited more than 10 thousand defaulters.

He added that the bank also contributed a large part to the Corona Crisis Response Fund, which amounted to 10 million dinars, “we also individually contributed an additional amount to the same fund.”

Runner-up in “Digitization”

In turn, head of retail banking and private financial services for the group, Khaled Al-Shamlan, confirmed that KFH is investing heavily in the field of digital transformation, which is a race to provide high quality digital services and solutions, and it is noted . by the remarkable growth in the use of digital banking services, as it “KFH” achieved a growth of 25% in the number of electronic banking operations completed by customers via (KFHonline) on the website and via the mobile application, which the total number entails. to approximately 160 million banking transactions, for the year 2021 compared to the previous year, and this reflects the ease and importance of the services It provides through KFH’s electronic channels and its mobile application.

Exhibition services

Al-Shamlan explained that KFH is unique in providing very high quality digital banking services as the first bank to launch it in Kuwait, such as printing bank cards in less than 3 minutes through instant printing devices without prior request by the largest network of printing devices in Kuwait, in addition to the service of using smartwatches to complete transactions through automatic teller machines, and it is also the first bank to provide the service to request personal finances through an electronic signature.

He added that there are additional services that distinguish KFH and are unique as the first bank introduced in Kuwait, for example, but not limited to, providing instant transfer service to KFH – Turkey through the Ripple network through the “Blockchain” technology, as well as the gold product that was exceptional and unique “KFH” in the market, which is a product that enables the customer to open an account of gold and buy the yellow metal through electronic channels and to sell, as well as an immediate receipt of a 10 gram gold bar, printing of an instant checkbook and cash withdrawals without a card via the mobile phone by the identification code QR code.

He pointed out that the bank provides an electronic check deposit service, and is the first bank in Kuwait to provide this service, in addition to owning “KFH Go” smart branches spread across the country to provide all banking services.

At the beginning of this year, KFH, as the first bank in Kuwait, introduced a money transfer service to local banks through a mobile number, which enables KFH customers to easily transfer money from their bank accounts to any account in local banks . and according to high security standards.

creativity and innovation

Al-Shamlan pointed out that KFH has created a distinctively innovative and creative environment to cater to the needs of customers, especially the millennial generation skilled in the use of technology and digital transformation.

Regarding the measurement of customer experience, he explained that the bank has many programs that measure and motivate employees, for example, it launched the “Drive it” campaign during 2021, as well as the CXHero initiative, which aims to is to provide the service to customers and motivate employees to provide the best services.

KFH also holds a periodic competition at group level, aimed at extracting the best ideas and innovations and motivating and encouraging employees to offer their innovations and creativity to achieve innovative ideas, products and services that translate and to be offered to customers.

Continuous development

In turn, the head of information technology for the group, Haitham Al-Tarkit, emphasized that KFH is eager to provide the latest technological means in banking operations, and to improve the principle of digital transformation by rapidly innovating new services through smart devices take, such as: opening a new customer account and creating online accounts. Opening a customer file without the need to visit the branch, providing the ability to transfer profits automatically, in addition to electronic financing, and updating customer data. KFH is also unique in providing a package of long-term investment plans for the Kuwaiti banking market, which are services available on smart devices.

electronic wallets

Al-Tarkit said that KFH provided a digital transformation mechanism, and introduced electronic wallets on Fitbit, Samsung Pay and others, and was a pioneer in this field as it gave the customer the ability to buy these wallets used for withdrawal and deposit by ATMs, as well as the provision of additional services that do not exist.In Kuwait, such as the service of buying and selling gold through smart devices, in addition to KFH WALLET, which is available exclusively to KFH customers is.

In the area of ​​money transfers, he pointed out that there are transfers made via SWIFT GPI to track electronically and be monitored via SWIFT Control, as well as the Ripple network for printing money transfers.

frameworks and powers

In turn, the group’s head of human resources, Ziad Al-Omar, said that KFH is considered a pioneer in attracting human energy, training them, refining their skills and creating leading bank cadres.

He added that the development process is crucial in KFH, as it has offered a series of intensive courses in collaboration with international universities such as Harvard, INSEAD and IMD, and also established partnerships with e-learning platforms such as LinkedIn Learning, for the bank’s employees.

The largest Kuwaiti party

Al-Omar confirmed that KFH had succeeded in implementing the strategy of building national frameworks and competencies and attracting and developing national talent, as it was first ranked at the level of Kuwaiti banks and all private sector institutions in the localization of workers.

He revealed that KFH continues to make progress with national employment indicators and Kuwaitiization rates, as the rate of attracting Kuwaitis from new appointments for recent years has ranged from 97% to 100%, most of whom are recent graduates.

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