Kuwait Finance House has launched KFH Egypt following the acquisition of Ahli United Bank Bahrain, symbolizing its integration into the KFH Group. Chairperson Hamad Al-Marzouq and CEO Hala Sadiq emphasized the bank’s commitment to Sharia-compliant services and innovation in Islamic finance. In 2024, KFH Egypt reported significant growth in profits, assets, and customer deposits, aiming for broader market reach and economic contribution.
Kuwait Finance House (KFH) has expanded its operations into Egypt, marking a significant milestone with the acquisition of Ahli United Bank Bahrain in 2022. This transformation into a Sharia-compliant institution was completed in December 2023, followed by a merger with Ahli United Bank Kuwait in February 2024. The rebranded entity is now known as KFH Egypt, symbolizing its full integration into the KFH Group and adherence to Islamic banking values.
In expressing enthusiasm for this expansion, KFH Chairperson Hamad Al-Marzouq referred to Egypt as a pivotal market. He noted, “We are delighted to establish our presence in Egypt, a key market, through the launch of the new identity for Ahli United Bank – Egypt.” This move is expected to fortify the Islamic banking sector in Egypt and bolster economic development.
KFH, recognized as the largest bank in Kuwait by market value, operates across 12 countries and is the second-largest Islamic bank globally. This acquisition and the subsequent rebranding as KFH Egypt reinforce its position as a prominent financial institution, aiming to rank among the world’s top 100 banks while committing to high-quality Islamic banking services.
The rebranding, under the slogan ‘Horizons Without Limits,’ emphasizes KFH’s focus on innovation and digital transformation within Islamic finance. Al-Marzouq remarked, “This transformation represents a pivotal milestone for KFH Egypt, driving innovation, operational efficiency, and enhanced customer experience.” He underscored the need for continuous improvements in digital banking and customer engagement to maintain leadership in the sector.
CEO Hala Sadiq highlighted that the rebranding signifies complete integration into the KFH Group, ensuring the delivery of innovative, Sharia-compliant banking solutions. She stated, “We are dedicated to delivering exceptional banking services while focusing on innovative, Sharia-compliant financial solutions tailored to our customers’ evolving needs.” KFH Egypt anticipates expanding its market reach to attract a diverse customer base.
KFH Egypt experienced remarkable financial growth in 2024, with net profits soaring by 65% to EGP 5.5 billion. Key performance indicators included a 29% increase in total assets to EGP 144 billion and a 30% rise in customer deposits to EGP 117 billion. The bank now operates 44 branches nationwide, reinforcing its contribution to Egypt’s economic growth through Sharia-compliant financing.
Kuwait Finance House (KFH) has successfully entered the Egyptian market following its acquisition of Ahli United Bank Bahrain, enhancing its presence in Islamic banking. The completed acquisition enables KFH to operate as a fully Sharia-compliant financial institution, aiming to support economic growth and financial inclusion in Egypt. With extensive operations across multiple countries, KFH is committed to delivering superior banking services, guided by Islamic finance principles.
In conclusion, KFH’s expansion into Egypt through the acquisition of Ahli United Bank marks a significant development in Islamic banking, providing innovative financial solutions while supporting economic growth. The successful rebranding to KFH Egypt signifies its commitment to Sharia compliance and reaching new customer segments. With impressive financial performance and a strategic vision, KFH Egypt is poised to strengthen its position in the competitive banking landscape.
Original Source: www.dailynewsegypt.com
