KFH-Egypt Unveils New Identity
KUWAIT CITY, Jan 29: Kuwait Finance House Group (KFH) has officially rebranded Ahli United Bank – Egypt to KFH – Egypt, following its acquisition of Ahli United Bank Group – Bahrain. KFH – Egypt now operates as a fully Sharia-compliant bank within the global KFH Group, which has a presence in 12 countries. KFH is a global leader in Islamic banking, recognized as the world's second-largest Islamic bank and Kuwait's largest bank by net profit and market capitalization.
Following the 2022 acquisition of Ahli United Bank Group – Bahrain by KFH Group and its subsequent conversion to a Sharia-compliant bank in December 2023, KFH-Egypt (formerly Ahli United Bank – Egypt) has offered complete range of Islamic banking products and services since September 2024.
KFH Group is the world's second-largest Islamic bank by assets, with approximately $120 billion. KFH maintains a strong presence in local, regional, and global markets, operating in 12 countries. Its extensive international network includes around 680 branches, 2300 ATMs, and a workforce of nearly 18,000 employees.
KFH Group's mission is to deliver superior innovation and customer service excellence while protecting and enhancing the interests of all our stakeholders. Its vision is to lead the international development of Islamic financial services and become the most trusted and sustainably most technologically advanced Shariah-compliant bank in the world.
KFH-Egypt prioritizes digital transformation, creating cutting-edge services and products that enhance customer experience with quality, convenience, and robust security. The bank is driven by the expertise of the KFH Group, which recently unveiled a new visual identity under the 'Beyond Horizons' slogan to reflect its global expansion, achievements, and ambitious goals. The new identity reflects a commitment to continued technological advancement, development, and innovation in the digital age. It also underscores a dedication to enhancing leadership and achieving excellence in Islamic banking services.
KFH Group Chairman, Hamad Abdulmohsen Al-Marzouq
KFH Group Chairman, Hamad Abdulmohsen Al-Marzouq said: 'We are delighted to be in Egypt today to mark the beginning of a new era in Islamic banking with the unveiling of the new visual identity for Ahli United Bank – Egypt. Effective today, the bank will officially operate as KFH-Egypt, a historic milestone that will significantly contribute to Egypt's Islamic banking sector and strengthen its national economy."
He added: 'KFH boasts extensive expertise in Islamic banking and stands as the largest bank in Kuwait in terms of market cap. It is also the largest listed company on Boursa Kuwait at the private sector level, with a market value of approximately $42 billion. Moreover, KFH has become the world's second-largest Islamic bank, with a presence in 12 countries, most prominently Kuwait, Bahrain, Turkey, Egypt, Germany, and the United Kingdom. This undoubtedly strengthens the standing of KFH-Egypt as a trusted global brand with international reach, reinforcing our ambitious vision of placing KFH Group among the world's top 100 banks.'
Al-Marzouq further stated: 'Following the historic acquisition of Ahli United Bank Group – Bahrain in October 2022, we dedicated significant efforts at the Group level. By the grace of Allah, we have successfully completed the conversion of Ahli United Bank – Egypt into a fully Sharia-compliant bank. With the launch of our new visual identity, the bank is now officially rebranded as KFH-Egypt, marking an expansion of our banking operations in the Egyptian market, a promising market with substantial growth opportunities.'
He affirmed that the new visual identity titled (Beyond Horizons) reflects KFH's futuristic vision, growth strategy, and digital excellence, reinforcing its leadership in advancing global Islamic financial services. It is also a new chapter in the bank's journey and a strategic shift towards achieving our forward-thinking plans, driving greater achievements to the future. The change will directly reflect performance levels and work methodologies, enhancing the banking experience to align with our new identity.
'KFH will be a distinguished addition to the Egyptian banking sector. Additionally, KFH remains committed to its social responsibility efforts in all the countries where it operates. Recently, the bank donated $10 million to the Misr El-Kheir Foundation in support of its charitable initiatives in Egypt,' added Al-Marzouq.
He extended his gratitude to all employees and the executive management of KFH- Egypt, wishing them success in the next phase. He also stressed the importance of maintaining leadership in Islamic banking by continuously offering superior financial services, products, and solutions that exceed customer expectations.
Chief Executive Officer and Board Member of KFH – Egypt, Hala Sadek
Chief Executive Officer and Board Member of KFH – Egypt, Hala Sadek said that: " We are pleased to announce the official rebranding of Ahli United Bank-Egypt to Kuwait Finance House-Egypt (KFH- Egypt)."
She added that this change goes beyond mere rebranding or a visual identity shift. It represents a significant strategic step, reflecting our full integration into the KFH Group, a global leader in Sharia-compliant banking services.
"We remain committed to delivering exceptional banking services while enhancing our focus on providing innovative solutions that comply with Islamic principles, catered to the diverse needs of our customers. Building upon the strong financial solvency and competitive advantages of KFH Group, renowned for its leadership and quality in the banking sector, this step reflects our ambitious goals for expansion and growth, capitalizing on the Group's expertise and capabilities," she emphasized.
Sadek underscores KFH's goal of attaining an Egyptian market share commensurate with the Group's size and aspirations. This strategy aims to bolster the competitiveness of Islamic financial services, attract new clientele, and foster greater financial inclusion within the Egyptian market.
She pointed out that the Bank's conversion to Sharia-compliant banking services enhances its growth opportunities, given the increasing demand for Islamic banking. Additionally, it contributes to achieving financial inclusion goals by attracting new customer segments interested in Sharia-compliant products and services.
She revealed that KFH-Egypt will offer its customers a comprehensive range of financial products and services that comply with Sharia requirements, including Murabaha, Wakala, and Ijarah. "The conversion of the Bank's operations will not affect the previously agreed-upon commercial terms with customers until the financing's maturity date, nor will it impose any burdens or costs on them as a result of this conversion," Sadek added.
It is noteworthy that KFH- Egypt (formerly known as Ahli United Bank - Egypt) has achieved outstanding financial results in the first nine months of 2024. This reflects the steady growth of the bank's activities, its customer base, and its geographical expansion across the Arab Republic of Egypt. The financial results demonstrated a consolidated net profit of EGP 4.73 billion by the end of September 2024, a 71% increase compared to the same period in the previous year.
The financial position statement showed a 26% increase in total assets, reaching EGP 142 billion by the end of September 2024. This growth reflects a strong capital base, high liquidity ratios, and high-quality assets. Furthermore, net financing income surged by 55.6%, reaching EGP 5.6 billion by the end of September 2024, while net fee and commission income reached EGP 725 million.
Customer deposits grew by 30%, reaching EGP 117 billion by the end of September 2024. Additionally, the financing portfolio increased to EGP 84.2 billion, representing a 25% growth. The Bank currently operates a network of approximately 44 branches distributed across the Arab Republic of Egypt.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Kuwait Times
26-05-2025
- Kuwait Times
Cari: The Only Kuwaiti App Launches Eid Al-Adha Udhiya Booking Service Through Its Digital Platform*
KUWAIT: In a new step that reflects its commitment to providing innovative solutions that serve its customers, Cari announced the launch of its Eid Al-Adha Udhiya booking service through its digital platform, offering users a simple and secure experience in purchasing Eid new service stands out by offering high-quality livestock available in the local market, including various types such as Naeemi, Australian, and others, with full commitment to Islamic slaughtering practices in cooperation with certified local slaughterhouses in also provides users with flexible options for meat division, including the ability to allocate one-third for giving, in accordance with Islamic practices — making the app a true partner in facilitating the performance of this religious ritual. How It Works: 1. Choose your Eid Udhiyah from a wide range of carefully selected livestock 2. Pick your preferred delivery day: Day 1, 2, or 3 of Eid 3. Select how you want your meat to be cut 4. Get real-time updates on every step: from sacrifice to delivery This initiative was launched in collaboration with the 'Naemati' food preservation initiative, aiming to reinforce values of social solidarity and reduce food waste in an organized manner that preserves blessings and achieves a positive on this initiative, Cari's CEO, Mr. Abdullah Al-Mutawa, stated:'This service idea stemmed from our belief in the importance of offering smart and practical solutions that serve the Cari community, especially during religious seasons. Through it, we aim to facilitate the performance of Islamic rituals in a modern and responsible way that reflects the values of our society.'It is worth noting that Cari continues to expand its services and launch pioneering initiatives that strengthen its position as one of the leading local apps in the Kuwaiti market, combining innovation, quality, and proactive, high-level customer service.
Kuwait Times
21-05-2025
- Kuwait Times
Zaid Al-Sager shares key insights at Bonds, Loans & Sukuk Mideast conference in Dubai
Event brings together top regional and international finance leaders KUWAIT: The National Bank of Kuwait (NBK) was a silver sponsor and participated in a senior panel discussion at the Bonds, Loans & Sukuk Middle East Conference 2025, held on May 20-21 at the Madinat Jumeirah Conference Centre in Dubai. The event brought together senior finance leaders from both regional and international financial institutions to examine the shifting landscape of the syndicated loan markets in the Middle East, with particular attention to pricing developments, sustainability considerations, and heightened competitive dynamics. Zaid Al-Sager, Deputy CEO of the International Banking Group at NBK, joined an expert panel of global financial leaders to examine the critical factors shaping syndicated lending activity in 2025. The panel began with a market pulse survey to gauge expectations for the rest of the year. Sentiment was largely cautious due to the current macroeconomic headwinds and geopolitical uncertainty, both of which have continued to weigh in on deal volumes. The conversation, however, quickly transitioned toward addressing practical solutions, including strategic positioning and adaptability to the current environment. Panelists observed that over the past year, the syndicated loan markets have contended with higher liquidity among financial institutions that has resulted in margin compression, which has led regional lenders with a footprint in Europe and the US to search for higher yields in those markets that supports bolstering their P&Ls. Meanwhile, borrowers in the region, while facing reducing funding costs over the last few quarters, also maintain higher liquidity as a result of de-leveraging post-COVID. As such, much of the syndicated borrowing during the last 12 months has been related to GRE-related entities requiring support on large-scale infrastructure projects in the region. Another key point of discussion was the growing complexity of competition between regional and international lenders. Despite the continued expansion of global liquidity, particularly from Asia, regional financial institutions retain a competitive advantage in the regiongiven their deep regulatory insight and strong relationships with clients in the region. The panel also explored the integration of ESG principles into syndicated loan structures. Although frameworks remain in development, there is a growing convergence between lenders and borrowers around sustainability-linked targets. These considerations are progressively influencing underwriting standards, as banks align their portfolios with broader responsible finance goals. Currency diversification also emerged as a central topic. Amid ongoing US dollar volatility, borrowers are increasingly exploring alternative funding currencies to better manage exposure and optimize pricing. The conversation further examined the growing role of Islamic finance in loan syndications, supported by structural innovation that is broadening market participation. Looking forward, participants identified several key forces expected to shape the lending environment in 2025, including declining oil prices, the expanding role of private credit, and evolving structures in deal-making. The Bonds, Loans & Sukuk Middle East Conference remains a cornerstone event in the region's financial calendar, providing a platform for industry leaders to engage on capital market developments. Since its inception, the conference has facilitated meaningful dialogue on syndicated finance, ESG integration, and regional competitiveness – particularly in light of the GCC's economic diversification agenda and energy transition goals. NBK's participation reaffirmed its role as a regional leader in syndicated lending and highlighted its commitment to providing tailored financing solutions in an evolving market landscape. In 2024, NBK successfully issued its inaugural $500 million green bond, which was oversubscribed more than three times, signaling strong investor confidence in the bank's sustainable finance framework. Furthermore, NBK was recognized by Global Finance Magazine as the 'Best Bank for ESG-Related Loans in the Middle East 2024,' reflecting its ongoing integration of sustainability principles into its lending practices.
Arab Times
19-05-2025
- Arab Times
MoIA has projects glut on anvil
KUWAIT CITY, May 19: The Ministry of Islamic Affairs has launched its procurement plan for the 2025/2026 fiscal year, which includes approximately 212 tenders and projects of all sectors of the ministry. The tenders aim to implement a variety of projects aimed at developing and expanding the ministry's services in various religious, administrative, and technical fields. The plan highlights the implementation of several major construction and service projects. Notable among them are the establishment of Quranic studies centers, residential facilities for imams and muezzins, and Quran memorization centers in various areas of Kuwait. The plan includes the creation of an integrated Islamic cultural center in Adan. It also includes a project to operate the fiber optic network infrastructure between the ministry's locations, along with the supply and installation of integrated services for people with special needs at its headquarters. Within the framework of awareness and media, the ministry will seek bids from companies to produce television spots aimed at enhancing the religious media system, reaching all age groups, and promoting Islamic values, ideals, and morals. The ministry will also issue a tender to develop the electronic Hajj and Umrah portal. The portal will include comprehensive modules to serve pilgrims, Umrah performers, and campaigns, including units for electronic Hajj registration for pilgrims and campaigns, electronic Umrah registration for companies and individuals, managing Hajj campaign licenses, and overseeing companies organizing Umrah caravans. There will also be modules to manage Hajj and Umrah operations, as well as campaign-related complaints and evaluations. The plan also includes a tender for automating the Islamic Studies Sector, aimed at completing the analysis, development, and maintenance of a modern electronic educational system for the Quran and Islamic Studies Sector. In addition, the ministry will issue a tender for the development, updating, and maintenance of its electronic portal to automate government services provided through its official website. This initiative aims to deliver practical outcomes, enabling transactions to be completed in the shortest possible time, and enhancing the ministry's role in serving religious and administrative affairs in Kuwait.
