KFH-Egypt Unveils New Identity
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.
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