Latest news with #Al-Shaya
Kuwait Times
22-07-2025
- Business
- Kuwait Times
Boubyan Bank records KD 52 million in net profits for first six months of 2025
Boubyan Bank records KD 52 million in net profits for first six months of 2025 Profit before tax grows by 18% to KD 60 million • Assets increase to KD 10 billion KUWAIT: Boubyan Bank has announced its H1 financial results for this year. The bank recorded KD 52 million in net profits, at a growth rate of 5 percent, compared with the same period last year, while Profit Before Tax (PBT) reached KD 60 million at a growth rate of 18 percent, and the earnings per share increased to 11 fils. Commenting on the financial results, Boubyan Bank Chairman Abdulaziz Abdullah Dakheel Al-Shaya stated: 'Boubyan Bank's H1 2025 results reflect our ongoing success and demonstrate the resilience and robustness of the bank's operational business model, which proved its adaptability amid the accelerating challenges and changes in the economic environment.' Outstanding financial and operational performance Al-Shaya highlighted the key financial indicators recorded during H1, where the bank's assets grew to KD 10 billion at a growth rate of 12 percent compared with last year, while the bank's financing portfolio grew by 11 percent to reach KD 7.5 billion, and operating profit grew by 10 percent to KD 67 million, whereas the bank's market share of local financing increased to 12.5 percent. He went on to add: 'These results directly reflect the progress achieved in the implementation of 'Boubyan 2028' strategy, which focuses on four key pillars, namely: well-planned expansion domestically and regionally, offering innovative digital banking solutions, improving the efficiency of operations, and reinforcing the concepts of comprehensive sustainability. The results further highlight the soundness of the strategy adopted by the bank, which focuses on continued success and maintaining sustained performance levels, thus reinforcing the bank's status as one of the most prominent Islamic banks in the region that keeps up with the expectations of customers and shareholders,' he added. Al-Shaya pointed out: 'We are confidently looking forward to the continued implementation of our strategy, which places our customers at the heart of our attention, as we continue to focus on innovation, ongoing enhancement of our banking services, and exploring more chances for growth and diversification of income sources. Moreover, we believe in the significance of investing in our human cadres, and in reinforcing the culture of institutional work that is based on excellence and innovation, in a manner that contributes to reinforcing Boubyan's status as one of the most growing and influential banks in the Islamic banking industry, domestically and regionally.' Ongoing growth supporting business competence Abdulaziz Al-Shaya Adel Al-Majed On his part, Adel Abdul Wahab Al-Majed, Boubyan Bank's Vice-Chairman & Group Chief Executive Officer, stated: 'H1 2025's financial results demonstrate the solid financial position of the bank and its ability to maintain sustained growth despite market challenges, domestically and regionally.' 'We continued our solid performance with positive results across all indicators which reflects the resilience of our business model and the efficiency of our operational policies. We are optimistic about further milestones in the upcoming period, supported by the continued implementation of well-planned growth strategies, focusing on offering high quality and reliable banking solutions and services to our customers across various sectors,' he added. Al-Majed elaborated: 'During H1 of this year, Boubyan Bank successfully completed the issuance of senior unsecured sukuk of $500 million with a five-year maturity as part of its $3 billion sukuk issuance program. The issuance witnessed an exceptional demand with subscription requests exceeding $2 billion, ie, oversubscribed by more than 4x the targeted subscription.' He added: 'This huge demand by regional and international investors reflect the confidence of global markets in the creditworthiness of Boubyan Bank, and reinforces the diversification of our funding base, while supporting the regional and international expansion plans of the bank, and contributing to strengthening our liquidity ratios and creditworthiness of the bank in line with CBK's instructions.' Al-Majed added: 'As part of the bank's efforts to improve corporate banking services, the bank offered an integrated package of unique services, tailored specifically to cater for the needs of customers in the Kuwaiti market. Such services represent a quality addition to boost the abilities of companies and help them with the management of liquidity and capital with high efficiency amid a very competitive and evolving business environment. These services include: Payments Host-to-Host service, merchant and supply chain services, smart liquidity management solutions, and treasury management solutions, in addition to virtual accounts, real-time reports and smart cash-management dashboards.' 'At Boubyan, we continue working in line with a crystal-clear strategic vision that places the customer at the top of our priorities, while focusing on ongoing innovation and offering unique banking solutions that cater for the expectations of various segments of customers. We believe that our commitment to the enhancement of our services and diversification of our solutions, side by side with our investment in modern technology and building effective partnerships, will enable us to achieve further sustainable growth and reinforce our status as banking leaders in the years to come,' Al-Majed concluded. Abdulaziz Al-Shaya •Financial results highlight the effectiveness of Boubyan's strategy and its sustained growth •Yet another milestone to demonstrate the solid and resilient operating business model of the Bank Adel Al-Majed •Boubyan reinforces its position as the third largest bank in Kuwait with exceptional growth... We are optimistic about further milestones •Our strategies, rooted in excellence and innovation, prioritize high-quality and reliable solutions and services to customers •Boubyan progressed significantly towards adopting AI technology by launching its AI-Driven Transformation Program, aimed at building a more competent and responsive operational model. •This direction was boosted by inking an MOU with Microsoft, the global tech giant, which is one of the AI leaders worldwide, in a step that reflects Boubyan Bank's leadership in employing AI in pushing innovation and making a leap in the bank's operations. •Ever since the beginning of this year, Boubyan Bank was recognized with many prestigious awards from global institutions. This included the 'Best Islamic Bank in Kuwait' Award from MEED, the internationally renowned publication, which the bank has received recently in a clear demonstration of the continued leadership of the bank and excellence in the Islamic banking industry, domestically and regionally. •Boubyan continued its progress in prestigious international rankings, as it maintained its place as the 3rd strongest banking franchise in Kuwait, while being ranked among the top 25 Arab banks as per Brand Finance's ranking. The bank ranked third domestically in Forbes Middle East Top 100 Listed Companies and in MEED's 2025 List for MENA's Largest 100 Companies in terms of market capitalization. •The bank continues to undertake its community role as an integral part of its overall vision for sustained growth and CSR. This is done through various initiatives focusing on empowering the youth, supporting entrepreneurship, and reinforcing financial awareness, in addition to other vital areas such as education, healthcare, and empowering students and graduates in order for the bank to stay closer to all segments of the Kuwaiti society and to effect the necessary positive change. •Boubyan Bank is keen on developing its human resources and enhancing their skills, since they are the key pillar for sustained growth and competitiveness. The bank offers advanced training programs and enters into partnerships with prestigious educational institutions, thus contributing to the preparation of a new generation of qualified future-ready leaders. •Moreover, the bank offers flexible and motivating work environment, which helps staff strike a work-life balance, while embracing diversity and inclusion, out of the bank's firm belief in human capital being the most important investment in its journey towards perfection and sustainability
Kuwait Times
30-06-2025
- Business
- Kuwait Times
410 students benefit from Educational Care Bank project
410 students benefit from Educational Care Bank project KUWAIT: Al-Safa Charitable Society announced that 410 students across various educational stages have benefited from the Educational Care Bank project for the 2024-2025 academic year. The initiative, implemented in collaboration with the General Secretariat of Endowments, provided a total of KD 100,000 (approximately $330,000) in educational support within Kuwait. Chairman of Al-Safa's Board of Directors Mohammad Al-Shaya said in a press statement on Monday that the project reflects a shared commitment to supporting future generations by creating an educational environment free from financial obstacles. He emphasized that the initiative also aims to alleviate the financial burden faced by low-income families amid ongoing economic challenges. Al-Shaya praised the General Secretariat of Endowments for its continued sponsorship of impactful and innovative projects that serve the community, particularly those focused on education. He noted that the Secretariat's support for this program underscores its strong belief in education as a cornerstone for societal advancement and sustainable development. He added that Al-Safa Charitable Society, through this partnership, seeks to nurture a knowledgeable and responsible generation capable of contributing meaningfully to national development. The project, he explained, targets students who face difficulty in paying tuition fees, reaffirming the association's belief in the right to education for all—without discrimination or financial barriers. — KUNA
Zawya
16-03-2025
- Business
- Zawya
Boubyan Bank's General Assembly approves the distribution of 10 Fils in cash dividends and 5% in bonus shares
Dr. Amani Boresli and Mr. Rabah AlRabah Elected as New Independent Directors Abdulaziz Al-Shaya: Boubyan Reinforces Its Position as a Leading Islamic Bank Worldwide with an Ambitious Vision Achieving Sustainability Requires a Well-Studied Strategy and Solid Foundations for Growth and Improvement Adel Al-Majed: Digital Transformation and Sustainability Are the Cornerstone of Boubyan's Promising Future Steadily Moving with Our Strategic Approach to Maintain Solid Profitability and Ongoing Growth, and to Reinforce Investment in Innovation Boubyan Bank held its Ordinary General Assembly Meeting which saw an attendance exceeding 78%, where its agenda was approved, including the distribution of cash dividends and bonus shares, in addition to the election of non-independent and independent directors for the upcoming term of the Board of Directors. In his word during the meeting, the Chairman of Boubyan Bank, Mr. Abdulaziz Abdullah Dakheel Al-Shaya, emphasized that the Bank continued fulfilling its goals and reinforcing its position as a leading financial institution in the Islamic banking industry, acting as per 'Boubyan 2028' strategy, which focuses on pursuing sustainable profitability while reinforcing digitalization, innovation, and resilience, being the key drivers of operational efficiency. This aims to instill the values of the strategy across the Group and to ensure growth across all fronts, including employees, customers, shareholders, and the community as a whole, in addition to boosting digital innovation and increasing the bank's market share. Al-Shaya added: 'Boubyan does not only seek financial growth, but also seeks real influence on the local and regional economy to make a leap through investing in advanced Fin-Tech solutions, thus catering for customers' expectations and keeping up with the ever-changing market requirements, in addition to reinforcing the potentials of working and cooperating with influencers in the financial sector and Islamic banking and development of human cadres and investment in human capital to attract the best talents, which contributes to the realization of the ambitious vision of the bank to be among the top Islamic banks worldwide.' 'We believe that a crystal-clear strategic vision is necessary for sustainable success, supported by solid bases for growth and development, in addition to working to reinforce the confidence of shareholders, activating strategic partnerships, and emphasizing sustainability principles and social responsibility for a more flourishing future for the bank, its customers, and strategic partners.', he added. ** Solid Financial Performance and Sustained Growth Al-Shaya went on to add: 'The bank had outstanding financial results in 2024 as it recorded KD 96.8 million in net profits, at a growth rate of 20%, compared with 2023, while the earnings per share amount to 21.6 Fils.' Moreover, the General Assembly Meeting approved the distribution of 10 fils per share in cash dividends, in addition to 5% in bonus shares, reflecting the bank's solid financial performance. He added: 'Boubyan Bank maintained a balanced growth across its various financial indicators, where the bank's total assets grew to KD 9.4 billion at a growth rate of 12% compared with last year, while the bank's financing portfolio grew by 10% to KD 6.9 billion, and operating income grew by 13% to KD 246 million; meanwhile, the bank's market share of local financing increased to 12%, reflecting the success of the bank's expansion strategy.' ** International Leadership in the Islamic Banking Industry 'The bank is now the third largest bank domestically, and it has been included in Forbes' annual list for Middle East Top 100 Listed Companies 2024 with USD 27.3 billion in total assets and a market value of USD 8.3 billion, and is also ranked 49th on a similar list by MEED.', Al-Shaya elaborated. He pointed out that the policies aiming at increasing the bank's business base and setting future directions largely contributed to reinforcing sustained growth, boosting digital innovation, and adoption of a cutting-edge and integrated banking model combining both traditional solutions and modern digital banking solutions, which contributed to operational growth and reinforced the bank's position as a leading international Islamic banking institution. ** Election of Independent Directors The General Assembly held the elections for the membership of the Board of Directors to elect non-independent directors. The following have been elected as members of the Board of Directors for the upcoming 3-year term (2025-2026-2027): Mr. Abdulaziz Abdullah Dakheel Al-Shaya - Non-Executive Mr. Adel Abdul Wahab Jassim Al-Majed - Executive Mr. Hazim Ali Meshari Al-Hilal Al-Mutairi - Non-Executive Mr. Waleed Mishari Al-Hamad - Non-Executive Mr. Mohammed Yousef Ahmed Al-Saqer - Non-Executive Mr. Fahad Ahmad Al-Fouzan - Non-Executive Mr. Waleed Khaled Al-Yaqout - Non-Executive Moreover, new independent directors have been selected out of seven independent candidates. The following four independent candidates have been selected as members of the Bank's Board of Directors for the upcoming 3-year term (2025-2026-2027): Mr. Khalid Ahmad Saud AlMudhaf Mr. Abdullah Saud Bader Al-Yousif Al-Bader Dr. Amani Khaled Boresli Mr. Rabah Adulrahman AlRabah ** Reinforcing Digital Transformation & Innovation Boubyan Bank's Vice-Chairman & Group Chief Executive Officer, Mr. Adel Al-Majed, highlighted that the bank was moving steadily towards a more advanced and a more innovative banking future, thanks to the adoption of cutting-edge digital transformation technology and investment in technology infrastructure, which enabled the bank to improve the quality of its banking services and boost the efficiency of operational processes. Al-Majed added: 'The future of banking relies on digital innovation, and Boubyan has always been at the forefront of all banks that embraced this vision. Over the past years, we managed to make great leaps in our digital services, thus boosting our ability to meet the expectations of our customers and keep up with the accelerating transformations in the international banking industry.' 'During 2024, Nomo Bank, the digital arm of the Bank of London and the Middle East 'BLME', a subsidiary of Boubyan Bank Group, continued its expansion journey, while focusing on meeting the international banking and investment needs of customers. Nomo succeeded in attracting a wide segment of customers seeking integrated digital banking solutions internationally, and the bank continues to invest in innovation and sustainability by introducing state-of-the-art digital solutions that enhance customer experience, increase the efficiency of operations, and increase security and reliability levels of banking services.', he elaborated. ** Subsidiaries' Expansion Strategy Al-Majed pointed out: 'Boubyan's subsidiaries (Boubyan Capital, Boubyan Takaful, and The Bank of London and the Middle East 'BLME') managed to reinforce their presence and develop their strategic plans that focused on increased investments and profitability growth, which contributed to integrating the efforts of Boubyan Group and reinforcing its expansion into various markets.' Sustainability and Governance .... Ongoing Commitment Al-Majed emphasized that Boubyan Bank attached great importance to ESG standards and to the development of business strategies, aiming to strike a sustained balance between financial performance and social responsibility, in addition to achieving a sustained financial growth in line with the best international standards. ** Thanks & Appreciation Al-Shaya concluded his word in the General Assembly Meeting: 'For myself and on behalf of all the employees of Boubyan Bank, I would like to express deepest thanks and appreciation to His Highness, the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, may Allah protect him as well as to H.H. Sheikh Sabah Khalid Al-Hamad Al-Sabah, the Crown Prince, may Allah protect him, and H.H. Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, the Prime Minister, may Allah protect him, for their efforts towards the development and growth of our beloved country, and to guarantee the stability and security of everyone who considers this blessed land home, as well as their ongoing support to the banking sector.' He added: 'I would also like to express the deepest thanks to all the executives of the Central Bank of Kuwait, headed by H.E., the Governor, Mr. Basel Al-Haroon, who spared no effort to take the actions deemed appropriate to develop and safeguard the Kuwaiti banking system. I would also like to express deepest thanks to all the bank's esteemed shareholders and customers for their ongoing confidence, as they have always been the key factor behind our success by supporting us in overcoming our challenges. Moreover, I would like to thank all members of the Sharia Supervisory Board at the bank for their great efforts, and I would like to thank the members of the Board of Directors and the Executive Management, as well as all the bank's employees for their cooperation, commitment, and keenness on supporting the bank for the best interest of the bank and its shareholders.' Highlights 1st Highlight Entrepreneurs and owners of SMEs represent a very important segment of Boubyan Bank's customers, being the first bank of choice for the youths. Boubyan has a unique set of digital banking solutions that support and empower entrepreneurs to achieve their future financial goals, while opening up new growth opportunities and horizons to develop their entrepreneurship, enhance their operational efficiency, and expand the scope of their services to meet the requirements of the job market in Kuwait and the region, in addition to considering them key partners in all innovative solutions and products offered by Boubyan. 2nd Highlight Boubyan Bank innovated a unique model to promote the value of developing leadership skills and forging leaders with exceptionally unique competencies that perfectly aligns with the strategy of developing leaders and promoting the creativity and innovation culture among employees, which comes in handy especially with the young expertise and competent cadres available at Boubyan across various levels. The bank further dedicates all necessary resources to the learning, growth, and development of its human cadres. On another note, the score of the Organizational Health Index survey 'OHI' taken by all Group employees improved to 86%, while the total staff participation across the bank and its subsidiaries increased to 89%, placing the bank among the top 3 institutions regionally, and at the top decile of all prestigious institutions that took part in this survey globally.
