Latest news with #Boubyan
Kuwait News Agency
a day ago
- Business
- Kuwait News Agency
Kuwait Airways to receive new planes in line with overhaul policy
A+ A- Transport 11/08/2025 LOC14:12 11:12 GMT KUWAIT, Aug 11 (KUNA) -- Kuwait Airways is scheduled to receive a new plane, an Airbus-321, in the end of August and AN A-330-900 aircraft by the yearend, announced the KAC Chairperson Abdulmohsen Al-Fagaan in a statement on Monday. Speaking after the KAC general assembly, Al-Fagaan affirmed the plan to overhaul the national carrier and place it among the top airlines in the region. The board is seeking to develop further the KAC operations to attain better reaps, Al-Fagaan said following the session, attended by all members. It dedicates special concern for responding to remarks and queries by the Audit Bureau, he said, affirming the commitment to full cooperation to settle financial irregularities, revealing that such cases had dropped from 16 to only seven. The latter cases have remained under investigation and the company has spared no effort to take all legal actions in this respect, Al-Fagaan said. He affirmed the approach to attain positive results, offer top services and present innovative solutions to meet the clients' needs. The KAC enjoyed a successful record in 2024, when it had taken delivery of the "Boubyan plane" (an A-330-900) and was designated as top at the global level for quality of onboard meals. It came third in 2024 in the Middle East and Africa as to punctuality (91.13 percent) and came 20th among the top 109 aviation corporations world wise, he added. Also in 2024, the corporation signed an agreement with Saudi Arabia Railways (SAR), boosted the joint code agreement with Saudi Airlines, developed the partnership with Amadeus company and signed a cooperation agreement with the German aviation company, Flexflight. Proceeding his narration, Al-Fagaan said the company, also in 2024, signed a cooperation protocol with the Public Authority for Applied Education and Training in addition to partaking in the 26th Gulf football championship as the official carrier of the championship. (end) KAC Chairperson Abdulmohsen Al-Fagaan speaking at the KAC general assembly The KAC general assembly
Arab Times
a day ago
- Business
- Arab Times
Kuwait Airways targets competitive edge among Gulf region airlines
KUWAIT CITY, Aug 11: In a board meeting marked by full attendance, Chairman Abdulmohsen Al‑Faqan reaffirmed Kuwait Airways' strategic ambitions to position the national carrier among the most competitive airlines in the region. Speaking to the press on Monday, he emphasized the board's determination to enhance operational activity, bolster revenues, and elevate the airline's reputation. Al‑Faqan announced a recently secured delivery schedule: an Airbus A321neo set to arrive later this month, followed by two Airbus A330‑900neo aircraft before year-end. These additions are part of a broader strategic plan already yielding visible improvements in both service and financial performance. Addressing internal oversight, he noted the airline's cooperation with the Audit Bureau in resolving financial violations—reducing the number under investigation from 16 to seven—and said all legal remedies are being pursued diligently. The airline continues to modernize, updating passenger services and technological infrastructure and expanding partnerships with domestic companies. These efforts align with Kuwait Vision 2035, which aims to strengthen tourism and the economy. Al‑Faqan highlighted some of the airline's performance highlights from 2024: Received its first A330‑900neo 'Boubyan' Ranked worldwide #1 for in-flight meal quality (Money Market report) Ranked 3rd in punctuality in the Middle East & Africa region, with a 91.13% on-time departure rate (Cirium, June 2024) Placed 20th globally and 5th in the Middle East among 109 airlines (Air Help) The airline also forged strategic partnerships in 2024:
Kuwait Times
04-08-2025
- Business
- Kuwait Times
Boubyan Bank releases 2024 Annual Sustainability Report
Strategic steps to reinforce governance and strengthen ESG principles KUWAIT: Boubyan Bank has released its 2024 Annual Sustainability Report, reflecting the bank's commitment to advancing environmental, social, and corporate governance (ESG) practices, and embedding sustainability values across all its operations. The report underscores the bank's efforts towards shaping a more inclusive and sustainable future to drive positive and true change, demonstrating its genuine commitment to responsible development. The report highlighted Boubyan's continued progress in line with a crystal-clear strategy that aligns with the best international practices. Prepared in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Standards 2021, this report incorporates additional frameworks such as the Sustainability Accounting Standards Board (SASB), and International Financial Reporting Standards (IFRS) S1 and S2, thus reinforcing the bank's unwavering dedication to transparency, solid governance, and creating sustained value for stakeholders, and ultimately supporting Kuwait's goals in achieving sustained development. In his message, Dr Bader Saad Al-Hashel, Boubyan Bank's Chief Risk Officer, stated: 'At Boubyan, we believe that governance is more than just an organizational framework; rather, it is an ongoing commitment that reinforces equality, transparency, and integrity in all our practices. We continue safeguarding shareholders' rights, and ensure effective engagement of all stakeholders, thus reflecting our commitment to offering sustainable value on the long run.' He went on to add: 'Our commitment to governance extends to adoption of the best disclosure and transparency standards in our information and risk management practices, while focusing on building an operational environment that boosts the bank's resilience and its ability to perform. Hence, we always stress that such practices stand as a key pillar for achieving our sustainability goals, as we endeavor to reinforce the bank's core business and improve our customer satisfaction levels in order to offer the best service levels.' Khaled Al-Haqqan Sustainability Report 2024 'Boubyan continues to build a diverse work environment to implement inclusion and equality standards, providing equal opportunities for all talents. Investing in human capital is a key pillar for ensuring business sustainability and strengthening the bank's ability to adapt to future changes with stability and resilience', Al-Hashel emphasized. On his part, Khaled Abdulwahab Al-Haqqan, Executive Manager - Business Continuity and Sustainability, said: 'We are proud that 2024 marked a milestone in our journey towards achieving a meaningful impact of ESG practices. We have continued our efforts to reinforce sustainability concepts both within and beyond the bank, as we have set more comprehensive KPIs to measure our performance, in addition to adopting practical solutions to reduce emissions and reinforce recycling practices, and to empower our staff and their effective contribution to the development of the society.' He went on to add: 'We were keen to develop environmental sustainability implementation tools in line with international standards that we have successfully translated into real-world initiatives such as the installation of electric vehicle charging stations and scaling up our recycling efforts, in addition to adopting smart solutions to reduce resource consumption, along with a number of impactful community initiatives and programs that reinforce Boubyan's role in the society across various segments. These steps will contribute to building a more environmentally aware and responsible banking future.' Environmental sustainability Within efforts to preserve the environment, the bank achieved 100 percent recycling of paper waste, advancing efforts to measure and reduce generated waste in line with well-devised approaches. The bank further avoided 34.16 tons of greenhouse gas (GHG) emissions, as part of its efforts to lower its carbon footprint. The bank maintained its support of transformation to green energy in order to preserve the environment by installing 22 electric vehicle charging stations at Boubyan HQ in Kuwait, highlighting the bank's vision to promote environmental awareness and commitment to sustainability. Inclusiveness and diversity to support human resources Speaking of human capital, the report highlighted Boubyan's keenness to ensure high employee engagement and satisfaction as high as 100 percent, while increasing female representation to 25 percent of the total workforce to foster a diverse and inclusive work place. Moreover, within the bank's efforts to support inclusion, the bank hired a number of employees with special needs, in addition to continuing to increase Kuwaitization rates which now stand at 81 percent across general employment grades, and exceed 75 percent at leadership levels, thus reinforcing the bank's commitment to boosting and developing national leadership. CSR and customer satisfaction The bank invested also in community initiatives and volunteering activities as well as training and financial awareness programs. Moreover, the bank continued to focus on its community role and CSR initiatives through the various domains supported by the bank, in addition to its various contributions, volunteer, and charitable efforts, through which the bank seeks to confirm the need for the participation of the private sector in order to ensure sustainability across various business areas. In terms of customer experience, the bank scored well, as it achieved an Overall Customer Satisfaction of 96 percent, and attained a Net Promoter Score (NPS) of 73 percent, demonstrating strong customer advocacy and the robust relationship built by the bank with its customers and its ongoing recognition of their expectations and needs. To reinforce its status as a responsible financial institution, Boubyan continued enhancing its IFRS S1 and S2 readiness, with the launch of the Sustainable Finance Framework, aimed at directing financing towards projects with substantial environmental and social impact, which aligns well with the principles of the Noble Islamic Sharia. SME support During 2024, Boubyan Bank continued reinforcing its key role in supporting and empowering SMEs, through offering integrated services and solutions tailored to cater for the needs of this vital sector. The bank empowered entrepreneurs to achieve growth through flexible financing and cutting-edge digital banking services, in addition to advisory programs that boosts their readiness to join the market. These efforts led the bank to be recognized with several prestigious awards such as the award for the 'Best Bank for SMEs in Kuwait' from Euromoney, the internationally renowned publication, in addition to the award for the 'Best Digital Payment Platform for SMEs' from MEED, the internationally renowned publication.
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
Zawya
21-04-2025
- Business
- Zawya
Boubyan Bank records KD 26.5mln in net profits for Q1 2025
Profit Before Tax Grew by 22% to KD 31.4 Million Adel Al-Majed: Boubyan Maintains Its Solid Financial Position & Profit Growth, and Expands Retail, Corporate, and Wealth Management Services Fifteen Consecutive Years of Excellence and Exceptional Quality Customer Service atop the Islamic Financial Sector in Kuwait Empowering Entrepreneurs via Well-Studied Strategies and Partnerships That Develop Business Environments and Boost Innovation Boubyan Bank has announced its financial results for Q1 of this year. The bank recorded KD 26.5 million in net profits at a growth rate of 6% compared with the same period of the past year, with Profit Before Tax 'PBT' amounting to KD 31.4 million at a growth rate of 22%, while the earnings per share amount to 5.31 Fils. Mr. Adel Al-Majed, Boubyan Bank's Vice-Chairman & Group Chief Executive Officer, commented: 'Boubyan has succeeded and excelled in achieving its strategic goals, thus maintaining its solid financial position, strong profitability and operational performance, while expanding its banking and wealth-management services.' He pointed out: 'Boubyan Bank's financial indicators during Q1, 2025 demonstrated positive results and significant growth, where the bank's assets grew to KD 9.7 billion at a growth rate of 12% compared with last year, while the bank's financing portfolio grew by 12% to reach KD 7.3 billion, whereas the bank's market share of local financing increased to 12.14%.' 'The bank continues with the implementation of its 5-year strategy 'Boubyan 2028', which focuses on pursuing sustainable profitability and maintaining the adoption of digital transformation standards, innovation, and resilience as a key driver to improve operational efficiency. This aims to instill the values of the strategy across the Group and to ensure the growth of all concerned parties, including employees, customers, shareholders, and the community as a whole.', he added. ** Leaders of Quality Service for 15 Years in a Row Al-Majed emphasized: 'Boubyan's management is constantly seeking to improve the quality of services and products to boost and enrich a banking experience based on quality, quick service, and attention to details. The bank sets its eyes on customer experience as a key pillar of its day-to-day operations to ensure catering for customers' needs and exceeding their expectations.' Boubyan Bank has recently received the 'Best Islamic Bank in Customer Service' award for the year 2024, in addition to being honored with a special recognition for being named the 'Best Islamic Bank in Customer Service in Kuwait' for the 15th year in a row by Service Hero, the consumer-driven customer satisfaction index. This adds to the bank' growing leadership in excellence and overall banking experience, reflecting the bank's commitment to offering banking services that align with international standards. In this context, Al-Majed pointed out: 'Boubyan is the only bank to have maintained this status for a decade-and-a-half long period, reflecting our constant and ongoing excellence. This gives credit to Boubyan's customer services which is not limited to mere daily interactions; rather, it is a complete experience that we are keen to improve constantly in line with the bank's culture, which believes that being customer-centric is the key pillar for offering the best.' ** Reinforcing Leadership and Improving Digital Financial Services Boubyan Bank continues to reinforce its leadership in digital transformation based on a clear strategy that aims to redefine the concept of cutting-edge banking services. This direction has led to the constant growth and improvement of Boubyan App, which has become a complete digital banking platform that combines innovation and usability, while providing customers with a convenient and secure banking experience that caters for their daily needs, thus reinforcing the status of the bank as a leading institution in providing digital financial services locally and regionally. Coinciding with the beginning of 2025, the launch of the Pro Salary Account was announced for new salaried customers employed by the public and private sectors, who are seeking to open a new salary account and to transfer their salaries to the bank. This emphasizes Boubyan's commitment to providing new, most innovative, and cutting-edge offerings, thereby strengthening its efforts towards enhancing an already exceptional banking experience that transcends the conventional meaning of banking as we know it in the banking services and products scene, thus reinforcing its leading status as an Islamic financial institution in the banking industry. To continue rewarding its customers and improving its banking offerings to make them more unique and exceptional, Boubyan has launched the Boubyan Xperience campaign to give Visa credit and prepaid cardholders exceptional and unforgettable travel experiences. Moreover, Nomo Bank has recently announced a new exceptional package of property finance solutions for residential or investment properties in the UK real estate market at competitive rates that cater for the needs of its GCC customers. What distinguishes these solutions the most is that they are fully digital and Sharia-compliant, in addition to combining good financial performance with well-studied diversification opportunities in a trusted investment environment. The new rates from Nomo offer a great opportunity for purchasing or refinancing properties, with flexibility in selecting from finance solutions that suit various GCC customers' needs, whether for residential or investment purposes. ** Community Initiatives and Empowering Entrepreneurs During Q1 of this year, Boubyan continued its community contributions and influential initiatives that support businesses and help them achieve sustained growth. This reinforced the bank's leadership as the 'World's Best Islamic Bank for CSR'. During the Holy Month of Ramadan, Boubyan completed a program full of activities where each initiative stood out as a success story that enabled the bank to reach record numbers of engagements and interactions, which reflected the deep impact of those efforts. This year's initiatives included humanitarian activities, in addition to cultural and religious awareness activities in order to create an outstanding Ramadan experience that embodies the meanings of solidarity and showing mercy to one another, which all influenced the society. In a step towards supporting the business environment in Kuwait and to boost the growth of SMEs, Boubyan Business Connect was organized to bring entrepreneurs among its customers under the same roof with a number of elite strategic partners in the field of financial & legal advisory, Fin-Tech, payment solutions, and others to help them build a strong network and create an integrated environment allowing for the exchange of expertise, exploring collaboration opportunities, and pushing innovation in the entrepreneurship's scene. This initiative highlighted Boubyan Bank's keenness on offering support to startups' owners, while providing them with an integrated environment that supports the growth of their businesses, and opening new horizons for them for growth and expansion in the Kuwaiti market. Accordingly, it was more than a mere networking event; rather, it was a dynamic and engaging platform for increasing communication between entrepreneurs and experts. ** Enriching Human Resources In line with its strategy that aims at investing in human capital, Boubyan continued strengthening its efforts to support and develop national cadres by ensuring the bank has an incentivizing work environment that fosters professional empowerment and ongoing growth. The bank has been keen on implementing specialized training programs and professional workshops that aim at increasing the efficiency of staff and increasing their skillsets to keep up with the developments in the banking industry and meet the expectations of customers. Boubyan Bank believes that its human cadres are the key pillar for achieving sustained growth and reinforcing the status of the bank as a leading financial institution in the local and regional markets. Highlights 1st Highlight Why is Boubyan the best in customer service? Boubyan's recognition by Service Hero was based on a group of criteria including a survey that extended over one year among consumers, who evaluated companies on a scale of 10 against their service-level expectations, their experience, and satisfaction following the customer-service experience. The evaluation relied on many elements such as staff's attitude, location of the bank, speed of service, confidence in the product, quality of service or product, value for money, the contact center, and the website of the bank. Service Hero's survey implements a strict protocol to confirm the identity of consumers who take part in the survey. 2nd Highlight Boubyan Bank's Contributions in Numbers throughout the Holy Month of Ramadan More than 12,000 participants walked 180 million steps as part of Boubyan Steps Campaign. More than 1,200 participants in the 11th 'Recite with Boubyan' Competition, and recognizing 30 winners who memorized the Glorious Qur'an by heart. Distribution of more than 26,000 Iftar meals to the visitors of the Grand Mosque and various areas of Kuwait. Distribution of more than 1,500 food baskets to needy families as part of 'Neamaty' Initiative. Participation of more than 250 customers and employees in 'Boubyan Team of Volunteers'. Offering hospitality to more than 50 mosques across various governorates of Kuwait. 50 customers benefitted from car-parking services at the parking lot of the bank's headquarters during Qiyam Prayers 'Night Prayers' at the Grand Mosque. More than 900,000 participants in the 'One Minute Challenge' throughout the Holy Month, with more than 600,000 correct answers. More than 100 female Premium customers attended Boubyan's Ghabga. 6,000 ladies and girls participated in Ramadan Diwaniya. Attendance of more than 2,000 participants in 'Boubyan Gergean' at Shuwaikh Park.
