KFH ratings in Top 500 Islamic institutions worldwide

AJP:Kuwait Finance House (KFH) excelled in The Banker's Top 500 Islamic institutions from around the world, with an achievement of 30% increase in profits. It also surpassed all banks in return on assets by attaining a rate of 2% . In addition, Kuwait Finance House came in second in total assets after government -owned Milly Bank from Iran.

The Banker's list, which is a subsidiary of Financial Times, includes major Islamic banks that operate in the Gulf Cooperative Council (GCC) region, Asia, Middle East and Europe, as well as other major banks worldwide.

Kuwait Finance House has once again remained resilient as reflected in its third quarter financial results. It reported total profits of KD 463.42 million (USD 1740.06 million) in the third quarter of 2008, constituting an 18% increase from KD 393.46 million (USD 1478.06 million) over the same period last year. Net profit to shareholders increased by 25% to KD 220.59 million (USD 828.66 million), with a 25% increase compared to the same period last year, while year-on-year assets expanded by 28% to KD 10.54 billion (USD 39.59 billion) from KD 2.29 billion (USD 8.60 billion) over the same period last year. The results also indicate an annualised return on assets (ROA) of 3% and return on shareholder's equity of 24%.

The financial results indicate that more than 97% of its earnings have resulted from operational profit, which confirms KFHKFHKuwait Finance House
KFH's integrity and strength as factors contributing to the successful implementation of its plans.

It is also worth noting that The Banker accorded Kuwait Finance House
"The Best Bank in Kuwait" award for 2007, enforcing that Kuwait Finance House is not only a successful Islamic financial organisation, but also a model for Islamic banks worldwide. In addition, MEED magazine, a renowned publication credited Kuwait Finance House as a leader amongst Kuwaiti banks and third amongst all Middle Eastern banks. This was based on capital market value, where Kuwait Finance House soared with USD 21.8 billion (KD 5.9 billion).

Other notable achievements include the "Best Islamic Financial Institution in the Middle East" from the Banker Middle East magazine and "The Best Islamic Bank for Ijarah" award from Euromoney, in which Kuwait Finance House has won for three consecutive years. In addition, Kuwait Finance House received another accolade from Jeans Transport Finance, for the "Best Deal in Financing Airplanes for 2005" for its leading role in financing Al-Jazeera Airlines, the first private airline in Kuwait.

Also, the Gulf Studies Centre in London credited Kuwait Finance House as one of the best financial institutions in the gulf over the past twenty-five years for having achieved added economic value.

In the field of distinguished qualitative achievements, Kuwait Finance House has always been a leader and has played a significant role in elevating Islamic finance, to a position where it is today a vital element of the global economy.