The banking sector of Kuwait has contributed crucially to the national as well as international financial affairs. From retail and corporate banking to Islamic finance, these institutions have been a catalyst in carving the path of success for Kuwait’s financial economy. Today, Kuwait’s retail banking sector is growing steadily and supporting the nation’s financial stability and economic progress. With the ever-increasing number of fintech startups in Kuwait, the retail banking industry has been playing an important role in boosting the Middle Eastern economy.
Warriors of the fintech battle-ground:
In the GCC region, while UAE’s commercial banks top the list with total assets of USD 775.2 billion, Kuwait is gaining on them with USD 320 billion worth of assets. In 2020, there were roughly around 28 financial technology startups in Kuwait. Reports from a major financial evaluator reveal that Kuwait leads the global financial center index with a score of 620, within the Middle East and Africa region. Kuwait also has tapped the Islamic banking sector in not just the Middle Eastern region but globally as well. As per the latest reports, the Islamic banks grew by 8.8 percent as compared to the conventional banks which grew only 0.5 percent at the same point of time.
Even though the numbers are strong enough for an industry, we should give due consideration for some of the top performers.. One of the largest lenders in the country, Al Ahli Bank of Kuwait has shown huge growth in terms of net profit in the beginning of the fiscal year 2023. One of the main reasons for the bank’s success is its commitment for customer satisfaction. It has enhanced the overall banking experience by prioritizing customers’ needs and investing in banking solutions. They have been providing exceptional banking and financial services in Egypt, Kuwait, and UAE. It has also been named one of the safest banks in the Middle East as a result of its rigorous efforts to provide a wide variety of financial services. The Al Ahli Bank of Kuwait also operates via its subsidiary ABK Capital which provides multidimensional services in the financial arena such as asset management, portfolio management, wealth management and investment, net banking, and cEven though the numbers are strong enough for an industry, we should give due consideration for some of the top performers. One of the largest lenders in the country, Al Ahli Bank of Kuwait has shown huge growth in terms of net profit in the beginning of the fiscal year 2023, One of the main reasons for the bank’s success is its commitment for customer satisfaction. It has enhanced the overall banking experience by prioritizing customers’ needs and investing in banking solutions. They have been providing exceptional banking and financial services in Egypt, Kuwait, and UAE. It has also been named one of the safest banks in the Middle East as a result of its rigorous efforts to provide a wide variety of financial services. The Al Ahli Bank of Kuwait also operates via its subsidiary ABK Capital which provides multidimensional services in the financial arena such as asset management, portfolio management, wealth management and investment, net banking, and consultation services for the Kuwait, Gulf, and Middle Eastern markets. Their banking services include personal and corporate banking, trade and finance, and treasury solutions within the Islamic framework. Considering these meritorious achievements and the bank’s incessant efforts to move towards a growth curve, the International Business Magazine felicitated the Al Ahli Bank of Kuwait as the Best Retail Bank Kuwait 2023.
Summing up:
In a nutshell, retail banking is a critical foundation for economic growth. Its vast network and digital services allow people and small businesses to access financial services conveniently. The use of block-chain technology has aided in the enhancement of banking operations by providing consumers with real-time remittances. Kuwait’s banks are ready to continue their outstanding development arc, backed by healthy balance sheets and possibilities for expansion both locally and throughout the region.
Blog by Madhulika Pandey
Also Read:
Egypt’s Emergence As MENA’s Leading Digital Banking Frontier
Kuwait’s Path to Prosperity: Unveiling the Power of Sustainable Banking
