KUWAIT: Boubyan Financial institution has introduced KD 48.5 million in internet earnings for the yr 2021 with expansion charge through 41 p.c and an income in step with proportion of 13.57 fils along side a advice to distribute 5 p.c in money dividends and 5 p.c in bonus stocks. Additionally, the financial institution persisted its prudential means through allocating KD 50.8 million in provisions.
The financial institution’s Chairman, Abdulaziz Abdullah Al-Shaya commented: “Because of Almighty Allah, we constructed on our stories over the last years to proceed our remarkable ends up in 2021, and we aspire for extra achievements in 2022 in mild of many certain signs for 2022 underpinning this.”
Al-Shaya mentioned that all the Financial institution’s major signs witnessed a outstanding expansion in 2021 the place the overall blended property of Boubyan Financial institution Crew greater to KD 7.4 billion, rising 14 p.c, and the running earnings greater to KD 100.5 million, rising through 8 p.c in comparison with final yr.
Additionally, the overall of shoppers’ deposits grew through 10 p.c to achieve KD 5.6 billion, whilst the financing portfolio grew through 14 p.c to achieve KD 5.5 billion, and running source of revenue grew through 12 p.c to achieve KD 188 million.
Talking of the financial institution’s marketplace stocks, the financial institution’s proportion of native financing persisted its expansion adventure in achieving roughly 11 p.c in 2021, in comparison with 10 p.c on the finish of final yr, whilst Boubyan Financial institution’s proportion of retail finance grew to fourteen p.c, in comparison with 13 p.c as on the finish of final yr, thereby positioning Boubyan Financial institution in 3rd position amongst native banks on the subject of quantity of property and marketplace proportion.
A super yr of achievements
Adel Abdul Wahab Al-Majed, Vice-Chairman & Crew Leader Govt Officer of Boubyan Financial institution, mentioned: “Final yr used to be marked through milestones and successes accomplished through the financial institution in pursuit of its growth plans, which aimed additional native growth along with increasing locally and the world over.” “After 12 years of Boubyan’s transformation section, our running earnings have exceeded KD 100 million, and we’ve got now turn into the 3rd greatest financial institution in Kuwait on the subject of quantity of property and marketplace proportion. We at the moment are a gaggle of 3 banks; Boubyan, BLME and NOMO electronic financial institution, along with two subsidiaries; a Takaful insurance coverage corporate and Boubyan Capital Funding corporate”, he added.
Al-Majed stressed out: “Our achievements are because of Almighty Allah, after which many different components; essentially the most outstanding of which might be our transparent technique, solid govt staff over a few years, and specializing in prospects along with making an investment in electronic banking services and products and in our human sources with particular center of attention on our nationwide cadres.”
Global growth
“The financial institution’s global growth endeavors had been topped with good fortune, supported through electronic growth during the acquisition of the Financial institution of London and the Heart East “BLME” in 2020, the place Boubyan’s present conserving stands at 71 p.c. Following this, Boubyan Financial institution introduced final July the entire release of NOMO Financial institution in Kuwait and the United Kingdom as the primary Islamic electronic financial institution from London, which will be offering its services and products to Boubyan Financial institution’s prospects and non-customers alike,” he mentioned.
He went on so as to add: “We aspire for BLME to turn into the Islamic financial institution of selection for GCC prospects in the UK as we’ve got integrated a collection of guiding rules for the financial institution as part of its transformation technique following the purchase together with having a sustainable customer-focused emblem aligned with Boubyan Financial institution’s Crew”, he added.
Talking about NOMO Financial institution, Al-Majed elaborated: “The brand new NOMO digital-first banking revel in we could customers observe for a UK-based checking account in mins the use of their good telephones, thereby giving them the risk to revel in a novel banking revel in in Kuwait and international.” “This cuts out long software processes that may take a chronic time. Additionally, via an intuitive smartphone App, Nomo permits its prospects to spend, ship and make investments their wealth at the cross, with 24/7 get admission to anywhere their way of life takes them,” he added.
Al-Majed elaborated: “Nomo’s banking proposition is exclusive in that it offers non-UK citizens from Kuwait the outstanding alternative of opening a UK-based account and taking part in the numerous prestigious advantages of the United Kingdom banking device. Additionally, the native banking answers of NOMO Financial institution assist prospects keep away from prime global charges and open up funding alternatives that might no longer be normally to be had to non-UK citizens.”
Company banking… remarkable answers
Attracting corporations which beef up the nationwide financial system throughout more than a few sectors within the native marketplace stays probably the most vital targets of Boubyan Financial institution, which seeks to be accomplished via providing a choice of remarkable banking services and products and answers that meet all of the wishes of company prospects. The Company Banking Crew stays eager about persisted construction and enhancement of complicated electronic services and products, thereby increasing the scope of introduced services and products and reinforcing the suite of company banking services and products. Moreover, SMEs proceed to stay a key center of attention and retain the entire beef up of Boubyan Financial institution in enabling the expansion in their industry through providing them the most productive banking services and products and answers.
During the last years, the crowd succeeded in providing lots of the financial institution’s services and products digitally the use of state of the art generation; the significance of this center of attention used to be obtrusive right through the COVID-19 pandemic. The gang used to be additionally focused on staying up-to-date with the advance of technological and electronic facets of banking services and products and merchandise introduced to native corporations through including more than a few services and products, which can also be carried out on-line, or via Boubyan Company App.
Keeping up the management in electronic services and products
Over the new years, Boubyan controlled to monopolize International Finance’s award for the International’s Best possible Islamic Virtual Financial institution owing to the power of technique set through the financial institution for attracting and servicing electronic prospects, acquiring prime consumer adoption of electronic choices and offering them with state of the art services and products, and expansion of shoppers who use electronic banking services and products during the financial institution’s more than a few channels, whether or not via on-line banking or good telephones.
Moreover, Boubyan Financial institution excelled digitally final yr through increasing the services and products of youths’ account “High”, which changed into extra like a “financial institution inside a financial institution” running independently from Boubyan Financial institution. Boubyan additionally introduced the London-based NOMO Financial institution, which is the fruit of our investments in electronic services and products.
Boubyan concluded the yr through inking a very powerful settlement with DIFIC FinTech Hive to release a Boubyan Accelerator to spurn the expansion and growth of all forms of Kuwaiti tech startups out of the financial institution’s keenness to beef up younger Kuwaitis’ initiatives, making Boubyan Financial institution the primary financial institution in Kuwait to run this program for startups in Kuwait.
In 2021, Boubyan Financial institution persisted accelerating electronic transformation throughout all of its operations to support the robustness and integrity of its industry and the power to stay alongside of the numerous expansion within the financial institution’s operations with complete potency along with the have an effect on of those sensible steps at the environmental coverage and the fulfillment of global targets on the stage of sustainable construction.
The disaster brought about through the outbreak of the COVID-19 pandemic in Kuwait has printed the power of Boubyan Financial institution and its skill to proceed turning in its high quality customer support with out compromising the prime ranges maintained over the new years. This helped the financial institution proceed topping the pyramid of shopper provider in Kuwait, which used to be affirmed through being named the Best possible Islamic Financial institution in Buyer Provider for the 11th yr in a row since 2010 through Provider Hero, the global consumer-driven visitor delight index.
Al-Majed mentioned: “What outstanding Boubyan essentially the most used to be that regardless of the continuing expansion of its visitor base, this used to be no longer accompanied through inferior provider or any destructive have an effect on because of such an building up, which all the time represented a recent problem to our staff to care for the similar stage of provider.” Al-Majed went on to provide an explanation for: “Customer support is an integral a part of the financial institution’s tradition. It’s no secret that the majority banks be offering identical merchandise, on the other hand, our excellence and outperformance come via provider and the way in which of coping with prospects, particularly in Kuwait the place prospects have prime expectancies.”
Al-Majed highlighted that Boubyan Financial institution persisted receiving many awards in 2021 because it used to be named the Best possible Islamic Monetary Establishment in Kuwait through International Finance, which additionally named Boubyan Financial institution the International’s Best possible Islamic Virtual Financial institution, the Best possible Islamic Virtual Financial institution in Kuwait and the Best possible Islamic Virtual Financial institution within the Heart East.
Our society…. The best accountability
The yr 2021 has been no other than the former one on the subject of the state of instability that swept the sector and Kuwait owing to the ongoing issues and fears coming up on account of the COVID-19 pandemic, which affected many facets of lifestyles. 2021 swung between reopening at the start, adopted through partial lockdown, and in any case returning to customary lifestyles on account of vaccinating maximum of Kuwait’s inhabitants.
The previous yr used to be a vital milestone relating to Boubyan Financial institution’s continuation to adopt its social function via organizing many occasions and tasks, which highlighted its native management as to serving the society, and reiterating its CSR management place in Kuwait. In 2021, Boubyan Financial institution revealed its first sustainability document for 2020 titled (Sustainability – a Gene and Core Price) that tackles Environmental, Social, and Governance (ESG) sustainability signs, which might be a number of the vital facets to guage the financial institution’s efficiency and positioning in the neighborhood and locally.
In mild of this dedication to company social accountability, 2021 witnessed Boubyan Financial institution’s persisted acceleration of electronic transformation throughout all of its operations to support the robustness and integrity of its industry and the power to stay alongside of the numerous expansion within the financial institution’s operations with complete potency along with the have an effect on of those sensible steps on environmental coverage and the fulfillment of global targets on the sustainable construction stage, which is thought of as a primary pillar within the financial institution’s technique the place maintaining the surroundings and minimizing digital emissions and paper waste account for a primary phase.
Accordingly, the financial institution collaborated with one of the most native corporations to supply it with an built-in paperless setting, cut back printing prices, and be offering computerized file archiving answers, decrease running price and cut back transaction-processing time with a view to be offering swift and state of the art provider to Boubyan prospects.
Futhermore, as part of its company social accountability, the financial institution arranged workshops to more than a few executive entities and establishments on improving potency, effectiveness and alter control. The financial institution persisted supporting SMEs via many tasks, essentially the most important of which used to be supporting the youths’ initiative (Tetaman) in cooperation with Sheghel.com platform, the place a gaggle of freelancers introduced unfastened services and products to Kuwaiti SMEs’ house owners, particularly those that had been significantly impacted through the COVID-19 pandemic.
Additionally, and to beef up Kuwaiti sports activities following the previous interruption, the financial institution backed the Kuwaiti Handball League, being one of the most common sports activities in Kuwait along with being a sport, which is predicted to peer persisted of expansion over the impending years.
Younger & bold human sources
Boubyan offers a distinct consideration to its human sources as part of its industry technique as a contemporary financial institution that helps to keep up with global and regional trends via its younger control. The financial institution is understood for giving the youths an excellent main function, particularly because the financial institution supplies them with all of the coaching and educational sources that give them a very good alternative to realize skilled and sensible experience, and this makes them achieve nice revel in in comparison with their age.”
Boubyan Financial institution succeeded final yr in keeping up a prime nationwide manpower ratio that lately stands at 80 p.c roughly, which isn’t handiest the best amongst native banks but in addition on the stage of the Kuwaiti personal sector, the place the financial institution stands for example of a success native manpower recruitment and a author of very good task alternatives within the area.