KUWAIT: The Union of Arab Banks has named Adel Al-Majed, Vice-Chairman & Crew Leader Govt Officer of Boubyan Financial institution Crew, “Arab Banker of the Yr 2021”, making him the primary Kuwaiti banker ever to obtain the best popularity given through the Union for superb achievers within the Arab monetary and banking industry. Al-Majed used to be commemorated all the way through the respectable opening rite of the Arab Banking Convention held in Cairo underneath the auspices of HE Tarek Amer, Governor of the Central Financial institution of Egypt, and in his presence at the side of many Arab leaders and bankers.
The Board of Administrators of the Union of Arab Banks has unanimously licensed to honor Al-Majed in popularity of his profession that contributed to the expansion of the banking trade in Kuwait and the area during the last 4 a long time that he devoted to the banking trade whilst running for the Nationwide Financial institution of Kuwait, and then he moved to Boubyan Financial institution in 2009 to begin a brand new adventure filled with achievements.
In his speech, Al-Majed thanked the Union of Arab Banks for honoring him, whilst stressing that every one his achievements over his banking profession extending over 40 years have been attributed to the Grace of Almighty Allah, after which to all the ones he labored with who have been like circle of relatives to him throughout the entire departments and divisions the place he served resulting in the place he’s now.
“Over a couple of years, we controlled to reach double digit expansion annually throughout many vital monetary metrics. Via 2020, Boubyan had the second-highest selection of Kuwaiti prospects and had long gone from the smallest Financial institution in Kuwait to a forged quantity 3. Boubyan become an impressive power to cope with in Kuwait’s banking sector,” Al-Majed highlighted.
Al-Majed went on describing such achievements: “After 12 years of transformation, Boubyan Financial institution’s Crew now has 3 banks; Boubyan, BLME and NOMO virtual financial institution, along with a Takaful insurance coverage corporate, an funding corporate, and a services and products’ corporate.”
“Attaining to the place we have been in 2021 in particular used to be no longer simple; on the other hand, we will be able to summarize the explanations at the back of our good fortune in some issues, a very powerful of that are putting in a transparent technique, assembling an skilled govt crew, returning to the fundamentals of banking industry, specializing in customer support, making an investment in virtual banking services and products, making an investment in our human sources, and specializing in nationwide cadres.”
A 40-year banking profession
Al-Majed is a task type for Kuwaiti banking leaders who joined this trade within the 70s of the former century, with their ambitions to determine themselves through becoming a member of a then-new trade for the Kuwaiti youths, which used to be no longer horny for lots of causes associated with the tough nature of the banking industry.
It began with the go back of Al-Majed from the School of Trade, Alexandria College, with a bachelor’s stage to enroll in NBK, the place he spent maximum of his banking adventure. He then got here up throughout the ranks till he assumed the location of the Deputy CEO of the financial institution sooner than becoming a member of Boubyan Financial institution in August 2009.
Right through his tenure with NBK, Al-Majed won various experience in shopper banking, industry banking, regional banking services and products, non-public banking, core banking operations, IT, department services and products, virtual banking services and products, and the advent of on-line banking services and products for the primary time within the Center East along with being enthusiastic about administrative and company governance affairs.
A cup of espresso with CEO
We might be able to say that over 10 years, in particular sooner than the COVID, Adel Al-Majed, the CEO, met each worker in my view thru a financial institution custom referred to as “A Cup of Espresso with the CEO”, the place Al-Majed meets each different week with ten staff from more than a few departments and grades, who’re decided on through HR as in keeping with an agreed mechanism.
Right through those conferences, which prolong for greater than an hour, Al-Majed will get to grasp the financial institution staff, listens to their clear reviews and offers them the risk to specific themselves freely whilst paying attention to their concepts. Such conferences succeeded in developing pleasant airs throughout the financial institution and the financial institution benefitted from some reviews mentioned in those conferences.
Adel Al-Majed maintains superb relationships with more than a few media platforms ever since his days with NBK. It is extremely a lot to his credit score that he has superb relationships with all reporters and he has been speaking with them always with none conventional obstacles comparable to media places of work, secretaries, and so forth.
Additionally, Al-Majed is credited for being the primary CEO in Kuwait, and one of the most only a few CEOs within the area, to have more than a few social media accounts. This isn’t a very simple factor, particularly in Kuwait, which enjoys the best ranges of freedom of expression permitting other folks to specific their reviews freely over those platforms.
Al-Majed receives many day-to-day inquiries thru those accounts, particularly Twitter, along with messages bearing optimistic grievance of the financial institution’s services and products, which he accepts with an open thoughts with none objection out of his keenness on understanding the reviews of the financial institution’s prospects and non-customers in regards to the services and products and merchandise introduced to them.
Key monetary signs
All of the financial institution’s key monetary signs display the result of the efforts exerted through Al-Majed and his crew, which began appearing early through the tip of 2010. Not up to two in years into the turnaround, the financial institution’s financing portfolio had shifted, and it grew through over 73 %, from $1.6 billion in 2008 to $2.7 billion in 2010.
From 2010 to 2021, the retail financing portfolio – that accounted for a modest proportion in 2008’s financing portfolio – represented 42 % of the financing portfolio at $7.9 billion in 2021 (a 3-fold build up over seven years at a compounded annual expansion price of 17%). Company financing greater than doubled between 2008 and 2021 to $10.8 billion.
The composition of the financing portfolio shifted, too. Monetary establishments (except for banks) represented not up to 4 % of the overall portfolio in 2015, down from 46 % in 2008. The financial institution became successful in 2010, with a internet benefit of $20 million, from a internet lack of $171 million the former 12 months. Between 2010 and 2021, internet benefit grew at a compounded annual price of 21 %, achieving $106 million in 2021.
The financial institution’s property reached $24 billion in 2021, up from $4.4 billion in 2010, a compounded annual expansion price of 17 %. Non-performing loans remained low at 1 % of general loans impaired in 2021. From a marketplace proportion point of view, Boubyan struck gold with younger Kuwaitis. Via 2021, the financial institution counted just about 50 % of younger Kuwaitis amongst its prospects. The result of the focal point on carrier paid off because the financial institution persistently won the best degree of purchaser delight throughout banks within the nation, and used to be named the Highest Islamic Financial institution in Buyer Provider for 12 years.
Global growth
During the last years, Boubyan succeeded in finishing the purchase of the Financial institution of London and the Center East, the place Boubyan’s present conserving stands at 71% roughly, after which Boubyan Financial institution introduced the total release of Nomo Financial institution in Kuwait and UK as the primary Islamic virtual financial institution from London which will be offering its services and products to Boubyan Financial institution’s prospects and non-customers. Via this acquisition, the financial institution aspires to grow to be the Islamic financial institution of selection for GCC prospects in the UK as we’ve got included a collection of major 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.