Kuwait Finance House (KFH), one of the largest and pioneering Islamic banks, has been named as the 'Most Innovative Islamic Bank' at this year's London Sukuk Summit.
"The 2009 London Sukuk Summit Islamic Finance Awards" were given recently at a gala dinner in Radisson Hotel, London.
The awards were in recognition of the achievements, progress and effort by individuals and institutions in the Islamic finance space. This year there were 24 award categories.
The KFH won another award when Ali Al-Ghannam, head of International Real Estate at KFH, clinched the 'Most Innovative Islamic Real Estate Financing Transaction' for the $1bn investment in the Multi-Million Dollar Iskandar City Development Project in Johor in Malaysia through its long-term Al-Nibras II Fund.
KFH is one of the few banks that weathered the worse effects of the global financial crisis and subsequent credit crunch especially in Kuwait and the GCC countries.
The bank, earlier this year, reported total profits of KD379.35 million ($1.3 billion) for 2008 with assets increasing to KD10.54 billion and deposits to KD 6.612 billion. The KFH Board had also recommended a 40 per cent cash dividend, and a 12 per cent stock dividend to shareholders for 2008.
KFH in recent months has also been spearheading a global expansion drive which is yet another sign that the Islamic finance market is bouncing back albeit a bit more cautious and selective.
In other awards category, this year's 'Islamic Banker of the Year Award' went to Ayman Sejiny, CEO of Unicorn Bank in Saudi Arabia.
Sejiny is recognized for his role in helping to structure and launch the three Sukuk issued by Dar Al-Arkan Real Estate Development Company (DAAR) to date and in helping to establish Unicorn Investment Bank in Bahrain. DAAR is a major shareholder in Unicorn Investment Bank.-
From Trade Arabia News
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