Kuwait Finance House has launched operations in Egypt by acquiring Ahli United Bank Bahrain and rebranding it as KFH Egypt. The transition to a fully Sharia-compliant institution, completed in December 2023, aims to enhance its services in the Islamic banking sector. The bank reported substantial financial growth in 2024, underscoring its commitment to economic growth and customer service excellence in Egypt.
Kuwait Finance House (KFH) has officially begun its operations in Egypt through the acquisition of Ahli United Bank Bahrain, which was completed in 2022. The transition into a fully Sharia-compliant institution was finalized in December 2023, followed by KFH’s merger with Ahli United Bank Kuwait in February 2024. As a result, Ahli United Bank – Egypt has rebranded to KFH Egypt, representing its full integration and commitment to Islamic banking principles.
Hamad Al-Marzouq, the Chairperson of KFH, expressed excitement regarding the bank’s establishment in Egypt. He stated that the new identity for Ahli United Bank – Egypt marks a significant milestone that would enhance the Islamic banking sector in Egypt and contribute to its economic development. KFH aims to leverage its extensive experience as a leading bank in Kuwait and the second-largest Islamic bank globally.
The rebranding of Ahli United Bank Egypt to KFH Egypt symbolizes a commitment to operational excellence and customer service, characterized by extensive digital transformation initiatives. Al-Marzouq emphasized the importance of innovation and customer experience, asserting that KFH Egypt aims to lead in delivering Sharia-compliant products and services that meet customers’ needs.
Hala Sadiq, the CEO of KFH Egypt, highlighted that this transition goes beyond mere branding; it signifies full integration into KFH Group, a recognized leader in Islamic banking. She reaffirmed the bank’s focus on innovating Sharia-compliant solutions to meet evolving customer demands as part of their strategic expansion efforts.
In terms of financial performance, KFH Egypt demonstrated remarkable growth in 2024. The bank’s net consolidated profits reached EGP 5.5 billion, marking a 65% increase from the previous year. The total assets also expanded significantly to EGP 144 billion, driven by robust liquidity, strong asset quality, and an increasing customer deposit base of EGP 117 billion.
KFH Egypt, now operating 44 branches throughout the country, aims to positively impact Egypt’s economic development. This is to be achieved through the provision of Sharia-compliant financing solutions that support various sectors, including infrastructure projects, which will further drive financial inclusion and utilization of financial services in the region.
The recent expansion of Kuwait Finance House (KFH) into the Egyptian market follows its acquisition of Ahli United Bank Bahrain in 2022. The strategic move seeks to enhance KFH’s presence in the region, transforming Ahli United Bank – Egypt into KFH Egypt, fully adopting Sharia-compliant banking practices. This transition underscores KFH’s commitment to Islamic finance and aims to strengthen economic growth in Egypt through diversified financial services.
KFH Egypt’s transition marks a significant development in the Islamic banking sector within Egypt. With a strong capital base, modern digital banking services, and a clear commitment to customer satisfaction, KFH Egypt is well-positioned to lead the enhancement of Islamic financial services in the region. This strategic expansion and rebranding will amplify the bank’s impact on the Egyptian economy and the wider Islamic finance market.
Original Source: www.dailynewsegypt.com
