KIB named to the Inaugural Fortune 500 Arabia List
Cementing the Bank’s position as a market leader and patron of growth
Kuwait, 19 November 2023: In a testament to its outstanding business success, Kuwait International Bank (KIB) announced that it has been named to Fortune 500 Arabia’s inaugural list, which ranks the top 500 corporations from across 22 Arab countries in order of annual revenue. The Bank’s recognition rests upon its 32.26% year-on-year (YoY) rise in its revenue for 2022, which amounted to KD 132.66 million, up from KD 98.84 million in 2021.
Adding to KIB’s multiple banking accolades, its recognition on the Fortune 500 Arabia list will attract more regional and global investors, further catalyzing the Bank’s growth toward new definitions of banking success.
Commenting on this honorable recognition, Othman Tawfeqe, Retail Banking Department General Manager at KIB, said: “It is a great honor for all of us at KIB to see our unyielding pursuit of excellence and success recognized by an institution as prestigious as Fortune 500. However, being a Fortune 500 Arabia company isn’t merely a title to boast, but a responsibility toward our shareholders to continue setting new benchmarks for success in the market, and toward our customers and community to continue putting their best interest at the heart of all our decisions.”
“On behalf of all KIB staff, we are excited to continue journeying down this path of banking excellence and further consolidating our position among the leading Islamic banks in the region,” added Tawfeqe. “We firmly believe that this recognition will bring out the best in all employees across all departments who spare no effort to approach all opportunities and challenges with open hearts and minds.”
Looking past the revenue achieved by the Bank, KIB also remains committed to elevating the local banking experience to new heights by developing all its products and services, as well as programs and initiatives, to better adapt to customers’ ever-evolving needs, in line with the Islamic Shari’ah and latest environmental, social, and governance (ESG) standards.
It serves to note that KIB has been recognized by a number of notable awards, including the first-ever Qorus Reinvention Awards – MEA, and has received the World Finance “Best Islamic Bank in Kuwait” Award, in addition to many others.
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