Kuwait, 25 December 2023: For the second consecutive year, Kuwait International Bank (KIB) published its Annual Sustainability Report, which provides both qualitative and quantitative details about the Environmental, Social, and Governance (ESG) activities and practices that the Bank performed throughout 2022. It also gives a contextual account of the business ecosystem and its ESG readiness, providing a wealth of information for the different market stakeholders, from competitors to investors and more. The report comes as part of KIB’s committed adherence to ESG industry standards and recommendations, including transparency and reporting, in parallel with its responsibilities as a dedicated signee of the United Nations Global Compact.

 

Commenting on the release of the Bank’s second Annual Sustainability Report, Nawaf Najia, Executive Manager of ESG and Sustainability – Strategic Department at KIB, said: “The continuity of any financial institution depends on sustainability; and as Bank for Life, we are adamant about taking a sustainable approach to developing everything from operations to products and services, social events, human capital development, and more. On our mission to become Kuwait’s most sustainable bank, we pursue a very particular type of success, one that guarantees shared benefit for KIB as a business, our community, the domestic economy, and the welfare of the global population.”

 

“We also firmly believe that knowledge is power, that’s why we extend our efforts to develop the Kuwaiti banking and finance business ecosystem by sharing the knowledge we have acquired throughout the year and the insights we have gathered from our fieldwork and active ESG participation,” added Najia. “By initiating and participating in the vital conversations around sustainability, ESG, and conscious business practices, we hope to contribute to the holistic development of our sector and maximize the benefit that the market collectively reflects onto our economy and the maturity of our community.”

In its report, KIB listed the key highlights that defined its sustainability and ESG performance in 2022. The Bank noted that ESG Sukuk investments constituted 15.8% of the total Sukuk portfolio, while the total greenhouse gas (GHG) emission intensity stood at 19.67 mtCO2/employee. In addition, it reported a 37% year-on-year (YoY) growth rate for the financing offered to small and medium-sized enterprises (SMEs). On the human capital front, KIB revealed that 88% of its employees received one form or more of training in 2022 at an average of six hours of training for every employee, in addition to achieving a 73.9% Kuwaitization rate across its staff and raising the percentage of women in the workforce to 26.1%.

 

It serves to note that KIB received multiple accolades in recognition of its dedicated efforts, including Capital Finance International’s “Best Banking Vision in the Middle East and North Africa for 2022” and “Best Shari’a Compliant Bank in the Middle East and North Africa for 2022” awards. The Bank was also recognized by World Finance as the “Best Islamic Bank in Kuwait for 2022” and the bank offering the “Best Customer-Focused Islamic Banking Products and Services in Kuwait for 2022”.