(MENAFN - Arab Times) Kuwait Finance House - Bahrain (KFHB) was honored with the "Institutional Excellence" Award at the 20th Anniversary World Islamic Banking Conference (WIBC) prestigious Gala Dinner & Awards Ceremony, held on Dec 4, 2013 at the Gulf Hotel. The Award was presented to Abdulhakeem Alkhayyat, the Managing Director & CEO of KFHB by the Governor of the Central Bank of Bahrain, H.E. Rasheed M. Al-Maraj. The WIBC Awards are among the oldest and most prestigious in the world. Based on a number of criteria, assessed by the WIBC Awards Committee, the 'Institutional Excellence' Award is presented to KFH-Bahrain in recognition of its successful role as the Lead and Transaction Advisor for the three way bank merger in Bahrain. It also merits the achievements of an institution in the field of Islamic finance that has excelled in the key performance criteria, including significant contributions to the international expansion of the industry. In addition, several other criteria were used to determine the winner, including excellence in leadership and overall strategic direction of their Islamic banking & finance activities.
Abdulhakeem Alkhayyat, the Managing Director & CEO of KFH-Bahrain commented "Winning this prestigious award proves the market's understanding of the need to create stronger entities, as this is the first ever merger of its kind that has resulted in creating a robust merged entity that is positioned to better compete in the dynamic and growing global Islamic banking and investment industry". "We are delighted to have been awarded such a prestigious accolade, especial on the event of the 20th Anniversary of the WIBC. I would like to thank H.E. Rasheed M. Al-Maraj, the WIBC Awards Committee and all those who have voted for us for having the confidence in the Bank for us to gain this achievement." Abdulhakeem Alkhayyat also wanted to thank KFH-Bahrain employees, and in particular the employees at the KFH-Bahrain Investment Department, on their efforts in successfully completing the merger between the three financial institutions.
Alkhayyat further commented "Our aim as an institution is always to provide the highest quality in everything we do in order to provide our clients with the products and services they deserve." "I would also like to congratulate The World Islamic Banking Conference for its contribution to the industry over the past twenty years as it has become recognized as an essential platform to support the development and improvement of the global Islamic banking industry." He added. The WIBC Awards are the internationally renowned pinnacle of professional achievement, recognizing excellence in the global Islamic finance industry for 20 years. Kuwait Finance House-Bahrain is a provider of Islamic commercial and investment banking services. Established in 2002 as a wholly owned subsidiary of Kuwait Finance House (Kuwait) - an industry leader for more than 30 years - KFH-Bahrain specializes in developing and bringing to market the highest quality Islamic compliant banking and investment products, all of which are delivered by a staff of experienced and dedicated professionals with a deep understanding of the market and the clients we serve.