KIB Publishes Its First Annual Sustainability Report
Kuwait International Bank (KIB) rounds up the year on a high note, announcing the release of its first Environmental, Social, and Governance (ESG) report, which offers a detailed account of the Bank’s dedicated and expansive ESG efforts throughout 2021. The report shares invaluable insights on the market and the Bank’s proactive commitment to interdisciplinary sustainability, showcasing its ability to adapt its practices in order to remain true to its social responsibility towards the community it serves – even in the direst times, as witnessed during 2021, a year that was largely defined by the disruptive turbulence of the COVID-19 pandemic.
The report further emphasizes the role KIB plays as a leading national financial institution, an Islamic bank, and a signee of the UN Global Compact, in placing sustainability and the shared welfare of the Kuwaiti society at the heart of its operations, practices, partnerships, and events. This begins with the Bank’s smallest circle of influence, its staff, and extends to touch upon bigger circles that include its customers, the Kuwaiti community, its economy, and even the environment.
Commenting on the report, Raed Bukhamseen, Vice Chairman and CEO at KIB, stated: “Sustainability comes at the core of KIB’s guiding principles and operating model. As an Islamic Bank, sustainable operations are embedded within our DNA, and our key values stem from maintaining the highest level of ethical standards in all transactions, and following environmental, social, and governance (ESG) best practices.
“Powered by our goal of becoming Kuwait’s most sustainable Bank, we seek to provide sustainable financing solutions and expand our support of more sustainable and environmentally-friendly projects,” Bukhamseen added.
On his side, Nawaf Najia, Executive Manager of the Corporate Communications Unit (CCU) at KIB, said: “This inaugural report marks a major milestone in our sustainability journey; as we formalize processes and establish an operational infrastructure that ensures we remain more environmentally conscious and more socially inclusive, with a solid foundation of sound corporate governance to frame all our practices. Our vision to become Kuwait’s most sustainable Bank, we seek to provide sustainable and this report presents our practices, initiatives, and partnerships that have been undertaken or that will be undertaken to achieve. That includes all areas, such as: stakeholder rights; customer engagement, community engagement; female empowerment; Kuwaitization; SMEs and entrepreneurship support; employee professional development; local procurement; and economic advancement.”
Stemming from the understanding that happy employees are happy to serve customers and the community more efficiently and creatively, KIB is adamant in its efforts to create a healthy work environment where inclusivity and equality are defining characteristics. Under the umbrella of Kuwaitization, the Bank continues to put its national human capital at the forefront of its efforts by hiring and training aspiring talents, as well as consistently offering learning and growth opportunities to its staff.
On the customer-serving front, KIB continues to innovate banking products and services that offer timely response to the markets changing needs and growing aspirations, which is evident in the Bank’s seamless digital solutions, as well as its Islamic financing services – such as Murabaha and Musawama – not to mention its various deposit accounts.
In a bid to enrich the Kuwaiti society and contribute to its growth, KIB proceeds with zeal and resolute to consistently orchestrating events, campaigns, and programs that benefit different segments of society. At the forefront of such efforts is KIB’s unwavering support for local entrepreneurs – delivered through multiple channels, including KIB Mubader Center, the Group’s dedicated entrepreneurship support ecosystem. In addition, KIB has also invested greatly in raising the Kuwaiti society’s financial awareness through its contributions to the “Let’s Be Aware” social campaign launched by CBK– among other efforts. Other areas where KIB strives to raise awareness include health, sports, and education.
As the Kuwaiti society continues to grow and aspire for more, KIB remains abreast of the market’s needs, developing innovative banking products and services on the one hand, while also designing educational and awareness programs on the other hand – all with the aim of progressing the national economy and fortifying it against any unexpected challenges.
Kuwait International Bank
KIB a bank that operates according to the Islamic Shari’ah from 1st of July 2007, is a public quoted company. It was incorporated in 1973 and was originally known as the Kuwait Real Estate Bank.
As an Islamic bank, KIB’s business covers all banking services including Acceptance of Deposits, Financing Transactions, Direct Investment, Murabaha (auto, real estate and commodities), Ijara Muntahia Bittamleek (Lease-to-own) , Istisna’a, Tawarruq, Credit Cards, Wakala and other products. Corporate projects and finance, Treasury Services, Issuing Letters of Credit (L/Cs), Letter of Guarantee (L/Gs) and Real Estate Dealings and Management of Properties.