Adel Al-Majed, Boubyan Bank’s vice-chairman and group CEO, details the bank’s commitment to innovation, customer satisfaction, and sustainable growth in Islamic finance.
Global Finance: Boubyan Bank has been named the World’s Best Islamic Digital Bank for 11 consecutive years. What sets you apart from the competition?
Adel Al-Majed: As Kuwait’s leading Islamic digital bank, Boubyan is known for blending innovation with trust. Over 95% of transactions are digital, featuring first-to-market innovations such as Msa3ed (AI assistant) and instant digital card issuance. Prioritizing customer experience, we achieved market-leading customer satisfaction index (94%) and net promoter score (73%) through seamless omnichannel journeys. All innovations adhere to sharia principles. Operating like a tech company, we form agile squads and partner with fintechs, exemplified by our partnership with Deema to launch Kuwait’s first buy now, pay later offering.
Boubyan is driven by innovation, customer focus, and digital transformation, making us synonymous with convenience. Our strategic partnerships enable personalized experiences. Customer satisfaction is key, earning us “Best Islamic Bank in Customer Service” award for 15 years in a row [from Service Hero’s MENA customer satisfaction index]. We redefine Islamic banking through technology and tailored products for corporate and individual clients. Strategic investment in our staff also proves crucial to our ongoing success.
GF: What were Boubyan Bank’s most significant wins over the past year?
Al-Majed: We’ve had a fantastic year, effectively building on our strengths. We’ve seen significant growth across the board, especially in profitability for our consumer and corporate banking sectors. We are proud to hold strong as the third-largest Kuwaiti bank in terms of assets and loans. On the retail side, we remain the go-to bank, particularly for young people, and are proud to be ranked number one for our mobile app and consistently recognized for customer service and innovation. A significant highlight for us was publishing our fifth consecutive Sustainability Report, showcasing our commitment to transparency and sustainable practices. We also successfully issued $500 million in senior unsecured sukuk—a major achievement.
GF: Looking ahead, what are Boubyan Bank’s top strategic priorities for the next few years, and how are you gearing up for long-term growth?
Al-Majed: Our Boubyan 2028 five-year strategy, launched in 2024, is fully aligned with our vision, mission, and ESG goals. Our focus is to grow and strengthen our presence both locally and internationally, diversify products and services, and explore new growth opportunities—all while operating efficiently. Our ambition is to become a leading Islamic full-fledged bank for high-value individuals and companies, emphasizing innovation and digital excellence. We will continue scaling our core businesses, expanding Boubyan Group’s offerings, and seeking strategic partnerships to maintain growth momentum. Ultimately, our focus is on customer-centricity, continuous innovation, operational efficiency, and significant shareholder value.
GF: Which sectors or client segments are really driving your growth, or where do you see the most exciting opportunities right now?
Al-Majed: Primary growth stems from Kuwait’s young, affluent population, highly engaged with our digital offerings like the PRIME app and gamified savings. This segment drives 16% of our personal finance market share and 17% of card spending. Our premium and private banking segments remain our most profitable, offering tailored wealth and investment solutions. For businesses, SMEs represent a growing opportunity, with our ePay and business-banking platforms simplifying operations. Internationally, Nomo Bank in the UK has created a new gateway for our customers who want sharia-compliant cross-border banking. Real estate has historically driven market growth, accounting for approximately 18% of the total market. We are now exploring related sectors, such as industry and construction. Kuwait’s trade and construction sectors have been booming, vital for the country’s diversification away from oil in keeping with Vision 2035 and supported by improved infrastructure. Our commitment to adaptation, partnerships, and investment ensures sustained growth in these key sectors.
