In turbulent times, those who stay still are destined to be left behind. And the past few years have been among the most turbulent in living memory, with Covid-19, climate change and war in Ukraine all having a significant impact.
The financial sector has not been immune to this turbulence. But in facing these challenges, those institutions that lead the way in new markets and products can prosper, according to Adel Al Majed, Group CEO and Deputy Chairman of Kuwait’s Boubyan Bank.
Although the challenges facing the world right now have led Boubyan Bank to re-examine its strategy, its global operation remains committed to its twin focus on wealth management and digital banking.
Over recent years, the bank has reached maturity in Kuwait, where it is now the third largest institution. The focus now is on maximizing opportunities throughout the world. Our international expansion has been approved by the board and a key component of this is the development of wealth management services for Gulf Cooperation Council (GCC) citizens beyond the Middle East.
Islamic banking in a digital world
At the heart of Boubyan’s international offering is digital finance. To this end, the bank recently launched Nomo, the first international Islamic digital bank. This is the cornerstone of our international efforts.
As the first digital Islamic bank operating worldwide, Nomo Bank caters for GCC residents who would like to open a bank account for use in countries like the UK. It is a truly ground-breaking product that allows customers to spend, send and save their money internationally, 24 hours a day, wherever in the world they happen to be.
The service has been running for a year, during which it has proven to be a great success. Consequently, we are increasing our product lines and will be able to go fully international from next year.
Banking on a greener future
Alongside our strategic aims, Boubyan also recognizes the part it can play in the move toward a carbon-neutral future. Fortunately, the world of Islamic banking is prepared for this. By its very nature, Islamic banking focuses on financing productive sectors, leaving us well placed to meet this challenge.
And in our position as a leading financial institution in the Middle East, we play a major role in setting the agenda for the region. The Kuwait 2035 vision articulates the ambition to position the country as a regional hub for finance and trade, while meeting the United Nations Sustainable Development Goals 2030 agenda.
For Boubyan, our strategy is to grow the wealth management and digital banking sectors. Our fellow banks in Kuwait are also expanding their operations, while the National Bank of Kuwait is expanding its presence in the GCC.
This will help Kuwait achieve its long-term aims while successfully diversifying its economy, developing infrastructure and continuing to improve the lives of all Kuwaitis. Boubyan is proud to be playing its part in achieving this ambition.