Boubyan Bank is a Kuwaiti Islamic bank that was founded in 2004. The paid-up capital of Boubyan Bank exceeds 196.5 million Kuwaitis Dinars. Boubyan Bank is one of the developing banks in Kuwait and the Gulf Cooperation Council, profiting from its relationship with the National Bank of Kuwait, its primary shareholder, which is ranked among the top 300 banks in the world. Boubyan Banks’ journey includes many landmark transformation accolades and achievements which have created a distinguished financial institution operating in compliance with the principles of Sharia since the bank’s early launch date of 2004.
Its critical turning point occurred with the entry of the National Bank of Kuwait in 2009 as a major shareholder by restructuring its board of directors and executive management. The company adopted a new model based on returning to the core banking business and focusing on retail and corporate banking services.
Development of Boubyan Bank
Boubyan Bank right now is part of the National Bank of Kuwait group which is the largest banking group in the Middle East. They throw that Islamic banking is on the rise and as per the law here and because also from the psychological reasons they couldn’t get into Islamic banking within the MBK banking group. So they decided five years ago that they have to get into Islamic banking and therefore they bought 58 percent and a half of this bank through the current strategy.
The bank has achieved steady growth in its profits and has managed to increase and improve all financial indicators with assets exceeding 2 billion Kuwaiti dinars at the end of 2013. The growth is happening in two Islamic banks. Within the next four or five years, Islamic banking will be more than 50% of the banking sector in Kuwait Boubyan bank’s human capital represents the key pillar for the bank’s expansion plans and realized growth, especially considering that young Kuwaiti Kandra represents more than 67 percent of the bank’s actual workforce.
It can be a prime example of how the company is putting emphasis on developing the bank’s human resources via an academic medium. This unique institution strives to develop young Kuwaiti leaders working in the bank through distinguished training programs and postgraduate certificates. In cooperation with the most reputable international universities and academic institutions in our business and it’s in all the service business, human capital is the major factor.
Organizations involved in Bobuyan Bank
An ATM or a credit card is all the difference is going to be the people corporate social responsibility is a cornerstone in the bank’s activities and its role in serving society by launching initiatives that contribute to building awareness within the community and fostering its different sectors ranging from youth health education and environmental responsibilities. The big tree society is one of the key initiatives organized annually by the bank in cooperation with UNESCO which aims at spreading sustainable awareness throughout various schools in Kuwait by implementing environmental projects and programs and ultimately competing over the title of a best environmental project.
Conclusion
The bank’s vision for the future begins with implementing its new strategy entitled 2020 strategy based on a larger expansion in the Kuwaiti market while striving to see opportunities in external markets that the bank deems promising in the Islamic financial services. The world we have achieved a lot in the last five years but it’s very positive very optimistic as going as promised to be number three in Kuwait and hopefully to achieve also our aspiration internationally to be one of the biggest five banks in Kuwait.
