Kuwait Finance
House (KFH) has made its official entry into the Egyptian market after
acquiring Ahli United Bank Bahrain in 2022, rebranding Ahli United Bank – Egypt
to Kuwait Finance House – Egypt (KFH Egypt) during a recent event.
This change
marks the full integration of Ahli United Bank Egypt into the KFH Group,
reaffirming the institution’s commitment to Islamic banking principles, as
stated in a press release.
KFH Chairperson
Hamad Al-Marzouq expressed his enthusiasm for the bank's new chapter in Egypt,
highlighting the importance of this expansion, stating “We are delighted to
establish our presence in Egypt, a key market, through the launch of the new
identity for Ahli United Bank – Egypt. As of today, it officially becomes
Kuwait Finance House – Egypt, a landmark step that will strengthen the
country’s Islamic banking sector and contribute to economic growth.”
Al-Marzouq also
emphasized KFH's solid foundation and extensive experience, noting that the
bank is the largest in Kuwait by market value, with a market capitalization of
around KWD 13 billion. The bank operates across 12 countries, including Kuwait,
Bahrain, Turkey, Egypt, Germany, and the UK, making it the world's
second-largest Islamic bank.
Focusing on
innovation and operational efficiency, KFH Egypt aims to enhance customer
experience through Sharia-compliant products and services. The bank's slogan,
“Horizons Without Limits,” embodies its commitment to embracing digital
transformation and its leadership in the Islamic finance sector, the company
explained in its release.
KFH Egypt’s
CEO, Hala Sadiq, highlighted that the rebranding represents more than just a
change of name, but a full integration into the internationally renowned KFH
Group.
Existing
customers will see no changes to their agreements, as KFH Egypt assured that
all contractual terms will remain intact until the maturity of financing
agreements, without additional costs or burdens.
In terms of
financial performance, the bank reported strong growth in 2024. The bank’s net
consolidated profits surged by 65 percent, reaching LE 5.5 billion, up from LE
3.3 billion in 2023. Total assets grew by 29 percent, hitting LE 144 billion,
while net income from returns increased by 52.4 percent, to LE 7.6 billion.
With a network
of 44 branches across Egypt, KFH Egypt is set to further its expansion across
the country.