Azentio digitally transforms Boubyan Bank's customer experience

Boubyan Bank, one of the leading Islamic banks in Kuwait and the GCC region has upgraded Azentio iMAL, marking a major milestone in its digitalisation journey to improve operational efficiency and elevate customer experience. The move has helped elevate customer experience across different channels, helping the bank achieve a 42% improvement in response time.

Azentio iMAL is an AAOIFI-certified Islamic banking platform, designed to empower financial institutions with solutions for retail, corporate, and investment banking. With iMAL, banks can deliver ethical, inclusive, and scalable services, while ensuring compliance with shari'ah principles.

The latest upgrade has empowered Boubyan Bank to overcome key operational challenges, delivering substantial efficiency gains that align with the bank's commitment to innovation and customer-centricity. Aarthi Ramesh, Chief Customer Officer at Azentio said: "Our enduring partnership with Boubyan Bank is a testament to our shared vision of innovative and shari'ah-compliant banking. The recent enhancements to the iMAL core banking system underline Azentio's unwavering commitment to developing solutions that address evolving customer needs and enable excellence in service delivery."

Abdulla AlKhuzam, CIO, Boubyan Bank, commented: "With a 42% improvement in response time, the recent upgrade has revolutionised our operations at Boubyan Bank, allowing us to tackle critical challenges and achieve remarkable efficiency improvements. Our customers will also benefit from the new enhancements including a 52.5% reduction in salary posting time, a 15% boost in CPU efficiency, and an over 80% decrease in database blocking and session times. These advancements have greatly enhanced our system performance, enabling us to better serve our customers and further our mission of delivering top-tier Islamic banking services."

Database blocking refers to blocking new change requests while changes are being made to part of the database so as to prevent conflicts.

Comviva partners Ooredoo Kuwait on data science and managed CVM engagement

Comviva, the global mobility solutions provider, has partnered with Ooredoo Kuwait to deliver contextual customer campaigns with MobiLytix Real Time Marketing, a machine learning-driven digital omnichannel marketing automation platform.

The solution uses advanced analytics and leading real-time technology that enables telecom operators to fully leverage "micro moments" of engagement with their customers to build customer life-time value. The machine learning models improve decisioning quality to drive customer experience, reduce churn and boost the operator's revenue.

Tapan Tripathi, CMO, Ooredoo Kuwait said, "Currently, a key focus area for us is the convergence of digital and analytics. We are looking forward to build this capability with Comviva, by leveraging its data science and managed CVM capabilities. Their machine learning-driven solution along with the managed CVM engagement will help us differentiate from the competition." CVM stands for customer value management or maximisation.

Manoranjan (Mao) Mohapatra, CEO, Comviva said, "Globally, to keep pace with demands of customers, organisations are increasingly leveraging digital technologies to offer seamless and omnichannel experience to their customers. Customer value management, coupled with advanced analytics is fast evolving and our industry experience, along with services that complement technology solutions sets us apart. This strategic partnership will enable Ooredoo Kuwait to provide an optimal experience for existing customers, while driving business opportunities."

Nirmal Upreti, Senior Director, Prepaid Marketing at Ooredoo Kuwait, said, "We are delighted to extend our partnership with Comviva, to deliver our data science programme using advanced analytics to build consumer insights that support our aim for digital leadership in the region. The partnership will allow Ooredoo to build a set of capabilities that empower our consumers on their digital journey, enabled by machine learning analytics."

Ramy Moselhy, Senior VP and Head of MENA Region at Comviva said, "Enabling our clients to execute actionable customer insights has always been our top priority. We are confident that our managed CVM and data science services supported by our next generation real-time platform that leverages advanced artificial intelligence (AI) and machine learning algorithms will drive incremental revenue for Ooredoo Kuwait and improve customer experience."

Comviva's MobiLytix is a real-time interaction management platform that leverages advanced artificial intelligence (AI) and machine learning algorithms to drive incremental revenue for enterprises. It delivers AI-backed contextual insights that provide customers the "next best offer" in real-time and at scale. The AI-driven platform leverages real-time transactional data in conjunction with a unified customer profile to build customer lifetime value.

Jordan receives aid package from KSA, Kuwait, UAE

KSA, Kuwait and the UAE will provide economic aid worth US$2.5 billion to Jordan, the Saudi Press Agency has reported. The decision was made after a meeting in Makkah, KSA to discuss the economic crisis in Jordan attended by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of KSA, King Abdullah II bin Al-Hussein of Jordan, Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah of Kuwait and VP and PM Sheikh Mohammed bin Rashid Al Makhtoum of the UAE, who is also Ruler of Dubai.

Based on the bonds among the four countries as well as the Arab and Islamic values and principles, the three countries will:

- Make a deposit at the Jordanian Central Bank.

- Provide guarantees for the World Bank in the interest of Jordan.

- Support the Jordanian government’s budget annually over the coming five years.

- Finance developmental projects.

Sabah Al Ahmed Masjid and Islamic Education Centre opened in Canberra

The Kuwait News Agency has reported that the Kuwait Ambassador to Australia, Najeeb Al-Bader, inaugurated the Sabah Al Ahmed Masjid and Islamic Education Centre on 4 May in Canberra, Australia.

The inauguration ceremony was held at the Canberra Islamic Centre and was attended by over 450 people.

In his speech Ambassador Al-Bader shared that the construction of the mosque and centre is the result of a partnership between the Kuwaiti embassy and Canberra Islamic Centre, backed by a donation from the Council of Ministers of Kuwait for about A$2 million. The project was launched after the Canberra Islamic Centre communicated the need for a mosque and centre to provide educational and religious services to the 10,000-strong Muslim community in Canberra. It aims to help the community to integrate into Australian society, spread the message of Islam, as well as promote interreligious plus intercultural dialogue and understanding. 

The Ambassador said the mosque is the first of its kind in Canberra and Australia, and is large enough to accommodate 1,200 male and female worshipers. It also includes classrooms that will host lessons on Quran memorisation, the teachings of the Prophet Muhammad (ﷺ) and Arabic. The gardens can be used for events.

Ambassador Al-Bader called for the continuation of the partnership between the Kuwaiti Embassy and the Canberra Islamic Centre. The Kuwaiti Embassy is to be a permanent member of the executive committee of the centre. 

Chris Crewther, Member of Paraliament for Dunkley-Victoria, spoke on behalf the Australian Prime Minister, the Honourable Malcolm Turnbull. He noted the importance of the achievement for the Muslim community, and said the launch reflects multicultural Australian society and its religious integration. 

Dr Walid Al-Shuaib, Undersecretary of the Ministry of Awqaf and Islamic Affairs for the Holy Quran and Islamic Studies, representing Minister of Justice and Islamic Affairs Dr Fahd Al-Afasi, shared that Kuwait provides humanitarian aid and charity to the disadvantaged anywhere in the world, regardless of religion, country, gender or colour. He stressed that the project would promote tolerance and equality while imparting Islamic values. 

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Etihad Holidays sets up operations in KSA, Kuwait, Oman and Bahrain

Etihad Holidays has launched operations in KSA, Kuwait, Oman and Bahrain to provide a wide choice of package holiday options to travellers in the four countries.

Launched in 2004, Etihad Holidays offers dynamically packaged holidays at exceptional rates at many of the world’s leading hotel brands. Guests can now book their flights with Etihad Airways and its partner airlines together with their hotel, rental car, transfers, tours and activities, with real time availability, at the best available prices.

The move follows the successful introduction of Etihad Airways’ holiday division in the UAE and India among other countries.

Darren Peisley, MD of Etihad Holidays’ parent Hala Group, said: “We continue our growth across the region, ensuring a new wave of customers have access to the great range of packages and hotels on offer through Etihad Holidays. We are excited to bring to residents of Saudi Arabia, Kuwait, Oman and Bahrain access to great rates for over 150 destinations around the world.”

The Etihad Airways Abu Dhabi Stopover Programme can be combined with any Etihad Holidays package, allowing guests to break their journey in Abu Dhabi, and take advantage of the special two-for-one night accommodation offers in the capital of the UAE.

Kuwait announces Eid weather forecast, MoI's plans for Eid

The Kuwait Meteorological Center forecasts a hot day and night for the week of Eid al Fitr due to the Indian Monsoon, the Kuwait News Agency (KUNA) has reported.

Abdulaziz Al-Qarawi, superintendent of the weather forecast, told KUNA that the maximum temperature will be between 44 and 46 degrees Celsius in the day for the first day of Eid, and between 29 and 31 degrees in the night. The second day of Eid, 26 June, will be marked by maximums of between 47 and 49 Celsius by day, and between 30 and 32 Celsius by night. The third day of Eid will remain relatively hot, he said.

KUNA has separately reported on the Ministry of Interior (Mol)'s preparations for Eid. The Director of the ministry's Security Media and Public Relations Department Brigadier Adel Al-Hashash has shared a security plan to control traffic at roads and intersections across the country as well as at border entry points. There is coordination round the clock among all security directorates and concerned bodies to carry out the plan, and negative behaviours like quarrels will be dealt with quickly.

According to KUNA, Al-Hashash appealed to parents to keep an eye on children in public places, and for drivers not to use their mobile phones while driving. He also urged people not to park at the places allocated to the disabled.

Kuwait Interior Ministry makes arrangements for Ramadhan

The Kuwait Interior Ministry (Mol) has made due arrangements to guarantee people's security during Ramadhan as per directives of the Deputy Prime Minister and Interior Minister Sheikh Khaled Al-Jarrah Al-Sabah, the Kuwait News Agency has reported.

The Director of the ministry's security media and public relations department Brigadier Adel Al-Hashash stressed the need for vigilance to guarantee full security control. The security arrangements for Ramadan are critical as there is relatively heavy traffic on the streets, especially in shopping areas and places of worship, during the month, Al-Hashash said.

The Mol is keen on streamlining the traffic, deploying patrols in major areas nationwide, he noted. The traffic lights will be recalibrated to fit with Ramadan's rush hours, mainly before maghrib.

Al-Hashash further noted that the Mol works hard to curb panhandlers in Kuwait, especially in the daytime during Ramadhan. The statement also cautioned that eating in public during the hours of fasting in Ramadhan is against the law. Offenders may be jailed for a month, asked to pay a KD100 fine, or liable for both penalties.

Why Viva Kuwait's YouTube ad got so many views in Ramadhan 2016

Starcom Mediavest Group and Caviar Creative won the first Lantern award for delivering the most engaging video advertisement on YouTube during the Ramadhan season with a campaign for telecommunications provider VIVA Kuwait in 2016.

Described on the Think with Google blog,  the media and creative agencies decided to take a different approach instead of running TV advertisements which are then repurposed for YouTube and print. The companies decide to go directly to made-for-YouTube content instead, centred on a locally-relevant theme: guests losing their cookware after bringing food to someone else's home, delivered with the same fast-paced comedic tone that had been used with Viva's 2015 Ramadhan campaign.

“Go native: use all your resources to make the story local, relevant and close to the heart of the target audience. In this case, sharing food is a big part of Kuwaiti culture, but what’s more interesting is what happens after the food is delivered, and the odyssey that many a dish might be misplaced before being reunited with its rightful owner,” says Haitham Al-Hajji, Managing Partner, Caviar Creative on the Think with Google post.

By using sequential storytelling, the team created a situation for users to eagerly anticipate what would happen next, in order to create high engagement within social media channels. The teaser video had a view completion rate of 94%, while the second part delivered a view completion rate of 100%. 

Mark Khoury, Client Managing Director at Starcom Mediavest Group, suggested that brands "start big, buy smart and go for high reach and impact". "Keep your eyes open and optimise, optimise, optimise – fine-tuning the intensity as needed will drive results,” he advised on the Think with Google post.

Interested?

Read about the case study

Watch the Viva Kuwait video

Warba Bank celebrates Nasdaq Dubai listing of US$250 million sukuk tranche

Source: Nasdaq Dubai. Celebrating the listing of Warba Bank's sukuk.

Shaheen Al-Ghanem, Chief Executive, Warba Bank, has rung the market-opening bell to celebrate the listing on Nasdaq Dubai of US$250 million perpetual tier 1 Basel III-compliant capital sukuk.

Warba Bank’s sukuk comprises perpetual tier 1 mudarabah capital certificates, non-callable before 14 March 2022, with the initial coupon set at 6.5%. The sukuk listed on Nasdaq Dubai on March 15, 2017.

The sukuk will further strengthen the Kuwaiti bank's capital base and support the bank’s continued growth and development as well as its commitment to Islamic finance. Established in 2010, Warba Bank is expanding its activities in the full range of banking and investment services in Kuwait in compliance with shari’ah principles.

The sukuk reflects the accelerating growth in financial markets ties between the UAE and Kuwait. It also reinforces Nasdaq Dubai’s status as the global leader for sukuk listings, with a total nominal value of US$46.31 billion from issuers in the MENA region and beyond.

The bell-ringing ceremony took place in the presence of HE Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM), and senior representatives of Warba Bank, as well as Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai and Hamed Ali, Chief Executive of Nasdaq Dubai.

Al-Ghanem said: “The success of our sukuk in attracting investors from Kuwait, the MENA region and beyond reflects the confidence of the market in Warba Bank’s strategy for growth and development across all our business areas including investment, treasury, corporate banking and retail banking. Nasdaq Dubai’s first-class listing environment, including its close links with regional and global investors as well as its international regulatory standards, provides important support for this capital-raising initiative.”

HE Essa said: “Warba Banks’s choice of Dubai for its sukuk listing further strengthens the collaboration between the capital markets of Kuwait and the UAE, which provides attractive opportunities to issuers and investors as well as supporting wider economic relationships within the GCC. The listing also strengthens the growth of Dubai as the global capital of the Islamic economy under the initiative launched by HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE VP and PM, and ruler of Dubai.”

Al Fahim, Chairman of Nasdaq Dubai, said: “Drawing on our unrivalled network of relationships with regional and international issuers, advisers and investors in the Islamic capital markets, Nasdaq Dubai will expand as a centre for listing sukuk and other Islamic products. We will further streamline and enhance our listing processes to meet the commercial needs of issuers.”

Chief Executive Hamed said: “As one of Kuwait’s and the region’s most active and prominent financial institutions, Al Warba Bank is a very significant addition to Dubai’s sukuk market. We are delighted to support the bank’s expansion across a range of activities by facilitating its capital raising needs and strengthening its links with investors, including through the high visibility that our listing platform provides across the region and internationally. We are in contact with a number of leading Kuwait companies and institutions and look forward to providing them with an effective listing venue that will assist their development strategies.”

Warba Bank operates through corporate, retail, treasury and investment business functions, offering a variety of banking and investment products as well as financial services to corporate and retail customers.

Islamic New Year to be celebrated on October 2 in Kuwait, UAE

Kuwait's Civil Service Communication has named October 2 as the holiday marking the Islamic new year, the year 1438, says the Kuwait News Agency. The holiday will be observed by all government agencies, institutions and ministries.

The Emirates News Agency (WAM) has similarly reported that the holiday marking the Islamic New Year for Federal Ministries and departments will be on October 2, with official responsibilities resuming on October 3. The agency cited an announcement from Dr Abdul Rahman bin Mohammad bin Nasser Al Owais, Minister of Health and Prevention and Chairman of the Federal Authority for Government Human Resources.

WAM also said the Ministry of Human Resources and Emiratisation has declared October 2 2016, an official paid holiday for all private sector employees in the UAE to mark Islamic New Year. The announcement was made by Saqr bin Ghobash Saeed Ghobash, Minister of Human Resources and Emiratisation.

Meanwhile, the Emirates Post Group that all post offices across the UAE will remain closed on the occasion of the Islamic New Year on 2 October, except for the Dubai Airport Post Office, which is open 24x7, and Das Post Office in Abu Dhabi. All post offices will resume work on 3 October, the organisation stated.

Gap invites kids to make wishes for Ramadhan at their Wishing Wall

Source: Al Tayer.

Gap, the fashion retailer, is displaying a Wishing Wall throughout Ramadhan at selecting stores in the Middle East.

Every child who visited the Gap store has the chance to draw or write a wish for themselves, their family or their friends and post it on the Wishing Wall.

The Wishing Wall is displayed in-store at Gap UAE, at Mercato Mall, Dubai Festival City, and Dalma Mall; Gap Qatar, Landmark Mall; and Gap Kuwait, 360 Mall.

Banks to be closed over Eid al Fitr holiday in Kuwait

All banks in Kuwait will be closed from July 5 to 9 for the Eid Al-Fitr holiday, the Kuwait Banking Association (KBA) has announced, according to a report from the Kuwait News Agency.

According to a notice by the Central Bank of Kuwait (CBK), all banks will resume operations on July 10.

The Civil Service Commission (CSC) had announced that the Eid Al-Fitr holiday starts on July 5 and ends on July 9 irrespective of whether the month of Ramadhan totals 29 or 30 days.

Boubyan Bank's first sukuk issuance is the first sukuk out of Kuwait since 2007

• Selection of Dubai as listing venue underlines emirate’s expansion as global capital of Islamic economy
• Exchange welcomes strengthening of ties with Kuwait’s capital markets, looks forward to further listings

Source: NASDAQ Dubai. 

Adel Abdulwahab AlMajed, Vice Chairman and CEO of Kuwait-based Boubyan Bank, rang the market-opening bell on 1 June to celebrate the listing on Nasdaq Dubai of the bank’s first-ever sukuk issuance, valued at US$250 million. The bell-ringing ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC), and Chairman of Dubai Financial Market (DFM); and Hamed Ali, Chief Executive of Nasdaq Dubai.

The issuance, which was more than five times oversubscribed, marks the first sukuk out of Kuwait since 2007, the first Kuwaiti bank sukuk and the first Basel III compliant tier I sukuk worldwide. It is also the first tier I sukuk out of the region in 2016.

The listing by a prominent GCC financial institution underlines Dubai’s status as the global leader for sukuk listings, with a total nominal value of US$44.06 billion from issuers in the Middle East and beyond.

HE Essa Kazim, Governor of DIFC, Secretary General of DIEDC and Chairman of DFM, said: “This listing by a major Kuwait entity further advances cooperation between GCC states in the capital markets sector, as well as the growth of Dubai as the global capital of the Islamic economy under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister, and Ruler of Dubai. Dubai looks forward to welcoming further listings from GCC and other issuers that will facilitate their success and enhance mutually beneficial economic development.”

AlMajed said: “Boubyan continues to be one of the fastest growing banks in Kuwait and the listing of our sukuk on the region’s international exchange enhances our global profile and strengthens our links to a wide range of Islamic and other investors around the world. Nasdaq Dubai provides our inaugural Islamic bond with high visibility in a respected listing environment regulated to international standards.”

Boubyan Bank’s US$250 million sukuk listed on Nasdaq Dubai on May 17. It was the 8th sukuk listing on the exchange in 2016.

With sukuk issuance taking a growing share of the debt markets in the GCC and many other countries, Dubai’s role as a centre of excellence for listing Islamic instruments is poised for further expansion. Total new sukuk issuance with a maturity of more than 18 months in the GCC, Malaysia, Indonesia, Turkey, Singapore and Pakistan reached US$11.1 billion in the first quarter of 2016, according to Fitch Ratings. This amounted to 39% of total bond and sukuk issues in those countries in the quarter, the highest proportion for eight years.

Saleh Al Ateeqi, Chief Executive Officer of Boubyan Capital Investment Company said: “Boubyan Capital ensured that the first sukuk issuance to be managed by the company was the Boubyan Bank issuance, because this is a very unique event, being the first issuance of sukuk in the world for the enhancement of tier 1 capital in compliance with the requirements of Basel III.”

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “The sukuk sector globally including Dubai is reaping the benefits of many years of development and infrastructure building, which has created the right technology and regulatory framework as well as the commercial knowhow to spur further growth. Nasdaq Dubai is working to further enhance its swift and responsive sukuk listing process, as well as its extensive post-listing services.

Hamed Ali, Chief Executive of Nasdaq Dubai, said: “This listing by Boubyan Bank represents a significant strengthening of ties with Kuwait’s financial markets and we look forward to welcoming further Kuwaiti listings on our platform, so that they can benefit from our close regional and global links with market participants and the high visibility that we provide. We will introduce further innovation and product development across the capital markets to meet the evolving needs of Kuwaiti and other issuers and investors.”

Interested?

AlMajed is available on Twitter at @adelaalmajed

posted from Bloggeroid

Winners of the 14th IDB Prizes for Science and Technology are from Kuwait, Turkey and Bangladesh

Three scientific institutions have won this year’s 14th IDB Prizes for Science and Technology.

The 2016 winners, chosen by an independent committee are:

• Kuwait Institute for Scientific Research (KSIR): Overall Outstanding Contribution to Social and Economic Development
KSIR was selected for its scientific and technological contributions and accomplishments, which have had a positive impact on the socioeconomic development of Kuwait and other IDB member countries. Its research and scientific achievements are centred on enhanced oil exploration, innovative desalination, waste water treatment and zero liquid discharge. KISR’s technologies in these fields are being used in the region and around the world. KISR has a longstanding tradition of fostering young talent and promoting innovative scientific research.

• NanoManyetik Bilimsel Cihazlar Sanayi ve Ticaret, Turkey: Most Outstanding Contribution in a Given Scientific Field

NanoManyetik Bilimsel Cihazlar Sanayi ve Ticaret was selected for its high quality of research and its commercial application in applied nanomagnetics. The company specialises in the development of sensing, measurements, characterisation and manipulation of nanosystems.

• Bangladesh Institute of Nuclear Agriculture: Most Noted Scientific Institution from a Least Developed Member Country The Bangladesh Institute of Nuclear Agriculture was selected for its outstanding contribution to the field of nuclear technologies in agriculture. The institute was established in 1961 to develop friendly nuclear technologies to enhance the performance of the agriculture sector, one of the major economic drivers in Bangladesh. It has a team of 170 scientists and researchers who focus on biotechnology and crop management. The team has published nearly 300 scientific research papers. The institute has successfully commercialised some of its technologies, with nearly 40 products on the market, and has close collaborations with many scientific institutions globally. 

"IDB is proud of their inspiring feats in the field of scientific and technological research. I hope other universities and scientific centres in member countries benefit from these admirable examples,” said
Dr Ahmad Mohamed Ali, President of the Islamic Development Bank (IDB) Group.

The prize was established in 2002 (1422) to promote science and technology excellence and capacity building in IDB member countries. Each year, three institutions are selected by an independent panel of eminent scientists outside the bank to receive the prizes, which consist of US$100,000 and a trophy.

The award ceremony will be held at the 41st Annual Meeting of IDB’s Board of Governors, which will take place in Jakarta, Indonesia from 15 to 19 May.

Boubyan Bank planning sukuk issuance in 2016

Boubyan Bank, an Islamic bank in Kuwait, has recorded a profit growth of 23% in Q116, amounting to net profits of KD 9.1 million.

Adel Abdul Wahab Al-Majed, the Bank’s Vice Chairman and CEO, said that this growth was achieved despite a highly competitive environment. Al-Majed also stated that the bank will issue sukuk this year to enhance the capital base through CET1 instruments as per Basel III instructions on a mudarabah basis.

posted from Bloggeroid

An estimated 8,000 Kuwaiti pilgrims for Hajj 2016

Source: Ministry of Haj, KSA. 

HE the KSA Haj Affairs Undersecretary Dr Hussein bin Nasser Al-Sharif has met with HE the Assistant Undersecretary of the Kuwaiti Ministry of Awqaf, Sheikh Mothieb Al-Uthina, and his entourage.

The meeting, which came as part of the Ministry of Haj's plans to coordinate with Offices of Pilgrims Affairs around the world, addressed arrangements and requirements of the Kuwaiti pilgrims coming to perform Hajj 2016 (1437). They discussed matters related to organising Kuwaiti pilgrims, their housing and transportation, and the services provided to them by Arbab Al-Tawaif Establishments, The Unified Agents Office, and General Cars Syndicate.

Dr Hussein Al-Sharif stressed compliance with guidelines on promoting pilgrims' awareness of all instructions prior to arrival. In particular, the safety instructions; use of the electronic portal; compliance with batch plans and schedules, and coordination with the Ministry's on-site units are essential to maintain pilgrims' safety.

The Office of Kuwaiti Pilgrims Affairs head praised the achievements executed at the Two Holy Mosques and the Holy Sites, and expressed gratitude to the Ministry of Haj for its cooperation and coordination, and the services it provides to them, and to all Haj offices delegations.

Kuwaiti's pilgrim quota this year is estimated at 8,000 pilgrims.

Interested?

Read the Suroor Asia blog post about the Ministry of Haj's overview of Hajj 2016
Read the Suroor Asia blog post on the meetings with the Iraqi and Bruneian Pilgrim Affairs Offices.

Kuwait Finance House launches Al Rabeh salary account

Kuwait Finance House (KFH) has launched the Al-Rabeh salary account, which offers clients the opportunity to win two 2016 Range Rovers and 3 kg of gold every quarter. Al-Rabeh is also an investment savings account that gives clients annual dividends.

The account is offered for clients wishing to transfer their salaries and manage their personal accounts with the ability to save and invest. Al-Rabeh account is available for individuals in KD, and it requires salary transfers to enter the draw. KFH invests 100% of the sum available in the account according to mudarabah principles, where profits are calculated according to the minimum monthly balance invested.

Interested?

Clients can open this account at any of KFH 64 branches around Kuwait. The draws are held in January, April, July, and October, provided that three rounds of salaries have been deposited in the three months prior to the draw, and a minimum monthly balance of KD50 by the end of each month is maintained. Every additional KD 50 in the account entitles clients to additional chances in the draw.

KFH saw over US$4.4 billion traded in the sukuk market

"Kuwait Finance House (KFH) volume traded in the sukuk market outpaced US$4.4 billion for the year 2015, an increase of 46% over the same period last year,” said Abdulwahab Essa Al-Roshood, Acting Chief Treasurer at KFH.

Al-Roshood added that KFH had contributed significantly to the secondary market deals of short-term sukuk by International Islamic Liquidity Management (IILM), contributing significantly to the increase of liquidity and support of Islamic financial markets. 

According to Al-Roshood, sukuk can be considered a powerful low risk investment finance tool. Sukuk are instruments of high liquidity active in the secondary market, providing flexibility and good returns, he said. 

He highlighted that sukuk contribute significantly to financing income-generating projects, boosting economic growth. Several countries worldwide, including Kuwait, are considering issuing sovereign sukuk to bridge deficits in their budgets resulting from the drop in oil prices.

Interested?

Read the Suroor Asia blog post about the IILM's primary partners

View the al Sabah Collection at the Google Cultural Institute

Source: al Sabah Collection, from the Google Cultural Institute. Captioned. 'Inscribed Royal Gemstone, 1,001 AD'. Rectangular emerald stone, w3.35 x h2.92 cm, inscribed with seven lines of 'naskhi' script from the Quran (2:255). View this item online.

The al Sabah Collection, regarded by international authorities as one of a small handful of the most comprehensive collections of Islamic art in the world.  has 48 items available for viewing online via the Google Cultural Institute.

The Collection was begun in 1975 when Sheikh Nasser Sabah al Ahmed al Sabah purchased a mid-14th century enamelled glass bottle from a London art gallery. Curated by Sheikh Nasser and his wife Sheikha Hussah Sabah al Salem al Sabah, the Collection was moved in 1983 from Sheikh Nasser’s private residence to a new location at the Kuwait National Museum. The building became known as Dar al Athar al Islamiyyah (DAI), and Sheikha Hussah became the organisation’s Director General. Since its inception in 1983, DAI has diversified from managing the loan of the al Sabah Collection of art from the Islamic world to the State of Kuwait to becoming an internationally-recognised cultural organisation.

The Collection has now grown to more than 30,000 objects representing the full geographic and chronological range of the Islamic world, from Spain to China, from the 7th to 19th centuries. It features all aspects of art, including arms and armour, calligraphy, carpets and textiles, ceramics, coins, ivory, jewellery, extraordinary manuscripts and miniatures, metalwork, scientific instruments, stone and stucco, wood and glass. The Collection actively publishes volumes focused on its holdings, organises special exhibitions, and loans objects to exhibitions elsewhere in the world.

Interested?

View the Suroor Asia blog post on the Google Cultural Institute and the Aan Collection

IDB calls for groundwork on Islamic microfinance

The President of the Islamic Development Bank (IDB) Group, Dr Ahmad Mohamed Ali, has called on experts in Islamic finance to take advantage of existing technologies and business approaches like mobile banking to develop smart Islamic microfinance. Such efforts, he said, can help the Islamic finance industry to be a leader in the global economy and stay ahead of the competition.

Dr Ali made the remarks while addressing the opening session of the Islamic Finance: Meeting Global Aspirations conference held in Kuwait City, Kuwait. The conference aims to prepare the ground for increasing financial inclusion and growth. Co-hosted by the Central Bank of Kuwait and the IMF Middle East Center for Economics & Finance, the conference provided an opportunity for global policy dialogue among high-level policymakers, regulators, conventional and Islamic standard setters, leading private and public sector financial institutions’ executives, and academics.

Dr Ahmad emphasised that Islamic finance encourages a fair socioeconomic system and can address financial inclusion via a two-pronged approach, namely using risk-sharing financing instruments as viable microfinance, and micro-takaful tools for individuals, micro-enterprises and SMEs; in addition to using Islamic redistributive instruments like zakah, waqf, sadaqah and qard-al-hasana to provide basic social safety nets such as food and shelter, to the very poor, helping them transition to economically active individuals.

Dr Ahmad further cautioned that “providing microfinance to individuals lacking entrepreneurial skills may lead to less than the desired outcomes”. “What is needed is an integrated finance-plus approach i.e. provision of financial services along with provision of related technical skills, regulatory support, assistance for product development and marketing, and increasing market access to SMEs’ products,” he said.

 

He further underlined the need to develop unique models for increasing access to finance for the SMEs, like creating dedicated SME-financing business units in Islamic banks, and developing the capital markets, Islamic equity and venture capital funds for SMEs.