An analytical study conducted by the Union of Arab Banks (UAB) has revealed that eight Kuwaiti banks have secured positions among the top 100 Arab banks in 2022. The combined assets of these eight banks amount to a staggering USD 343 billion, with a capital of approximately USD 35.8 billion, as reported by the Beirut-based UAB.
The eight Kuwaiti banks that have earned this prestigious recognition are the National Bank of Kuwait (NBK), Kuwait Finance House (KFH), Burgan Bank, Gulf Bank (GBK), Ahli United Bank of Kuwait (AUB), Kuwait Commercial Bank, Al Ahli Bank of Kuwait, and Kuwait International Bank.
According to the UAB report, NBK holds the highest capital among the listed banks, followed by KFH and Burgan Bank in third position. In terms of total assets, KFH emerges as the largest bank.
It is worth noting that “The Banker” magazine released data in November 2023, which revealed that the United Arab Emirates (UAE) leads the pack with 18 banks among the top 100 in the Arab world. Egypt comes in second with 11 banks, while Saudi Arabia and Bahrain both have 10 banks each. Qatar and Jordan follow closely with nine banks each, and Kuwait, Oman, and Morocco have eight banks each. Tunisia boasts six banks, Lebanon has two, and Palestine has one bank.
The study also identified 22 Islamic banks, with the following distribution: five banks from Qatar, four from Saudi Arabia, three from Kuwait, the United Arab Emirates, and Bahrain, two from Egypt, and one each from Jordan and Oman. These rankings were based on the major capital of 2022.
These rankings highlight the strength and stability of Kuwait’s banking sector, as well as its significant contribution to the overall Arab banking landscape. The presence of Kuwaiti banks among the top performers is a testament to their sound financial management practices and ability to navigate challenging market conditions.
Furthermore, this achievement reflects the resilience and adaptability of Kuwait’s economy, which has been able to weather various economic challenges and emerge as a key player in the Arab financial sector.
The success of Kuwaiti banks can be attributed to several factors. Firstly, the country’s regulatory framework ensures transparency, accountability, and adherence to international standards. This provides investors and customers with confidence in the integrity of the banking system.
Additionally, Kuwait’s strategic location and well-established infrastructure make it an attractive destination for regional and international investors. The country’s stable political environment and commitment to economic diversification further contribute to the growth and stability of its banking sector.
As Kuwait continues to invest in its human capital and embrace technological advancements, its banking sector is well-positioned to further strengthen its global presence and contribute to the development of the Arab economy as a whole.
In conclusion, the recognition of eight Kuwaiti banks among the top 100 Arab banks underscores the country’s strong financial sector and its ability to compete on a regional and international level. With their impressive assets and capital, these banks have demonstrated their commitment to excellence and their role in driving economic growth in Kuwait and beyond.
Source: KUNA
Source: TimesKuwait
