Sigma Capital

02-09-2024

KFH Group completes the conversion of Ahli United Bank – Egypt to Sharia-compliant banking

Source: MIST

zawya


Kuwait Finance House (KFH) Chairman, Hamad Abdulmohsen Al Marzouq has announced that KFH Group has successfully completed the conversion of Ahli United Bank – Egypt (AUB-Egypt) to Sharia-compliant banking. He emphasized the significance of this step as crucial in supporting KFH’s strategy aimed at expanding its Sharia-complaint banking operations in the Egyptian market that enjoys high growth potential.

In a press statement, Al Marzouq added that this is a qualitative addition to the Islamic finance industry in the region. He noted that it supports KFH’s efforts of strengthening its presence and increasing its market share in the Egyptian market by offering Sharia-compliant banking services that cater to the needs of customers. It also promotes KFH’s strategy of expansion and growth.

Al Marzouq indicated that this conversion is part of the strategic shift that the Group initiated following the successful acquisition of Ahli United Group-Bahrain in October 2022. It is also part of KFH plans to expand its Islamic banking services and broaden its presence at the local, regional and global aspects. He pointed out that the conversion of AUB-Egypt to Sharia-compliant banking is an extension of the previously achieved milestones of converting AUB-Bahrain and AUB-UK to Islamic banks.

Al Marzouq mentioned that completing the conversion in a timely and efficient manner, benefiting from KFH's expertise and professionalism in the Islamic finance industry, affirms KFH’s capability to implement sophisticated strategic projects quickly and effectively. It also highlights KFH’s leading role in driving the Islamic finance industry with disciplined and highly professional practices.