Abu Dhabi Islamic Bank is focusing on innovation and digitalisation to drive growth in sharia-compliant lending

Islamic banking is a financial system that operates based on the principles of Islamic law. Also known as sharia, the law prohibits charging interest (riba) and engaging in speculative or unethical business practices.

Islamic banking has gained popularity in the region due to its ethical and transparent approach to finance, which aligns with the cultural and religious values of many of the Middle East’s citizens.

In recent years, sharia-compliant banks have expanded their offerings beyond traditional retail banking services to include corporate, business, private banking and wealth management solutions.

The Middle East is home to some of the largest and most successful Islamic banks in the world, including Abu Dhabi Islamic Bank (ADIB).
With more than $40bn in assets, ADIB is one of the largest Islamic banks globally and offers online, mobile and phone banking services to its customers, providing seamless digital access to their accounts 24 hours a day. Established in 1997, the bank has a presence in six strategic markets, namely Egypt, Saudi Arabia, the UK, Sudan, Qatar and Iraq.

ADIB is targeting continuous innovation of sharia-compliant products to support customers across the retail, small and medium enterprise (SME) and corporate landscape.

Digital innovation

The bank has a rich track record of innovation, including introducing award-winning products such as the Ghina savings account, co-branded cards with Abu Dhabi flag carrier Etihad Airways, Dubai’s Emirates airline and local telecoms provider Etisalat, and a wide range of financing products.

ADIB’s 2025 strategy is built on four strategic pillars:

• Continuous innovation
• Segment focus
• Digital transformation
• Sustainability

As the banking sector undergoes rapid digitalisation, traditional banks are actively adopting new technologies to enhance their products and services. Case in point, ADIB has been actively pursuing digital transformation initiatives to enhance customer experience and drive efficiencies across its operations.

As part of its 2025 strategy, the bank is also expanding its operations and enhancing its digital capabilities.

ADIB plans to launch innovative digital ventures and new business models while focusing on building its strength in the Emirati retail segment and attracting new business segments to grow profitably.

These initiatives demonstrate the bank’s commitment to digital transformation and its efforts to stay ahead of the curve in a rapidly evolving banking landscape.

In addition, sustainability has become a critical success factor for ADIB, with matters of diversity, climate change, staff wellbeing and governance at the forefront of its strategic priorities.

ADIB has been named the Mena Islamic Finance Bank of the Year at the Mena Banking Excellence Awards 2023.

The Kuwaiti lender is prioritising customer protection, transparency and compliance to deliver high-quality financial services.

With the increasing adoption of digital payments and the growth in online transactions, ensuring secure and reliable payment execution has become a top priority for financial institutions.

In addition, banks must also comply with regulatory requirements and promote customer protection to maintain a high level of trust with their clients. Case in point, Ahli United Bank (AUB) Kuwait is committed to delivering high-quality financial services to its customers with a strong focus on customer protection.

The bank’s remittance department plays a crucial role in its operations, managing local and international inward and outward remittances with a focus on optimal business practices.

Secure transactions

AUB has invested in information technology systems such as SWIFT Payment Controls and SWIFT GPI to ensure fast, accurate and reliable payment execution while mitigating fraudulent attacks.

The lender also collaborates with the GCC cross-border payment system AFAQ (Arabian Gulf System for Financial Automated Quick Payment Transfer) to execute remittances in the region, thus promoting economic and financial integration while mitigating financial risks.

In addition, AUB has partnered with the Central Bank of Kuwait to launch and implement the Kuwait National Payments System (KNPS) programme. This aims to modernise the country’s national payments and settlement process as well as enhance customer services and cost-effective solutions.

Promoting integrity

Customer protection is paramount to AUB, with the bank committed to adhering to fair treatment, honesty and quality financial services principles. AUB processes all relationships and transactions with customers impartially and with integrity, providing clear and easily comprehensible information on services and products.

To ensure compliance with its business objectives and regulatory requirements, the lender has aligned its information security operations with its overarching goals. It has established the necessary governing frameworks, policies and procedures to provide customers with financial services within a culture of integrity and transparency.

Quality pillars

AUB’s customer protection strategy is based on four pillars that ensure compliance with the Central Bank of Kuwait’s instructions. These are:

• Fair and equal treatment
• Disclosure and transparency
• Financial awareness and culture
• Professional behaviour

The bank offers special assistance to customers with limited income or education, senior citizens and those with special needs, without discrimination based on gender or other biases. It also disseminates clear and accurate financial and banking information to existing and potential customers, and its website includes a dedicated page on financial awareness.

AUB maintains a culture of integrity and credibility, providing extensive training to all employees to ensure compliance with its customer protection principles. The lender’s information security risk management processes, privacy and security practices, annual training and awareness campaigns, and adherence to external security standards and best practices, all contribute to protecting its clients against financial fraud.

Ahli United Bank CEO Jehad Soud al-Humaidhi has won the Mena Islamic Banker of the Year award at the Mena Banking Excellence Awards 2023. The bank has also won accolades in the Best Remittance Service and Excellence in Customer Protection/Fraud Control categories.

The Omani lender is strategically diversifying its portfolio to provide customers with a personalised experience.

Private banking is a specialised service that caters to high-net-worth individuals and has been experiencing significant growth in Oman in recent years.

As customer demand for tailored financial services grows, lenders are seeking ways to offer customised services such as wealth management, investment advice, concierge services, and exclusive events and experiences.

Strategic expansion

Oman’s Ahlibank has recognised the importance of providing customers with a personalised experience and now offers a broad spectrum of financial and lifestyle benefits and services in the sultanate. The lender has also implemented a strategic plan to increase its branch network to meet the needs of its expanding elite customer base.

Ahlibank has adopted a well-structured methodology to introduce new products and services for its private banking customers, which it offers under its ‘Exclusiv’ umbrella. This programme provides a diverse range of financial and quality-of-life benefits and services aimed at maximising returns and satisfying the lifestyle needs of elite clientele.

For instance, Exclusiv members receive personalised services from a dedicated relationship manager, discounted bank charges, competitive exchange rates, and complimentary signature debit and infinite credit cards. These cards provide exclusive benefits including airport lounge access, dining discounts, merchant discounts, travel insurance, purchase protection, extended warranty and 24-hour concierge services.

With this approach, Ahlibank aims to strengthen its customer relationships and enhance its overall banking experience.

Wealth management

Wealth management services are another critical component of banking for high-net-worth clients. In addition to helping them manage their finances and investments to maximise returns and mitigate risks, these services provide comprehensive solutions for affluent customers seeking to expand and safeguard their wealth. The solutions include personalised financial advisory services and custom investment portfolios tailored to specific client requirements.

Ahlibank’s Exclusiv programme includes a comprehensive wealth management service tailored to meet client needs.

The lender’s private banking team strives to offer exceptional services supported by experienced professionals such as relationship managers, portfolio analysts and investment specialists. With the support of this team, the Exclusiv programme prioritises customer experience and provides a range of investment solutions to maximise returns and minimise risks effectively.

The programme also offers premium service centres and lounges for conducting banking transactions privately as well as investment solutions in dual-currency deposits, structured notes, fixed-income securities, real estate funds, mutual funds and multi-manager funds.

With a focus on customer experience, Ahlibank’s long-term strategy prioritises enhancing the value of its clients’ wealth while precisely meeting their financial and investment banking needs.

Digital wealth

Meanwhile, digital wealth is an emerging trend in the financial services industry that aims to use digital technologies to provide wealth management services to clients. This includes using digital platforms to offer investment solutions, automate wealth management activities and provide clients with a seamless banking experience.

The rise of digital wealth has been driven by the increasing demand for personalised and convenient wealth management services, especially among younger, tech-savvy generations. As a result, many financial institutions are investing heavily in digital wealth management to remain competitive and meet the evolving needs of their clients.

In Ahlibank’s case, the lender initiated two primary digitalisation programmes in 2022, one of which is named Digital Wealth. Its objective is to establish a fully digitalised back-office system, a comprehensive wealth advisory dashboard and automation for wealth management activities including client reporting.

In addition, the Digital Wealth programme will serve as a client portal that will enable customers to trade mutual funds, providing a new and unique service. This is the initial phase of a series of digital initiatives launched by Ahlibank, with the lender aiming to leverage the existing digital capabilities of technology to align with the best global practices in the digital arena.

Valued partnerships

Ahlibank’s partnership with UK-headquartered All Funds Bank is a good example of the importance of partnerships in the banking and financial services industry.

By teaming up with All Funds Bank, Ahlibank Wealth Management has expanded its partner network and gained access to a wider range of investment solutions.

This joint venture has not only provided new markets and solutions for Ahlibank’s clients, but it has also increased the bank’s visibility in the global market.

All Funds Bank is a digital platform that has optimised Ahlibank’s speed of access to investment solutions, a move that aligns with the Omani lender’s objective of becoming a digital wealth service provider.

Ahlibank has won the Best Private Bank – Oman award at the Mena Banking Excellence Awards 2023.

The Omani lender is using innovative technology and robust initiatives to promote social development in the sultanate.

The role of corporate social responsibility (CSR) initiatives and sustainability has become increasingly significant for banks as they aim to align their business operations with the broader goals of society.

Lenders such as Bank Muscat have been actively involved in CSR programmes that contribute to the social, economic and environmental development of their communities.

Moreover, banks are leveraging digital solutions to enhance the customer experience and provide convenient and accessible services. This is evident from the surge in registered mobile and internet banking users at Bank Muscat, reflecting the lender’s commitment to leveraging advanced technology to meet evolving customer needs.

Key growth factors

Bank Muscat’s success can be attributed to several key factors significantly contributing to its growth and development. Notably, net interest income from conventional banking and net income from Islamic financing totalled RO344.86m in 2022, registering a 2.8 per cent uptick from the previous year. Additionally, non-interest revenue grew by 12.9 per cent, primarily due to higher investment income.

One of the factors has been the bank’s focus on strengthening its customer service offerings by leveraging advanced technology and digital banking solutions to meet the evolving needs of its clients. As a result, registered mobile and internet banking users have surged to 1.4 million, reflecting the lender’s commitment to providing convenient and accessible banking services.

Ensuring CSR goals

In addition, Bank Muscat has continued its essential role in supporting small and medium enterprises (SMEs) in Oman by providing a free, advanced entrepreneurial programme to 30 top performers from the lenders’s Al-Wathbah SME Academy.

Bank Muscat’s dedication to CSR and sustainability remained unwavering throughout 2022 through several programmes and one-off activities, supporting various social investment pillars. The lender’s CSR initiatives have been centred around the pillars of youth and sports, economy, education, environment and social welfare.

Bank Muscat has also completed its Tadhamun programme for the 10th consecutive year in partnership with the Ministry of Social Development. This initiative has provided household appliances to more than 200 families on social welfare across different governorates in Oman. In addition, the lender participated in the annual ‘Fak Kurba’ initiative organised by the Oman Lawyers Association for the fifth consecutive year, and contributed to securing the release of individuals convicted of financial default in 260 humanitarian cases.

Furthermore, Bank Muscat has extended its support to 20 additional sports teams from different governorates during the year through the Green Sports programme. This brings the lender’s total number the total number of beneficiaries to 163 teams comprising more than 50,000 members across the sultanate.

Bank Muscat’s success in its various business verticals and its commitment to CSR and digital banking initiatives make it a benchmark for financial institutions seeking to build a better future.

Bank Muscat has been named the Best Retail Bank – Oman at the Mena Banking Excellence Awards 2023.

BNP Paribas Wealth Management has gained a competitive edge with its unique footprint and investment expertise.

Wealth management has become an increasingly important part of the banking industry as lenders seek to expand their offerings and meet the evolving needs of their clients.

It involves providing tailored financial advice and investment solutions to high-net-worth individuals and families, and often consists of a range of services including asset management, financial and estate planning.

For banks, wealth management can be profitable, with high fees and commissions, and can also help diversify revenue streams. In addition, strategic geographical expansion can play a crucial role in wealth management as lenders seek to tap into growing markets and reach new clients.

BNP Paribas Wealth Management has differentiated itself from its competitors by implementing an integrated model that leverages the extensive global capabilities of the BNP Paribas Group. This model comprises a well-conceived footprint, exceptional investment expertise, advanced credit capabilities and proficiency in socially responsible investment (SRI).

The bank boasts an extensive presence across the Gulf, and offers industry-leading investment expertise in advisory and discretionary portfolio management, alternative and responsible investments, wealth planning, and investment solutions.

Significant credit

BNP Paribas’ credit capabilities are noteworthy, as demonstrated by its significant credit envelopes that enable the lender to cater to the credit requirements of its clients. Furthermore, the bank’s experience in SRI enables it to support clients in their efforts to make a positive impact.

BNP Paribas aims to become the reference bank for entrepreneurs and families, and has made several efforts to meet this ambition.

In 2017, the bank revamped its strategy to accelerate the development of the Middle East and Africa (MEA) region. As a consequence, its assets under management (AUM) have doubled since 2018.

Furthermore, BNP Paribas has defined its key strategic priorities in the 2022-25 plan by specifically focusing on the wealthiest clients in the UAE and Saudi Arabia.

Prioritising the customer

BNP Paribas Wealth Management prioritises its clients and community by bolstering its digital capabilities, facilitating intimate client relationships, and enabling access to a global array of products and expert advisers. Despite the challenges presented by the Covid-19 pandemic and prevailing market conditions, BNP Paribas Wealth Management has seen robust financial and commercial success in the past three years, with increasing client trust and satisfaction.
As a result, the bank’s balance sheet is robust, with EUR461bn ($509bn) in liquidity reserves and a common equity tier 1 (CET1) ratio of 12.2 per cent as of December 2022. In the future, it aims to build closer relationships with clients in priority markets by providing global access to the best products and engaging with the community.

Innovative services

BNP Paribas’ diverse range of services, including private and alternative investments, discretionary portfolio management and strategic asset allocation, have garnered market recognition. In addition, its digital transformation efforts have resulted in the development of creative solutions such as digital platform myWealth, powerful decision-making tool Strategic-A and discretionary management service myMandate.

The bank’s continued success can be attributed to the robustness and pertinence of BNP Paribas Wealth Management’s value proposition, as evidenced by the bank’s strong financial and commercial performance, market recognition and high levels of client support and satisfaction.

BNP Paribas has been recognised as the winner of the Mena Private Bank of the Year category at the Mena Banking Excellence Awards 2023.

Commercial International Bank is streamlining financial services by delivering structured solutions for trade transactions.

Egypt’s Commercial International Bank (CIB) offers trade finance services to clients through its extensive domestic branch network and correspondent banking relationships.

The lender’s trade finance division has witnessed considerable expansion in recent years and, as of November 2022, had initiated a total of 44,661 transactions valued at £E188bn ($6.1bn). Despite challenging global circumstances, trade finance revenue reached £E1.1bn year-to-date (YTD) in November 2022, representing an impressive 48 per cent increase from £E717m YTD in November 2021.

Capitalising on its domestic branch network of more than 200 branches and sales offices across Egypt, CIB can provide global coverage when required. The lender’s trade sales activities are conducted through three main client relationship groups, namely Global Customer Relations (GCR) or Corporate Banking, Enterprise and Governmental Relations (EGR) and the Consumer Banking or Business Banking Group (BB).

Meanwhile, CIB’s financial institutions products team specialises in delivering structured solutions to exporters, importers and banks engaged in trade transactions with CIB, including forfeiting, letter of credit (LC) refinancing and risk participation.

Technology revamp

CIB has undertaken a revamp of its online corporate portals, culminating in the launch of the CIB Business Online platform, which is a corporate portal that provides customers with a unified interface to manage their cash management, supply chain finance (SCF) and trade service requirements.

This platform has successfully provided its corporate clientele with a comprehensive suite of cash management products and services customised to meet their unique requirements, leading to a marked improvement in payment management, enhanced working capital efficiency and streamlined information management.

Noteworthy achievements

Additionally, the registration of 9,067 customers on the trade portal, with a migration rate of 42 per cent, has resulted in a considerable cost synergy reduction of £E19.7m for trade transactions. The online origination of newly issued transactions amounting to £E42.7bn for trade transactions is a significant achievement for CIB’s online trade finance platform.

The lender has developed a trade transformation programme to achieve near straight-through-processing (STP) for all trade transactions and processes. This strategic initiative is designed to significantly reduce the processing time for trade finance products and enhance customer experience, positioning CIB as Egypt’s preferred trade service bank. The trade transformation programme leverages automation and new technologies to streamline transaction processing turnaround time (TAT), reduce manual intervention, increase cost synergy, and standardise trade services by automating tracers and service level agreements (SLAs).

Furthermore, CIB’s trade transformation initiative incorporates automated client engagement through SMS/email notifications, commission and charge collection automation, and accelerating transaction processing and screening against international negative lists.

Timely delivery

It is worth noting that the lender has prioritised the prompt and efficient delivery and servicing of its diverse range of products to clients. To this end, CIB’s global transaction banking (GTB) group works closely with customers to provide a seamless transition to the CIB Business Online platform, encompassing the bank’s trade finance, cash management and supply chain finance activities.

In addition, the lender’s sales and product activities are benefiting from the support of dedicated trade operations and IT groups committed to ensuring superior processing quality, operational efficiency and minimising the TAT for each trade transaction.

Commercial International Bank has been named the Mena Trade Finance Bank of the Year at the Mena Banking Excellence Awards 2023.

The Qatari lender is leveraging advancements in artificial intelligence to enhance sharia-compliant banking services.

In recent years, technology has played a significant role in developing Islamic banking services, enabling lenders to offer creative and personalised solutions to their customers.

As innovation and technology drive financial services to new heights, Qatar-based Dukhan Bank is leading the charge by offering comprehensive sharia-compliant banking services, including wholesale, retail and private banking, and wealth and asset management.

Underpinned by Qatar’s National Vision 2030, Dukhan Bank utilises its strong balance sheet and a customer base of more than 150,000 to deliver financial solutions that cater to the evolving needs of customers and shareholders alike.

Powered by AI

Artificial intelligence (AI) and chatbots have revolutionised customer service in the banking sector, providing customers with efficient and hassle-free access to banking services and helping banks improve customer engagement and enhance their services.

By leveraging AI technology, chatbots can deliver prompt and personalised solutions to customers while eliminating errors in text and voice messages. The benefits of this technology are evident in the success of Dukhan Bank’s multi-channel virtual assistant, Rashid, which has been honoured with the Best Multi-Channel Offering award at the Mena Banking Excellence Awards 2023.

The chatbot platform that powers Rashid deploys the most advanced AI technologies, including natural language understanding (NLU) to eliminate errors in text and voice messages.

Rashid leverages natural language processing and machine learning to provide customers with prompt, personalised and efficient solutions to their banking queries. The platform offers an enterprise software solution and this enables conversations that simulate a real-life interaction between two individuals. Additionally, customers can access the platform’s features through any channel including intranet, WhatsApp, the corporate website, internet banking and mobile banking.

Rashid can converse with customers in Arabic and English while simultaneously managing multiple tasks and intricate queries, including questions on account balances, mini statements, card balances, card instalment details, spending analytics and merchant offers.

In 2023, Dukhan Bank intends to expand the virtual assistant’s repertoire by introducing several additional services including fund transfers, activation and blocking of cards, credit card and utility bill payments, and customised client recommendations.

Through Rashid, Dukhan Bank has exemplified how investing in the right technology can transform the way businesses engage with their customers. Rashid aims to eliminate the barriers between complicated application interfaces and customers looking for secure services.

Dukhan Bank has secured multiple accolades at the Mena Banking Excellence Awards 2023, including Best Private Bank – Qatar, Best Multi-Channel Offering and Excellence in Omni-Channel Integration. Additionally, Chaouki Daher, general manager and head of private banking, has been named Mena Private Banker of the Year.

In collaboration with the Ministry of Housing & Urban Planning (MOHUP), state-owned Eskan Bank is developing sustainable financial solutions to meet Bahrain’s housing challenges and boost economic activity.

The demand for social housing units recorded by the ministry has risen considerably, leading to pent-up demand waiting to be served. This situation has created pressure on the government to build more housing units and provide a growing rental budget to citizens who have been waiting for more than five years.

Bahrain’s housing challenges also include limited resources and lengthy construction periods. To address these issues, Eskan Bank and MOHUP have devised sustainable solutions aiming to serve the maximum number of citizens in the shortest time frame. This move would benefit all stakeholders including the government, applicants and the private sector.

Sustainable approach

Eskan Bank’s sustainable solutions have expanded the social housing finance solutions available in Bahrain and increased the amount of subsidised mortgage transactions recorded by the lender as well as private sector banks. Eskan Bank now offers several solutions, an increase from the previous four, with the mortgage floor raised from $50,531 to $106,382, and the ceiling raised from $159,574 to $186,170.

These new subsidised mortgage programmes have allowed private sector banks to enjoy wider participation in the country’s social housing portfolio, creating increased demand for real estate and driving economic activity.

Eskan Bank’s solution aims to attract private sector developers and financiers, and enable them to enhance their role in social housing, leverage public funds allocated to social housing, and empower beneficiaries by introducing immediate mortgage solutions that cater to all segments with utmost flexibility.

To implement the scheme, the lender now allows social housing service beneficiaries to obtain subsidised mortgages from partner banks, whereas previously, they were offered solely by Eskan Bank. There are also schemes where the lenders provide the mortgage to the citizens while the government subsidises their instalment payments.

Legal framework

Eskan Bank has worked diligently to develop the legal framework for the subsidy programme and has collaborated with MOHUP and the relevant ministries to obtain the cabinet’s approval.

Together, they have ensured compliance with all regulatory bodies and have budgeted the subsidy requirements with the government for such housing programmes.

Eskan Bank has won the Best Innovation Programme trophy at the Mena Banking Excellence Awards 2023.

Jehad Saud al-Humaidhi on empowering women and advancing Islamic finance

AUB Kuwait CEO has been recognised as the Mena Islamic Banker of the Year at the Mena Banking Excellence Awards 2023.

What inspired you to pursue a career in banking and how did your journey with Ahli United Bank start?

Banking is a highly demanding profession that appeals to individuals who are willing to embrace and thrive in a challenging environment. As such, I have found that banking closely aligns with my personal and professional aspirations. This career path offers ample opportunities for ongoing, rapid-paced training and personal development. I started my journey at Ahli United Bank (AUB) Kuwait, where I was involved in the technological aspects of banking. And ever since, I have played a pivotal role in the inception and development of the bank’s digital and operational platforms.

What advice would you give to young women who aspire to become leaders in the banking industry?

My advice to young women who are starting their banking careers is to prioritise self-confidence and remain focused on their objectives. It is essential for every individual to plan ahead for each task or project and to establish achievable objectives from the outset, and women should do the same.

How does AUB support the development of Kuwaiti women in the banking sector and promote inclusion?

The AUB group upholds the highest standards of diversity and fair treatment without any form of discrimination. Our workforce includes individuals of varying genders, religions and backgrounds who work in harmony.

Women and men are equally empowered with training opportunities and career advancement. Our focus is on employee efficiency and achievements, and these are our key drivers.

Can you provide examples of recent initiatives AUB has undertaken to improve its products and services?

There are a multitude of such initiatives that AUB has undertaken, including the recent launch of a cutting-edge business-to-business (B2B) application, which was launched with a free-style operating model. Additionally, AUB is a pioneer in introducing Apple and Google Pay in Kuwait. We regularly enhance and benchmark all of our products against the market to ensure continued improvement.

What initiatives has AUB undertaken to promote social responsibility and sustainability in its Islamic banking products and services?

A dedicated department at AUB has been designated to oversee all corporate social responsibility (CSR) activities and goals, with a suitable budget allocated for this purpose. An annual plan and programme charter have also been approved, and include various initiatives such as supporting government health programmes, aiding the elderly, assisting the needy and handicapped, and promoting charitable and athletic pursuits.

What role will Islamic finance play in supporting sustainable and long-term investment decisions?

Islamic lenders offer a range of competitive products and services that cater to clients from all backgrounds, irrespective of their religion, location or nationality. Our sharia-compliant products present excellent opportunities for investment. At AUB, we take great care to tailor our savings, finance, real estate and investment products to suit the specific needs of both Muslim and non-Muslim clients alike.

What are the growth prospects for Islamic banking in Kuwait and beyond, and how is AUB positioning itself to take advantage of these opportunities?

It is anticipated that the growth rate of Islamic banking will surpass that of conventional banking in 2023, with double-digit growth projected. This noteworthy expansion is being observed on a global scale, particularly in the GCC.

At AUB, we are committed to seizing every viable opportunity to participate in syndication finances for infrastructure and megaprojects, as well as in corporate, small and medium enterprise (SME) and consumer banking.

Are governments and central banks doing enough to support the Islamic finance industry?

In Kuwait, the government and the central bank are working together to bolster the banking sector and safeguard the market.

Through the Central Bank of Kuwait’s (CBK’s) efforts to uphold a robust financial stability system and the Ministry of Finance’s sponsorship of government investments, the financial system is advancing steadily and securely.

Moreover, CBK and the government are lending their support to all digital initiatives, which are expected to elevate the industry to new heights. However, it may be prudent to give greater priority to expediting the issuance and approval of laws to align with the evolving global economy.

Ahli United Bank Kuwait CEO Jehad Saud al-Humaidhi has been recognised as the Mena Islamic Banker of the Year at the Mena Banking Excellence Awards 2023.

National Bank of Bahrain is setting new standards in online financial services with its tailor-made offerings.

Bahrain’s highly developed financial sector has made it necessary for banks to differentiate themselves and adopt new technologies and initiatives in order to gain a larger market share.

Retail banking is a significant part of this sector and banks need to offer innovative and tailored solutions to attract and retain customers. In addition, the domestic and international competition in Bahrain’s banking industry means that lenders must stay on top of the latest technologies and initiatives to remain competitive.

Tech integration

Given the rapidly changing technological landscape and evolving customer needs, the need for digital transformation in the financial services industry is critical. As the sector continues to evolve, digital technologies are playing an important role in transforming the industry.

Banks in Bahrain have been embracing digital transformation to enhance their services and stay competitive. Several lenders have launched digital-only subsidiaries, and many others are introducing innovative solutions such as mobile banking apps, contactless payment systems and loyalty-based rewards programmes.

One of the lenders at the forefront of this digital transformation is National Bank of Bahrain (NBB). To meet the demands of a new era of customers, NBB has developed tailor-made banking products and services. The lender is setting new benchmarks in digital banking services and introducing creative solutions that deliver instant customer benefits.

Protecting customers

Biometrics technology is increasingly being used in digital banking to enhance security and provide a frictionless user experience. With features such as fingerprint and facial recognition, customers can quickly and securely log in to their accounts, complete transactions and access other banking services with ease, eliminating the need for traditional passwords or PINs.

To ensure customer data and privacy are protected, NBB has integrated advanced biometric authentication features such as fingerprint and facial recognition for a fast and secure login process. These features provide an added layer of security for customers’ accounts and make digital banking more convenient and seamless for NBB’s clients.

NBB has won accolades in two categories at the Mena Banking Excellence Awards 2023: Best Retail Bank – Bahrain and Best App for Customer Experience.

NBB has also revamped its digital mobile application and about 70 per cent of new digitally opened accounts have been secured so far this year, with more than 47 per cent of customers registering digitally, representing a 32 per cent increase compared with 2022.

Rewarding loyalty

In today’s fiercely competitive retail banking industry, acquiring new customers and retaining existing ones is a top priority. One effective way that banks accomplish this is through loyalty programmes. Such initiatives offer rewards and incentives to customers for their continued patronage, encouraging them to remain committed to the bank over the long term.

NBB’s Points loyalty programme enhances customer loyalty by providing a customised automated rewards system that aligns with the bank’s digital strategy. With a focus on enhancing customer experience, NBB has made it convenient for customers to sign up for the Points programme by using their NBB Digital Banking app login credentials.

Customers can download NBB’s Points loyalty programme via iOS and Android mobile applications. The programme offers a wide range of benefits, from donating to charities to redeeming points for air miles, receiving instant cashback on their cards, and earning rewards on transactions. It also supports Bahrain’s SME segment with a portal that enables businesses to launch their own offers, adjust their duration and reflect these changes instantly to the customer’s Points app.

National Bank of Kuwait is nurturing female talent and spearheading initiatives towards gender diversity and equal opportunities in the workplace.

In today’s global business environment, it’s essential for banks and financial institutions to achieve diversity and inclusivity in their workplace.

An increasing number of organisations are now recognising the benefits of having a more diverse workforce, such as increased innovation, higher employee satisfaction and better financial performance.

National Bank of Kuwait (NBK) has made conscious efforts to transform traditional mindsets and establish a conducive environment for cultivating female talent and preparing them for leadership roles in the corporate world.

In this context, initiatives like the NBK Rise global women’s leadership programme, which aims to enable women to attain senior leadership positions across various business sectors, are critical to promoting gender equality in the workplace. Such initiatives also help organisations meet their social responsibilities, support sustainability objectives and foster positive change in their communities.

The NBK Rise programme is being led by Shaikha al-Bahar, deputy group CEO of NBK, and was developed by Najla al-Sager, head of talent management, and Alia Abu el-Fath, head of corporate communications at NBK Capital.

NBK Rise aims to foster positive change in Kuwait’s corporate community and support NBK’s sustainability objectives. It includes an exclusive nine-month programme that brings together female leaders from across the globe and enables participants to share their experiences and work with prestigious universities and industry leaders to develop leadership techniques.

Each participant receives mentorship and management support from experienced industry leaders. Graduates mentor future candidates, thereby creating a self-sustainable cycle of empowering female leaders.

Knowledge transfer

In addition, the programme comprises several training modules created by renowned business schools such as Spain’s IE Business School, France’s Insead and US-based FranklinCovey. These modules are designed to develop the leadership, strategic, communication and interpersonal skills of professional women participants, preparing them for higher leadership roles.

NBK’s goal is to transform attitudes and promote women’s leadership in Kuwait, the region and the world.

Universal goals

The lender committed to furthering the UN’s Women’s Empowerment Principles (WEP) in 2017 and supports women’s empowerment through various initiatives such as learning and development, career development, workplace gender diversity, non-discrimination, equal opportunities and providing insights from the private sector’s point of view. NBK has played a pivotal role in organising a pledge among leading regional and global corporations to increase women’s representation in leadership positions.

Additionally, the NBK Group hosted the NBK Rise exhibition at its headquarters to promote women leaders and inspire more women to take up leadership positions.

The exhibition creatively portrayed the different aspects of leadership, using installations and interactive stations to send out inspirational messages on what it takes to be a successful leader.

National Bank of Kuwait has won multiple awards at the Mena Banking Excellence Awards 2023, including Best Implementation of Diversity & Inclusion Initiatives and Best Initiative for Women in Business.

National Bank of Kuwait is committed to ensuring client satisfaction through a digital-first approach, banking career programmes and exclusive offerings.

Digitalisation has become an increasingly important strategy for banks looking to provide a an effortless and streamlined customer experience.

With the rise of mobile and online channels, customers expect to be able to access banking services from anywhere and at any time. In response, lenders are prioritising their digital-first approach and developing new features and services to enhance their online offerings.

The shift towards digital banking has also increased efficiency and cost savings for banks as more transactions are completed through digital channels.

Digital-first strategy

National Bank of Kuwait (NBK) is prioritising its digital-first strategy to enhance the customer experience, expand its range of services and increase client acquisition through online channels. In line with this strategy, the lender has launched Kuwait’s first fully digital bank, Weyay Bank, which targets the youth market.

To better serve its customers digitally, NBK has added new features to its mobile and online platforms. These features include end-to-end digital onboarding, digital loan and card applications, smartwatch payments, and self-service branches.

As a result of this digital push, the adoption of the lender’s products through online channels has increased and transactions have been moved from physical to digital channels. Additionally, NBK has integrated customer journey management platform Qmatic and its mobile app for booking appointments, thus increasing client flexibility and convenience.

Committed to education

In the fast-paced banking industry, continuous training and skills development is crucial to stay ahead of the competition and ensure high-quality customer service. With a focus on training and skills development, lenders can improve employee retention rates, enhance the quality of their products and services, and ultimately achieve long-term success.

Many banks, including NBK, recognise the importance of investing in the professional development of their employees. The lender’s commitment to education is evident from its NBK Academy initiative, which was launched in 2008. The programme trains fresh graduates in essential skills and knowledge about the banking sector, preparing them for a career at NBK. It also offers a holistic development journey through various stages of induction programmes, technical and soft skills courses, rotation, e-learning and on-the-job exposure over the course of six months.

NBK Academy also conducts training with local and international vendors such as the UK’s Euromoney Learning and Zishi Group (formerly known as BG Consulting) as well as the US’ FranklinCovey and Thomson Reuters. Additionally, the programme provides in-house training and business inductions to upskill participants.

Mena Retail Banker of the Year

Mohammed al-Othman serves as the head of National Bank of Kuwait’s (NBK’s) consumer banking group (CBG), where he oversees the development and implementation of strategies across several business areas. These areas include banking products, digital channels, the country’s largest branch network, call centres, business acquisitions and a centre of excellence.

Al-Othman’s leadership involves managing a team of more than 1,500 professionals across various units and spearheading initiatives to enhance the customer experience while also driving NBK’s digital-first strategy. In addition to his role as CBG head, Al-Othman has launched Weyay Bank, the first and only fully digital bank in Kuwait, which aims to address the challenges that the bank’s younger customers face in conventional banking.

National Bank of Kuwait has won multiple accolades at the Mena Banking Excellence Awards 2023, including Best Retail Bank – Kuwait, Best Youth Programme Initiative and Excellence in Service: Priority Banking. In addition, NBK’s head of consumer banking group Mohammed al-Othman has been named Mena Retail Banker of the Year.

Qatar Development Bank’s innovative approach to finance is upholding long-term environmental, economic and social prosperity.

Banks play an important role in promoting sustainability and reducing the carbon footprint.

For example, certain lenders offer financing schemes for eco-friendly projects that enable the transition towards a greener economy and contribute to the global effort to mitigate climate change.

In this way, banks can support the development of green infrastructure such as renewable energy projects, energy-efficient buildings and sustainable transport systems.

Case in point, Qatar Development Bank (QDB) has implemented proactive measures to mitigate environmental degradation and promote sustainable development. The bank offers its clients competitive financing schemes to either manufacture eco-friendly products or adopt clean and sustainable technologies that reduce energy costs and the carbon footprint.

As a result of these efforts, QDB has been honoured with the prestigious title of Mena Sustainable Bank of the Year at the Mena Banking Excellence Awards 2023.

Since the launch of its Green Financing programme, QDB has enabled companies with sustainable business models to access financing at below-market rates and low monthly payments. In addition, the lender has partnered with the Gulf Organisation for Research & Development (GORD) to establish a comprehensive framework to evaluate the eco-friendliness of projects that seek funding. Meanwhile, the bank’s collaboration with Earthna, a non-profit research centre set up by the Qatar Foundation, aims to influence national and global sustainability policies, demonstrating QDB’s commitment to prioritise sustainable development.

Focusing on sustainability

By adopting a triple-bottomline approach, the lender provides support to eco-friendly startups and clean energy projects through incubation programmes, preferential financing solutions and venture capital investments in promising clean technologies.

As of 2022, the lender had disbursed loans amounting to QR813m ($223m) to more than 28 companies with projects focused on waste management, water treatment, recycling, clean technology and energy efficiency.

Moreover, QDB has actively promoted paperless business operations and is committed to achieving 100 per cent paperless operations across various divisions. In 2020, the bank embarked on a highly capitalised digitisation journey to reduce paper use in both internal processes and client-facing transactions.

QDB’s achievements in sustainable banking indicate its dedication to sustainable development, its creative methodology for sustainable finance and its endeavours to promote sustainability both internally and externally. With green financing solutions, paperless operations and cooperation with other organisations for sustainability, the lender is spearheading a transformation in the industry and paving the path towards a more sustainable future.

Green ventures

Qatar Development Bank (QDB) is supporting companies in reducing their carbon footprint through its digitisation programme, which provides financing to small and medium-sized enterprises (SMEs) seeking technological solutions to digitise their operations and upgrade their technology.

The bank has implemented several programmes and initiatives that prioritise environmental, social responsibility and governance (ESG) investments in its business activities. This has resulted in the launch of several environmentally friendly projects and has enabled businesses to transition towards a more sustainable future.

QDB’s assistance for environment-conscious enterprises has transcended traditional financing and support services. The lender is aiming to facilitate connections between clients with a pro-environment outlook and investment opportunities in ecologically responsible ventures.

Qatar Development Bank has been named Mena Sustainable Bank of the Year at the Mena Banking Excellence Awards 2023.

Qatar Islamic Bank is creating a customer-centric banking experience by digitalising its sharia-compliant banking solutions.

The shift towards digitally transforming a bank’s services and products is no longer a trend but a necessity in today’s industry. As customers demand greater convenience and accessibility, lenders must adapt to remain competitive.

By transitioning traditional banking services and products onto digital platforms, banks can improve customer experience, streamline internal processes, reduce costs and increase efficiency.

Qatar Islamic Bank (QIB) is a prime example of a lender that recognises the importance of transformation to meet the evolving needs of its customers. The bank has embraced digitalisation and offers sharia-compliant banking solutions including private, affluent and corporate/SME banking centres.

Digital onboarding

QIB’s commitment to digitalisation is evident in its launch of a digital onboarding solution on its mobile app – the move was part of its digital transformation programme in 2019.

The app provides customers with a seamless and convenient banking experience, enabling them to initiate a banking relationship with QIB quickly and easily from any location they choose. It offers a complete suite of features including advanced risk-based biometric authentication technology that facilitates the submission of identification documents using OCR technology.

QIB’s digital onboarding solution eliminates the need for customers to input their personal information manually and ensures a smooth and efficient onboarding process. It also offers live chat and video banking features that enable new clients to connect with a bank representative for assistance. These features are available to all accounts and customers, including individuals, corporates and small and medium-sized enterprises (SMEs), and they comply with all customer documentation requirements mandated by regulators.

The onboarding solution also ensures high privacy and data confidentiality, utilising biometric information and cross-verification with the Qatar Central Bank and the Interior Ministry’s databases to prevent fraudulent activities. Since its launch in 2019, the solution has enabled more than 28,000 new customers to open accounts within minutes without visiting a QIB branch. In addition, for key retail products such as personal finance and credit cards, digital sales are contributing almost 60 per cent of the total sales volume.

Committed to digital

QIB is committed to leading the digitalisation of banking products and services in Qatar, and will continue to deliver innovative banking solutions that cater to its customers’ evolving needs.In 2021, the lender launched an updated version of its mobile app, adding a secure and smart biometric login, self-registration, smart shortcuts and a more efficient navigation panel. With these additions, QIB aims to provide its clients with a more immersive experience and better access to digital banking services.

The bank has also introduced new financial solutions and initiatives including merchant acquiring services, mobile point-of-sale (POS) and an online wages protection system. These new offerings are helping QIB provide a comprehensive financial solutions and services package for SME customers.

Qatar Islamic Bank has won awards in three categories at the Mena Banking Excellence Awards 2023: Best Retail Bank – Qatar, Excellence in Customer Centricity and Excellence in Mobile Banking.

Qatar Islamic Bank is enhancing the customer experience and modernising its offerings by delivering innovative features that meet and exceed client needs.

Al Ahli Bank of Kuwait is enhancing accessibility and driving unparalleled customer satisfaction through digital advancements

In today’s rapidly evolving banking landscape, financial institutions face the challenge of navigating market complexities while adapting to the ever-changing technological landscape. As consumer preferences shift towards digital channels, banks must embrace digital transformation to remain competitive and meet the evolving needs of customers.

Al Ahli Bank of Kuwait (ABK) made significant strides in 2023 by adopting digital banking and technological innovation.

Despite amplified market challenges, the bank strategically leveraged digital platforms, expanded its ATM networks and implemented transformative initiatives, cementing its commitment to enhancing customer experiences and driving growth in the digital era.

Diversified offerings

ABK’s dedication to customer satisfaction was evident in 2023 as it expanded its retail product offerings to cater to diverse customer segments. The bank launched tailored and distinctive options including multiple credit card promotional campaigns, asset programme enhancements and the introduction of numerous product offerings.

This, coupled with its strategic partnerships, underscored ABK’s commitment to meeting the unique needs of customers.

These initiatives not only attracted new clients but also fostered loyalty among existing ones, bolstering the bank’s brand equity.

Digital expansion

In 2023, ABK’s digital transformation initiatives took centre stage. By embracing digital channels, the bank saw a 54% increase in new online and mobile banking registrations. Furthermore, it witnessed a 34% surge in individual transfer volume, with mobile banking transactions accounting for 80% of total online transfers.

Additionally, ABK’s 7% expansion of its ATM network facilitated greater accessibility and convenience for customers, leading to an 8% increase in transaction volume across all operations.

Empowering customers

Throughout 2023, ABK remained committed to delivering efficient and prompt customer services through its call centre.

By empowering customers to self-register for mobile banking services, the bank not only enhanced accessibility but also streamlined the customer service experience.

As a result, the number of registered customers for mobile banking grew by 80% compared to the previous year, highlighting the bank’s successful customer-centric approach.

Boubyan Bank is embracing digital disruption and leveraging technology to create a seamless and engaging experience for its diverse customer base

In the ever-evolving landscape of modern banking, innovation stands as the cornerstone of progress. With a relentless focus on understanding and analysing customer behaviour, financial institutions across the globe are embracing digital transformation to enhance user experience and drive efficiency.

This commitment to pioneering cutting-edge digital products and automation solutions underscores a broader vision to revolutionise the banking experience, making it more intuitive, accessible and beneficial for customers and stakeholders alike.

Through a suite of digital offerings spanning business banking, retail services, specialised youth accounts, virtual assistance and interactive banking channels, institutions are reshaping traditional banking paradigms and paving the way for a digital-first future.

Digital mission

Since 2014, Kuwait’s Boubyan Bank has been on a mission to establish itself as a leading modern Islamic bank through a comprehensive digital transformation initiative. Recognising the importance of catering to the needs of young upscale and affluent customers, the bank has integrated customer-centric products through continuous innovation and cutting-edge technology.

Boubyan Bank initiated its digital transformation by establishing a digital innovation centre and adopting agile methodologies to ensure the seamless delivery of superior customer service. The bank’s strategy leverages technology to enhance the user experience, drive efficiency and encourage digital adoption.

Innovation in action

Through a steadfast commitment to understanding and analysing customer behaviour, Boubyan Bank has introduced a range of cutting-edge digital products and automation solutions.

These offerings aim not only to improve efficiency and cost-effectiveness but also to create a culture where digital banking becomes the preferred choice for customers. By prioritising innovation and customer-centricity, the bank has not only strengthened its position in the market but also created sustainable value for its stakeholders.

Commercial International Bank has strategically honed its digital capabilities to offer unparalleled experiences to clients

In today’s rapidly evolving digital landscape, businesses that prioritise innovation and digitalisation gain a significant edge over their competitors.

Among these forward-thinking companies stands Egypt’s Commercial International Bank (CIB), which has strategically honed its digital capabilities to offer unparalleled experiences to clients while streamlining operations.

At the core of CIB’s strategic objectives lies a commitment to minimising the reliance on physical branches and delivering comprehensive online banking services.

By leveraging innovative solutions, digital channels, data analytics and streamlined customer journeys, the bank crafts unique digital value propositions aimed at enhancing sales efficiency and managing costs.

Technological advancements

CIB has made significant strides in extending its services beyond traditional banking functions. The establishment of a robust ‘bank-as-a-service’ infrastructure allows fintechs and large corporations to seamlessly interact with CIB systems through application programming interfaces (APIs).

Additionally, initiatives such as the Bank of the Future programme and the integration of business banking segments demonstrate the bank’s commitment to embracing cutting-edge technologies and fostering digital innovation.

Through initiatives such as robotic process automation (RPA), CIB continues to automate various operational processes, reducing workload, enhancing efficiency and optimising turnaround time.

In addition, by deploying technologies such as the instant payment network (IPN), the bank facilitates real-time, interoperable transactions, further elevating the customer experience and operational efficiency. Furthermore, the move towards automation promises enhanced security by reducing human error and vulnerability to data breaches, reinforcing customer trust in the bank’s operations.

Digital channels

CIB’s digital banking channels division spearheads the development and promotion of digital services for consumer banking.

By closely monitoring and analysing the performance of digital channels and platforms, the bank enhances product outreach and strengthens its market share among customers.

The integration of RPA significantly enhances productivity, enabling the redeployment of resources towards improving customer engagement and driving innovation.

RPA integration

In 2023, CIB automated processes using RPA technology and enrolled 19 digital employees to work within the CIB ecosystem. This had a positive impact on the business, saving more time to focus on improving customer engagement, innovation, and accelerating transformation within the business activities.

Meanwhile, recognising the importance of agility in today’s dynamic market landscape, CIB has embarked on a transformation programme that aims to enhance its responsiveness to market changes, optimise time-to-market and cultivate high-performing teams.

By instilling a culture of agility and responsiveness, the bank seeks to maintain its leadership position in the Egyptian financial services industry.

Central to CIB’s digital transformation journey is a steadfast commitment to meeting customer needs and prefer-ences. The Global Transaction and Digital Banking division serves as a champion for customers, advocating for their interests throughout process redesigns and digital enhancements. By translating customer insights into precise sys-tem requirements, CIB continuously improves its overall customer experience.

Commercial Bank of Qatar (CBQ) has become a pioneer in digital innovation, setting new standards in the banking industry

Technological advancements are reshaping the way financial institutions interact with their customers. The widespread use of smartphones and the internet has changed customer expectations, making convenience, speed, and security the most important features.

In this context, the Commercial Bank of Qatar (CBQ) has become a pioneer in digital innovation, setting new standards in the banking industry.

Pioneering digital banking

CBQ recognises the vital role of technology in enhancing the customer experience and driving business growth.

The bank’s mobile banking app is at the forefront of this digital revolution, offering a comprehensive suite of services that cater to customers’ diverse needs.

With several first-to-Qatar and regional services, the app has redefined the banking experience, enabling customers to conduct a wide range of transactions quickly and securely from the palm of their hands.

Global acclaim

The mobile app has gained worldwide recognition due to its unwavering commitment to excellence. It has even surpassed some of the largest banks in the world.

With millions of customers logging in monthly, the app remains the top choice for banking among consumers. It boasts a net promoter score of 72 and a customer satisfaction rate of 93%.

Continuous innovation

Late 2022, CBQ made significant efforts to improve the functionality of its Internet Banking platform and Mobile Banking App, making digital services even more accessible for customers. With over 140 digital services available, including faster international remittances to over 40 countries, financial transactions have been streamlined, making them faster, easier and more convenient for customers.

Revolutionising remittance

CBQ’s 60-second remittance service is a testament to its commitment to fast and accessible financial transactions. The service operates in 40 countries and ensures that credits are delivered within 60 seconds to one day. The bank covers various transfer types, including account transfers and cash pickups. It serves key corridors such as India, the Philippines, Sri Lanka, Pakistan, Nepal, Bangladesh and Europe, facilitating quick payments and reducing reliance on traditional methods. Collaborations with fintech providers like Western Union and INPAY have extended their reach to African and European corridors.

Gulf Bank ensures equal opportunities and career advancement for all employees, with an unwavering dedication to fostering a fair and inclusive workplace

Diversity and inclusion are fundamental values that foster a thriving workplace environment. In today’s dynamic landscape, organisations that prioritise these values are at the forefront of change and progress.

Gulf Bank, a leading financial institution in Kuwait, is one such organisation championing initiatives that enhance employee skills, promote sustainability principles and advance diversity and inclusion within the workplace. The bank places its employees at the heart of its strategic objectives, recognising their pivotal role in its success.

Gulf Bank invests significantly in training and development opportunities to empower its workforce and foster their personal growth and career advancement. These initiatives are carefully crafted to align with market demands and cater to specific job responsibilities within the organisation, ensuring each employee feels valued and integral to Gulf Bank’s operations.

Gender equality

At Gulf Bank, gender equality is not just a commitment but a tangible reality. The bank ensures equal opportunities for every employee through training, mentoring and leadership discovery programmes. Notably, it is the first bank in Kuwait to implement equal job benefits for both men and women, underlining its unwavering dedication to fostering a fair and inclusive workplace.

Gulf Bank has established the Kuwait Women’s Economic Empowerment Platform (KWEEP) to advance women in the workplace.

The platform is aligned with the New Kuwait Vision 2035 and the UN’s sustainable development goals (SDGs), promoting policies and initiatives that enhance career development and leadership for women in the private sector while contributing to the state’s broader socio-economic goals.

Gulf Bank’s efforts have yielded tangible results, with the female workforce representing 45% of its human capital and continuing to grow. The bank’s initiatives have resulted in several benefits for the organisation. By investing in its employees’ training and development, it has created a culture of excellence where employees feel valued and integral to bank operations.

Inclusive workplace

Gulf Bank’s commitment to gender equality has resulted in a fair and inclusive workplace, which has led to increased employee satisfaction and retention. Moreover, its efforts to promote economic empowerment have contributed to Kuwait’s broader socio-economic goals while helping women advance in the workplace.

Through initiatives such as the Women of Wisdom (WOW) programme and various workshops and seminars, Gulf Bank fosters a culture of knowledge-sharing and career advancement. These platforms address pertinent issues and set objectives to support women in achieving their full potential in the private sector.

Moreover, the bank’s human resources department ensures employee programmes align with the UN’s SDGs, further reinforcing its commitment to social responsibility and sustainable practices.

Gulf Bank is a leading example of how organisations can prioritise diversity and inclusion to create a thriving workplace environment while contributing to broader socio-economic goals.

Ila Bank’s seamless banking experience is easier, faster and more effortless, setting a new standard in the industry

In a world where technology is continually reshaping industries, the banking sector is no exception. The exponential growth of digital banking and the need to tailor services to the modern consumer has prompted many financial institutions to re-evaluate their traditional approach.

Recognising this shift, Bahrain’s Ila Bank is redefining retail banking by merging technology with a human-centric design. The bank offers a range of digital-only solutions to empower consumers to enhance their lifestyle experiences and financial aspirations.

By eliminating the need for physical visits, paper-intensive transactions and complicated user interfaces, Ila Bank has quickly become one of the leading digital banks in Bahrain. The seamless experience it offers is not only easier and faster but also more effortless, setting a new standard in the industry.

Customer commitment

Ila Bank’s commitment to customer-centricity has solidified its position as a forerunner in the digitisation shift prompted by the pandemic. The bank provides consumers with a highly personalised 24/7 banking experience at their fingertips, according to their needs and preferences.

Meanwhile, Ila Bank stays true to its DNA of disruptive innovation by leveraging cutting-edge digital capabilities and human-centric designs. With an agile banking model and active social media engagement, the bank remains adaptive and responsive to changing customer needs. It has deployed an impressive number of app releases, including user interface (UI) enhancements, new features and speed improvements, ensuring a seamless user experience.

Global footprint

Expanding beyond Bahrain, Ila Bank has launched its banking app in Jordan, tailoring its services to local consumer needs and preferences. Within six months, the Jordan subsidiary onboarded twice as many customers as traditional retail branches do in a year. Ila Bank aims to transform consumer banking across the Middle East and North Africa (Mena) region.

The bank’s exponential growth underscores its position as the region’s fastest-growing digital mobile-only bank. With significant increases in customer base, deposits and transaction volume, Ila Bank has maintained outstanding app ratings and achieved a remarkable net promoter score.

Kuwait Financial Centre (Markaz) provides value to investors by focusing on thorough due diligence, constant innovation and operational efficiency

Today’s investors are seeking stable returns and diversified portfolios that can provide consistent performance over time. By maintaining a well-rounded portfolio, they aim to protect their investments against significant losses while still achieving modest, steady growth.

Real estate investments

Kuwait Financial Centre (Markaz) has been at the forefront of offering real estate investment opportunities since 1988 in the US through its international real estate arm, Mar-Gulf Management.

Leveraging its extensive market footprint and exceptional operational expertise in the region, Markaz’s Middle East and North Africa (Mena) real estate division employs a time-tested approach to acquiring, managing and selling properties in the most promising segments of the market to drive superior value.

Markaz real estate services:

Real estate asset management
Real estate development
Real estate advisory
Property management

The division sources opportunities, conducts due diligence and arranges debt financing to acquire well-located assets across residential, commercial and industrial segments.

By consistently adhering to a robust investment philosophy, Markaz has navigated through challenges and evolved its strategies to continue providing value to investors by focusing on thorough due diligence, constant innovation and operational efficiency.

Advisory focus

For the past 50 years, Markaz has continuously worked to offer clients world-class investment banking solutions across equity capital and debt capital markets, initial public offerings (IPOs), listings, capital structure and mergers and acquisitions advisory, restructuring, and disposition services.

Since 1997, Markaz has successfully executed investment banking transactions of more than $6.6bn across the Mena region. Each client has a unique requirement for which a consultative approach is adopted to formulate and advise on optimal solutions.

Markaz’s investment banking capabilities include:

Equity and debt issuances
IPOs and listings
Mergers and acquisitions
Advisory
Valuation and strategy advisory
Credit rating advisory
Restructuring advisory

The success enjoyed by Markaz’s investment banking team stems from their extensive experience combined with technical execution capabilities and in-depth industry knowledge. The advisory services provided by the team span various sectors including banking, education, electronics, healthcare, insurance, legal, oil and gas, pharmaceuticals, real estate and technology.

National Bank of Kuwait is championing strategies that meet the demands of the tech-savvy generation

Traditional banking methods can be inconvenient and inaccessible, as they often require customers to visit physical branches or engage in lengthy phone calls for even simple transactions.

To address these challenges, National Bank of Kuwait (NBK) launched Weyay, Kuwait’s first fully digital bank, in November 2021 as part of its digital transformation strategy to develop advanced payment solutions and modernise its services.

Weyay offers a paper-free banking experience, accessible 24/7 from within the app, enabling users to manage their finances efficiently. This eliminates the need for branch visits or extensive interactions with bank representatives.

In 2023, Weyay expanded its digital offerings by introducing new products and features, which have helped improve the banking experience and foster growth.

Mastering asset management

NBK Wealth has mastered asset management through its disciplined research strategy and employing professionals specialising in regional equities. Its in-house research team provides valuable insights for portfolio positioning. In money markets, NBK Wealth offers four funds with weekly liquidity backed by NBK’s financial strength.

The funds maintain Kuwait’s largest money market platform, utilising credit expertise and market insights to optimise placements and fixed-income products. Their dynamic approach focuses on growing the counterparty network and optimising maturities while adapting to market conditions.

The bank uses a top-down approach complemented by bottom-up analysis. Its strategic decisions, such as adjusting duration against consensus views, have led to a solid performance. This year, NBK Wealth introduced a fixed-income advisory service and expanded its trading capabilities, gaining a competitive edge in execution and reducing costs.

NBK’s strategies to master financial innovation

One of the main challenges in banking is the lack of transparency and security in international transactions due to hidden fees and uncertainties.

National Bank of Kuwait’s (NBK) Weyay financial platform has introduced the country’s first numberless prepaid card to address this. The card provides complete visibility and control over all transaction details and associated foreign exchange fees, enhancing users’ trust and confidence.

Another major innovation is the introduction of features that help users manage their finances more effectively. NBK has integrated Weyay’s platform with budgeting and tracking tools to empower users to set spending limits, monitor expenses in real time and receive personalised recommendations based on their spending patterns, enabling them to make informed financial decisions.

Through strategic collaborations with key players in the industry, such as Kuwait Telecom Company (STC), Weyay extends exclusive deals on phones and SIM plans directly within its app ecosystem. This not only enhances the value proposition for users but also signifies a paradigm shift in how financial services are integrated into everyday lifestyles.

To foster long-term customer relationships and loyalty, Weyay has incorporated gamification elements, such as the Swipe to Win feature, which rewards customers with prizes and incentives.

The Weyay platform also recognises the importance of preserving traditional cultural practices in a rapidly digitising world. It has digitised the conventional practice of gifting cash or Eidiya to children and family members by enabling users to send digital Eidiya requests through links, thus maintaining the spirit of the occasion while embracing the convenience of digital technology.

Weyay has also promoted financial inclusion for children by introducing Weyay Jeel, Kuwait’s first banking app targeted towards children.
This app provides a transactional account co-owned by the child and the parent, empowering children to learn about and manage their finances responsibly from a young age.

Mohammed Al Othman wins MENA Retail Banker of the Year

Mohammed Al Othman, CEO Consumer & Digital Banking at NBK oversees NBK’s consumer banking product portfolio, which includes cards, loans and liabilities. He also oversees customer-facing channels such as digital, contact centre, direct sales and alternate channels such as ATMs and interactive teller machines (ITMs).

Additionally, he manages NBK’s largest branch network, with 72 branches (including four self-service branches), the most significant payment acquiring unit, and business banking.

Al Othman is responsible for developing and implementing NBK’s business strategy, which is based on three stra-tegic cornerstones: maintaining leadership position, growing by accessing segments beyond core; and delivering consistent improvements in profitability.

Since the launch of Weyay in 2021, Al Othman has played a critical role in accelerating digital transformation through a digital-first strategy and a continued focus on enhancing the customer experience. He has also led the revamping of the new mobile banking application to provide a more personalised experience.

The QNB Group is leading the way as the preferred partner for those seeking a personalised banking experience

Qatar National Bank (QNB) Private is the first private bank in Qatar to provide world-class wealth management services and opportunities to its customers along with access to a team of advisors.

As part of the QNB Group, QNB Private has earned a reputation as the preferred financial partner for those seeking a personalised and discreet banking experience. With over 30% market share, QNB Private exemplifies excellence in catering to the unique financial needs of its clientele.

QNB Private combines local banking relationships with an international perspective, tailored to high-net-worth (HNW) clients across 28 countries..

Building long-term relationships

QNB Private’s philosophy is focused on building long-term relationships with its clients. Each client is paired with a dedicated private banker who is available 24/7 to manage their multi-currency accounts, deposits, loans, and investments. This personalised approach ensures that clients receive the support and attention they need to achieve their financial goals efficiently and effectively.

A suite of exclusive offerings

QNB Private offers a wide array of services that go beyond traditional banking. The bank provides its clients with world-class research and analysis, which they can rely on to make informed investment decisions.

Furthermore, QNB Private’s real estate services and advisory arm provide its clients with various financing options for residential and commercial properties, locally and globally.

The bank’s international mortgages and real estate advisory services ensure that clients receive personalised guidance and support throughout their property transactions, whether for personal or investment purposes.

Global reach

QNB Private offers offshore banking solutions to clients through its fully independent Swiss Private Bank, QNB (Suisse) SA.

The bank is regulated by FINMA under Swiss banking laws and provides tailored products and services to meet the diverse needs of HNW individuals. The bank’s focus on privacy, expertise and trust is combined with a competitive pricing model.

QNB Private has branches in Paris and London, which extends its global reach, allowing for personalised banking solutions and wealth management services for VIP clients.

The bank is committed to innovation and providing premium digital banking services, focusing on convenience, se-curity, and customer satisfaction.

Banque Saudi Fransi (BSF) won the Excellence in Customer Centricity category at the Middle East & North Africa (MENA) Banking Excellence Awards 2022 for their Ask Once program that is designed to enhance customer experience (CX) and ensure seamless service.

You only get one chance to make a good first impression. That is why Banque Saudi Fransi (BSF) in the Kingdom of Saudi Arabia (KSA) has designed and implemented its ‘Ask Once’ program to improve its CX since 2019.

As its name implies, the “Ask Once” Program centers on improving CX to the extent that customers would need to ask only once to get things done without any hassle. The bank identified 5 main areas that needed work on this front:

Driving cultural change: Culture must be at the core of any change towards a better customer experience. Even when employing automation, people are at every business’s front when a customer pays a visit or has a problem. The bank’s work to drive cultural change is focused on translating existing values and goals into actionable principles that guide how employees interact with customers. The Golden Rule at the core of this change is urging employees to treat customers like they would want to be treated

Listening to customers: BSF mainly use the Net Promoter Score (NPS) methodology, which relies on sharing a single question after interaction with customers and asking them how likely they would recommend the company to others. NPS has been one of the most effective methods of measuring customer feedback, with its power lying in its simplicity that makes it easily usable and trackable. The bank does not only use the NPS with customers, but also with employees, to measure their satisfaction with their work, as well as the bank’s processes they are involved with.

Gathering feedback and acting on it: Using the power of a customer experience management platform, surveys are customized and shared periodically with customers, social media listening data is actively tracked and analyzed, and reports with KPIs ads are created, shared, and discussed to create action plans for the next enhancements. To guarantee the transparency and effectiveness of all these efforts, external research companies assess the CX performance of the bank.

Additionally, mystery shopping is used with various branches through undetectable schemes. Improving survey response rates is one of the highest priorities the bank has set with this strategy, as higher response rates mean more data and highly reliable insights. Achieving this is not easy, as survey fatigue needs to be resolved in many ways, including the way surveys are sent to various customers, customized messages to every customer, and perfect timing to ask for feedback.

Training employees: To ensure new joiners are properly onboarded, and existing employees are effectively working as planned, several training programs were launched to serve the “Ask Once” program goals. The training programs cover call back, huddle, and root cause methodologies, as well as other customer experience best practices. Next, the bank is planning to collaborate with companies offering the best customer experiences in the world to bring their expertise into the bank and the customer experience on all levels.

Governance above all: Leading all these efforts and changes without governance can never lead to a consistent service level or goal achievement in the long term. BSF recognized this and made governance a major change driver. A huge effort was put into translating the goals of the “Ask Once” program into strict policies, clear guidelines, and efficient documented processes. As customer experience metrics including NPS are analyzed, action plans are created while ensuring their alignment with the bank’s strategy.

The CX Committee, formed in light of the transformation program, is held periodically and led by the Chief Executive Officer of the bank, with the main goal of ensuring the CX strategy and its results are aligned with the company’s strategy Raising the standards of customer experience and translating them into actions that are documented and governed is how a real customer experience strategy or transformation program can be executed and sustained. Focusing on employee experience is also essential, as BSF strongly believe that highly engaged employees, working in the right environment, can deliver a differentiated experience to their customers.

BNP Paribas has been present in the Middle East since the early 1970s. It now has its regional wealth management (WM) headquarters for Middle East & Africa in the Dubai International Financial Centre (DIFC), and serves more than 900 clients through its experienced bankers located across Dubai, Geneva, Luxembourg and Riyadh.

BNP Paribas WM was awarded “Best Private Bank: UAE” at the virtual Middle East & North Africa (MENA) Banking Excellence Awards 2022 for its long-standing presence in the region and success of the platform over the past years, supported by the bank’s global capabilities and enhanced client engagement.

BNP Paribas WM is the largest private bank (PB) in the Eurozone with EUR421 billion of assets under management (AuM), 6,800 professionals and presence in 19 countries. Middle East remains the growth market for BNP Paribas WM, with the AuM risen by 50% since 2018 and ambitious targets set for 2022-2025. BNP Paribas WM benefits from the One Bank integrated approach, which is at the heart of its value proposition.

Its relationship managers (RM) are backed by a team of experts who personalize and adapt BNP Paribas Group’s solutions to meet client’s specific needs and key life events. In the region, WM MEA clients particularly appreciate BNP Paribas’ Real Estate and Credit capabilities.

Its strategy is paying off, as strong client satisfaction is evidenced both through regular client satisfaction surveys and the increase in number of clients who are trusting BNP Paribas with their assets.

BNP Paribas WM has been at the forefront of the integration of the Sustainability and Positive Impact themes in investments and finance, supporting clients in their impact journey. Along with the Clover sustainability rating for each investment solution, BNP Paribas WM has also developed myImpact , a digital tool focused on helping clients discover their impact profile and facilitate the allocation of part of their portfolio towards investments or donations compatible with the UN’s Sustainable Development Goals.

BNP Paribas WM continues structurally evolving their digital and technological platform to ensure proximity to the clients. Bank provides access to a raft of digital solutions, such as myWealth , enabling to clients monitor their wealth at any time, to easily make transactions, and to express their opinions and needs.

Boubyan Bank won Best Innovation Program for a new SME banking app, digital on-boarding, and its Msa3ed chatbot, while the Best Payment Innovation trophy at the virtual MENA Banking Excellence Awards 2022 was achieved for its PayMe ecosystem. The Kuwaiti Islamic bank also won Best CSR Initiative for its many community-minded projects, including using Msa3ed to encourage Covid-19 vaccination, and its vice chairman and group Chief Executive Officer, Adel Al-Majed, was named MENA Islamic Banker of the Year.

Boubyan has a history of disrupting the retail payment landscape after introducing Kuwait’s first 24×7 digital peerto- peer (P2P) payment option last decade using web-links for individuals and small to medium-sized enterprises (SMEs). It has now expanded this dominant PayMe method into an ecosystem, so since last year users can now pay each other Boubyan to Boubyan customer via a simple Face ID, without the need to go through the payment gateway. There are also:

PayMe Groups: this gives users the ability to request money from a group of people simultaneously. You can save groups as well to ensure fast requests in the future.

PayMe on Apple Watch: this feature on the bank’s Apple Watch app can display a QR code for a payment, so anyone can scan and pay while on the move.

PayMe Split the Bill: splitting bills easily with friends and family is now possible from the transaction›s native notification with an easy-to-follow procedure

There are many more features still being added to the evolving PayMe ecosystem, not the least being an Apple Business Chat function. Msa3ed digital assistant users can transact through the channel thanks to the chatbot, which can also answer queries and help with a multitude of other tasks.

Personalization of Msa3ed, using data analytics techniques and new coding, helps to humanize the chatbot. For example, it can predict the services a customer is most likely to use upon login, helping them find answers or transact quickly with less navigation required. Next best action recommendations become possible, and the artificial intelligence (AI) powered chatbot uses natural language processing (NLP) and other means to learn from multiple interactions, becoming better and more powerful over time. There are emoji-invited feedback options from its users as well to further refine its effectiveness.

As an example of how the digital assistant can help consumer banking, the MySpending option at Boubyan allows users to ask: “How much did I spend at Starbucks / Deliveroo / etc last month”? Digital gifting cards with personalized electronic e-messages are also possible with seasonal templates making the process of gifting friends or family during important milestones even easier.

Digital on-boarding

Boubyan Bank’s new digital on-boarding procedure introduced last year uses the Kuwaiti government issued PACI ID authentication methodology to enable easy digital account opening. The Public Authority for Civil Information (PACI) is a mobile-based Digital ID derived from the government’s Civil ID program. The smartphone ID allows identity verification across the country and authentication to online e-services, plus digital signatures for documents and transactions since 1 Dec 2021. It can also sign customers up to new bank accounts with full know your customer (KYC) compliance, as Boubyan has demonstrated.

The procedure can be used to open Boubyan’s new SME banking app available in Apple’s iOS, Google’s Android, and on Huawei’s Harmony operating system. Users can track their bank account, trade financing, cards, and salaries, and share a payment link to single or multiple payers from a manageable list. Larger corporates can also use the app with multiple access rights and user privileges catering for larger staffs.

Corporate Social Responsibility

Boubyan Bank’s win for Best CSR initiative partly came from further co-operation with the Kuwaiti government where in support of the Ministry of Health’s Covid-19 vaccination campaign it deployed its AI-powered Msa3ed digital assistant and associated analytics to encourage vulnerable age groups and other users to register for a vaccination appointment via a link to the Ministry’s webpage. Those caught abroad or travelling could also get embassy numbers, addresses, emergency numbers and so on, alongside the usual foreign exchange (FX) rates upon landing in a country. The service was targeted at the 25 most popular countries, including those of guest and frontline workers.

Cash prizes were also on offer to 20 winners who took up the vaccination invitations, as the government sought to get back to normal life as soon as possible. 50,000 customers participated in the draw through the smart phone App via the Msa3ed chatbot. Msa3ed was also used to quickly automate deferred loan repayment packages, as follows:

Deferred Instalments: Following Kuwait’s pandemic policy, bank users were given the option to defer loan or rent instalments for up to six months or keep them as they were. Using the Msa3ed chatbot, instead of call centers or interactive voice response (IVR) like rival banks, meant the procedure could be done in seconds.

Productivity: was enhanced with full-time equivalent (FTE) hours spent falling dramatically versus the old procedure. This was advantageous because the reduced number of staff available during Coiv-19 could more easily manage any minor loan exceptions handling tasks or, more commonly, be redeployed to answer different queries.

Other CSR initiatives included the Tetaman youth initiative in cooperation with the Sheghel.com platform, where a group of freelancers offered free services to Kuwaiti SME owners, especially those severely impacted by the pandemic, to help them access services to grow their business via productivity seminars, marketing, internal management efficiency aids, and so on.

The participation of 150 bank employed volunteers rehabilitating beaches for World Cleanup Day was also noteworthy, as were the Beat Obesity and Diabetes campaigns, which respectively provided free medical tests for body mass and blood pressure / glucose levels for 9,500+ Boubyan customers and non-customers alike.

MENA Islamic Banker of the Year

Boubyan Bank’s vice chair and group CEO, Adel Al- Majed, was named the best Islamic banker in the region at the MENA Banking Excellence Awards 2022 for the way he has turned the Islamic bank around after joining in 2009, following the global financial crisis the year before. He returned it to profit by establishing new governance, financial and risk management frameworks, and reengineering the bank to be the first choice for Kuwait’s young with its extensive range of digital services.

Assets have gone from US$4 billion to US$21bn and the new strategic direction and focus on wealth management (WM), via the Bank of London and the Middle East (BLME) offshore capabilities and provision of digital tools for the affluent and mass affluent segments, has paid dividends. The bank’s culture is now extremely strong, as is its focus on customer service and future growth avenues.

Al-Majed is a 40-year veteran of the national banking scene having joined National Bank of Kuwait (NBK) in 1980, rising from executive to assistant general and deputy general manager, before becoming general manager (GM) of consumer banking in 1998. He was deputy CEO before joining Boubyan Bank in 2009 to lead its successful turnaround.

A graduate of the University of Alexandria with a bachelor’s degree in accounting, Al-Majed has also attended various US management training programs at Harvard, Wharton and Stanford. He is also:

Previous Chairman of the Kuwait Banking Association (KBA),
A member of the finance & investment committee at the country’s Chamber of Commerce & Industry,
& a board member at the Institute of Banking Studies.

In this Q&A Interview with Boubyan Bank’s experienced vice chair and group CEO, Adel Al-Majed, he discusses his leadership style, why it’s important to hire great people with strength and honesty, and his ambitions in the Middle East & North Africa (MENA) region & indeed the world for the new Nomo digital only shariah compliant bank app that Boubyan has unveiled.

Al-Majed is a 40-year veteran of the banking industry, previous Chairman of the Kuwait Banking Association (KBA), who was awarded for “Outstanding Contribution to Islamic Finance” by Global Finance in 2021. Since joining Boubyan Bank in 2009, as Chief Executive Officer, his focus on digital services, internal efficiency and good people has seen assets rise from US$4 billion to US$21bn and profitability increase. He has high hopes for the future with Boubyan’s new Nomo digital only shariah compliant bank setting the institution up for future growth and for a leading role in the digitalization of the sector.

(NBK) in 1980, rising from executive to assistant general and deputy general manager, before becoming general manager (GM) of consumer banking in 1998. He was deputy CEO before joining Boubyan and is a graduate of the University of Alexandria with a bachelor’s degree in accounting.

He is a fan of English football and supporter of Manchester United and wants to set the strategy like a football manager and trust his players to implement it. The MENA Banking Excellence Awards 2022 Islamic Banker of the Year (see separate story on page ??) has learnt many managerial and leadership skills during his time in the industry, which he’d like to pass on…

Question: Q1. What are your key leadership tips for any newcomers entering the banking industry or senior leaders fast rising in the sector?

Answer: A1. I believe that any successful organization cannot achieve its goals without hiring the right people in the first place. That goes for identifying new employees with talent, to senior leaders who have remained on track, progressed, and remembered that strength and honesty are the crucial foundations that underpin success. Whatever other additional skills and knowledge people bring to the industry that is crucial. A continual thirst for knowledge and improvement is important too.

I like to reference a story about Moses in the Qur’an where Moses rests at a well and offers to help two women shepherdesses get their flock to a well to drink, after seeing a group of men segregate the water for themselves. Impressed by his attitude one of the women recommends that her father hires Moses, while stating that the best people are those who are “strong and honest”.

In the modern world strength is now about personality, not physicality. The honest person will come up to me and say if something isn’t working and why a strategy could be better. That is what I want. I don’t want people to just say ‘yes’ to me and play the game. Innovation and advances do not result from that attitude.

Boubyan’s role as facilitator, convenor and consolidator of banking services that can partner with fintechs from around the globe to deliver innovative offerings like the Nomo digital only shariah compliant bank app, which works like Monzo or other ‘neo banks’ on a smartphone only, requires a rare mindset for a leader: the ability to relinquish control and delegate to outside expertise. With age, you learn you can’t physically or mentally control everything. You must trust good people and evolve your thinking. As the world grows more sophisticated, it’s unrealistic for me to know and get involved in everything. It is undoable, so you must delegate. The key is to form an overarching methodology of how you want your organization to operate, then delegate and let those strong and honest men and women thrive and flourish within those parameters.

At Boubyan, we long ago recognized that to be successful we need to think and behave like a technology company – and partner with them where we can deliver ‘plug and go’ services like budgeting tools, data-led personalization, and numerous useful apps on our Nomo platform – rather than behave like a traditional bank that tries to do everything.

We also let our design and tech specification teams work differently, allowing them the space to operate as they see fit because of our focus on good trustworthy people and our strong organizational focus on agility and digitalization. For example, our group head of digital banking works out of Dubai, United Arab Emirates (UAE), while Nomo’s head works out of London, UK, and some of the team doing the coding work are in Egypt. That is partly the result of Covid-19 but also reflective of new more flexible ways of working. After all, the bank can now be managed worldwide through a smartphone app, so why cannot the team running it?

Our strength is that we’re going to be fully digital and Islamic, turning technology that is revolutionizing the industry into a strength that we can harness to grow. You must have a competitive edge and strategy as well, of course. Our differentiator is that there is no other Islamic digital-only bank. Nomo is unique.

Q2. Tell me about Boubyan’s new shariah-compliant Nomo digital bank?

A2. Nomo began life as a relatively simple invention that did an important job well – allowing individuals and businesspeople who are seeking Sharia-compliant products and services to bank digitally at the swipe of their fingers. It began as a plain vanilla product that evolved over time with new functions being added as we learnt from the customer. It began as a sterling-only product. It now boasts:
a dollar account,
euro account,
& Apple Pay functionality.
A Sharia-compliant digital mortgage account is imminent as well, as Nomo continues to evolve.

Q3. Why do you think Nomo is necessary?

A3. It meets a need in the market. Boubyan Bank also did a survey pre- and post-launch to design and evolve Nomo based on what customers actually want. The voice of the customer is central in creating the products and services that we deliver. It informs our approach to investing in technology and people.

The latest survey showed a need for easy-to-use and understand investment functionality, so that is now being developed for Nomo, where relevant, and indeed for all our digital services and relevant mass wealth management lines of business. We discovered that:
52% of customers had average to below-average knowledge of investments,
& only 28% had very good knowledge.
This showed us we needed to educate customers about what investments are, the difference between various types, and what they should consider before they invest. This is the strong and honest approach, and it will give us confident and active investors. We’ve taken this knowledge from the surveys on board and will act accordingly.

Q4. What are your global ambitions for Nomo & indeed Boubyan Bank?

A4. I’m very open-minded about how Nomo operates in different territories, and keen to avoid the trap of insisting on absolute brand consistency regardless of the context. That won’t get fast growth, which is what we want. For instance, we’ve had partners in Saudi Arabia and the UAE that wanted to roll out Nomo under their own brand. Another, in Jordan, wanted to replicate the model exactly – and retain the Nomo brand. Why not consider all avenues? We are flexible.

When talking to the Saudi Arabian bank we suggested using their infrastructure out of the UK to get reach, but our bank name – not Nomo, as that is not what they wanted.

A similar situation arose with a bank in Abu Dhabi who liked the idea but didn’t want to invest in the Nomo brand, only the infrastructure. A hosting agreement was reached about how to share profits, cost and branding under this model.

A third country – Jordan – insisted ‘no, we need Nomo’ so it was rolled out there with all attendant branding. Whatever gets uptake is of interest. I am ambitious for the digital shariah-compliant banking app, but also Boubyan Bank as a whole. Our digitalization drive, allied to Islamic values and offerings, can deliver significant growth.

Q5. Anything you would like to add or stress?

A5. A willingness to vary the offer in-line with the customer and/or a prospective partner’s need is important, as evidenced by our recent Nomo discussions in MENA. Indeed, flexibility is one Boubyan’s foundational strengths.

For us, it is better if partners use the Nomo brand. But, if that is a deal breaker, I don’t think now is the right time to start arguing or picking fights. It shouldn’t impede uptake and perhaps prevent Nomo becoming a global fintech giant for the Islamic world. Nomo’s growth – both under its own brand or that of other banks – is outstanding, and that is what matters.

We need the customer base – and continue to make agreements with other banks – so who knows where we will be and what might happen three years down the road in terms of its global uptake.

As ever, having a strategy and being honest, strong, and good partners are the crucial elements in delivering growth, so we will see where we end up as Nomo advances. I am confident for the future.

Commercial Bank Dubai (CBD) has a vision to be ‘default digital’ as it wants to be ahead of the advancements in mobile apps and data analytics that are changing the banking sector. Its CBD Investr robo-advisory solution is one such example, which helped it win the Most Effective Investment Service Offering at the MENA Banking Excellence Awards 2022. The CBD Investr app automates client advising and investment recommendations. It was developed in partnership with InvestSuite, a wealthtech company in Belgium, and is powered by smart algorithms that actively manage investment portfolios to deliver optimal risk adjusted performance, using real-world market data from the past 10 years.

The algorithms have been extensively back tested with data from the past decade, outperforming the market benchmarks over that time span. For instance, the High Growth portfolio, which allocates 100% of the investment to equities, has theoretically returned over 12% per annum on average over the past 10 years. The returns evidence suggests a strong performance should be achievable allowing customers to get automated maximum returns. There are four risk profiles to choose from the last decade, with their respective performances demonstrated below. Depending on the risk appetite of investors you can be:

Conservative (4.9%),
Balanced (8.2%),
seek Growth (11.3%),
or High Growth (12.2%).
and personalized portfolios of stocks, bonds and other asset classes using low-cost exchange traded funds (ETFs). These portfolios are tailored based on customer’s specific goals, risk appetite and investment time horizon and are actively monitored and optimized based on changing market conditions to deliver the best possible performance over the long term. The back tested data from the last decade shows when markets fall, as they inevitably do, the losses will be less on the app, and when they rise returns will be maximized.

Portfolios are actively monitored on a daily basis and the algorithms reallocate underlying assets when needed to optimize performance, as what worked yesterday won’t necessarily work again. The robo advisor investment platform has:

An entry level investment of $500,
An annual management fee of 1%.
Transparency in pricing with no hidden fees, or lock-in periods, plus no contractual agreements for monthly or regular investments. Customers can withdraw funds at their convenience with no withdrawal fee.

Further enhancements include a Self Investr option, which gives access to an easy-to-use digital trading experience. CBD Self Investr users can buy and sell over 8000 shares and ETFs in real-time themselves with free streaming data feeds showing live market prices. Free local transfers in Emirati Dirhams (AED) are also on offer. Customers can start trading from as low as $50 and there are no withdrawal or penalty fees.

Commercial International Bank (CIB) won MENA Sustainable Bank of the Year at the virtual Middle East & North Africa Banking Excellence Awards 2022 for its long-standing support for sustainable finance via green and solar loans and the global Environmental, Social, and Governance (ESG) agenda. It is the first bank in Egypt, which will host the UN COP27 climate change conference in November, to issue a corporate green bond.

Even CIB’s new headquarters is green adhering to the International Finance Corporation’s (IFC) Excellence in Design for Greater Efficiencies (EDGE) building certificate, which denotes a resource efficient building. It saves energy consumption by 41.7% and water consumption by 29.7% compared to its predecessor, and there has been an additional saving in material usage by 25.2%.

The EDGE registration was progressed using the green bond proceeds that were eligible for the project. In June 2021, CIB opened subscriptions for Egypt’s first ever green bond to be issued in the local market, after getting approval from the local Financial Regulatory Authority (FRA).

Corporate green bond

The private placement is valued at US$100 million in noncallable fixed rate bonds. In addition to subscribing to the bond the IFC provided technical advisory support to CIB, helping the bank to develop an additional pipeline of industrial energy efficient and green building transactions. Technical assistance is provided to CIB’s clients, helping them to also adopt low-cost and eco-friendly building solutions, and to participate in IFC’s EDGE certification program for green buildings.

An Egyptian University building has joined the program, saving 155 Gwh/year in energy consumption and water consumption by 5,934m3/year. Carbon emissions will fall by 66tCo2/year. There is also a bakery line that save 21% in energy and 46.5 tons of carbon dioxide (CO2) thanks to the installation of new technology funded via the green bond.

Green bond proceeds align with several UN Sustainable Development Goals (SDGs) that are also in alignment with CIB’s own internal sustainability strategy. Proceeds must support:
SDG 6: Clean Water and Sanitation
SDG 7: Affordable and Clean Energy
SDG 9: Industry, Innovation, and Infrastructure
SDG 11: Sustainable Cities and Communities
SDG 13: Climate Action.

CIB has a number of its own Sustainable Finance products aimed at its clients, including:

Green Loan: the CIB Green Credit Line supports corporate customers who want to achieve economic growth through environmentally targeted projects and practices. The loan is provided by CIB’s funds at a preferential interest rate and is focused on energy efficiency and renewable energy projects, although any projects that provide evidence of positive environmental impact are considered.

Retail Solar Loan: CIB offers retail customers a solar loan with special financing to buy and install solar panels. Developed in cooperation with several of the world’s leading solar energy organizations, the product is already exhibiting competitive return rates. It comes with a flexible repayment plan of up to five years and helps those wanting to pursue their own green agenda.

Egyptian Pollution Abatement Program (EPAP): this supports the conversion and/or expansion in pollution abatement, energy efficiency, industrial waste management, cleaner production or resource efficiency in Egypt. The bank happily funds projects that cut pollution.
Environmental Compliance Office Finance Program: this supports industrial plants that promote cleaner technology for energy saving, pollution prevention and resource efficiency.

An Agribusiness Development Program also offers subsidized agricultural development support aimed at modernizing the Egyptian agricultural sector.

Net Zero Banking Alliance

CIB became a founding signatory of NZBA in 2021. It brought together an initial cohort of 43 of the world’s biggest banks with a focus on delivering the banking sector’s ambition to align its climate change commitments with the Paris Agreement goals set out under the auspices of the UN.

With this in mind, CIB committed itself to supporting the transition of the operational and attributable greenhouse gas (GHG) emissions from its lending and investment portfolios to achieve net zero by 2050 or sooner. CIB was appointed to represent Africa on the NZBA Steering Group and is an active member.

The bank has also committed itself to including the Sustainability Accounting Standards Board (SASB) Disclosures in its annual report in this area to improve transparency and alignment with internal reporting norms in this area. Another reporting innovation concerns its use of the Comprehensive Principles for Responsible Banking (PRB) Impact Assessment Report protocol. The bank looks at its portfolio each year using this methodology.

Policy parameters

The Sustainable Finance policy at CIB defines and sets a comprehensive framework for the bank. It translates its Environmental, Social, and Governance (ESG) commitments into achieving long-term value creation for all stakeholders and instills a governance framework to monitor proper implementation. It is applicable to all departments, functions, and lines of business, which must adhere to it.

The internal policy has been developed in alignment with national, regional, and international agreements, goals, and standards concerning sustainability, as evidenced by the use of UN Sustainable Development Goals for proceeds from the corporate green bond issued in Egypt.

The scope of the bank’s internal policy covers environmental & social risk management (ESRM), sustainable finance, and its own operational footprint, for which a report and amelioration procedures has been produced.

CIB’s ESRM system has been in place since 2016, illustrating its long-standing commitment in this area. Its sustainable finance options, outlined above, provide clients with the necessary tools and products to aid their own transition to a more responsibly profitable economic model. The credit risk element aligns with all relevant Egyptian laws, IFC performance standards, and the European Bank for Reconstruction and Development (EBRD) performance standards.

There is even a Sustainable Finance Academy, funded by the bank, to help its employees, clients and peers understand the importance of the ESG agenda for future business growth and societal and environmental well-being.

Dukhan Bank, a leading Shariah-compliant bank in Qatar, won awards in a number of categories at the Middle East & North Africa (MENA) Banking Excellence Awards 2022 (see boxout) for its extensive digitalization and the D-Pay option on its new mobile application, receiving the MENA Digital Bank of the Year & Most Innovative Bank of the Year awards classifications.
The Bank’s Rashid artificial intelligence (AI) powered chatbot and platform also went home with trophies for the Best Use of AI in FS, Excellence in Omnichannel Integration, and the Best Multichannel & Best Next Generation Offering categories.

The new Dukhan Mobile application aims to meet customer demands wherever they are across the retail, corporate or wealth management (WM) areas of the bank. The Bank’s range of Shariah-compliant investment, won the bank a further award for Outstanding WM Service for the Affluent (see boxout) at the event on June 23.

The application allows the Bank’s customers to open accounts and manage their cards and finances more easily, as well as make electronic e-payments via the D-Pay option on the smartphone app. Other prominent helpful features of the application include:

Direct-to-Account transfers with Western Union.
Card control – Enable cards or manage limits for online/in-store/international use, cash advance or block/unblock your cards.
Cardless cash withdrawal services.
Instant opening of foreign currency accounts.
Accruing points with DAwards: this is the bank’s loyalty program that connects with 900 airlines and 400 hotels around the world, and offers good rates and promotions at car renters, electronic e-vouchers at shops and so on.

New mobile app

The mobile app is a key part of Dukhan’s multichannel digitalization drive offering a wide range of services, such as setting up a standing order or applying for finance, across the various units of the bank. The app is linked to the bank’s refreshed Corporate Banking Digital Platform, which can also be accessed online via a laptop.

The Dukhan Mobile platform is expected to be the most popular end point as it allows corporate administrators to manage users; handle multiple levels of approvals as required by corporate mandates; download transactions and view account statements; as well as conduct intra-bank third party, batch, domestic and international transfers.

Moreover, the app offers retail bank users seamless opportunities to pay utility bills for Vodafone, Ooredoo and Kahramaa (electricity & water).

To ensure that customers’ accounts and transactions are adequately protected, the security process on the app is catered for by two-factor authentication that requires static and dynamic password options, as well as biometric authentication, such as fingerprint or face ID. Transaction workflows are protected with up to nine levels of authorization to accommodate the most complex corporate mandate requirements. The application also features an enhanced electronic e-payment service powered by MasterCard Payment Gateway Services (MPGS), which allows businesses to access an end-to-end e-commerce solution.

In addition, customers can open Shariah-compliant fixed- deposit ‘Wadiati’ (profit-in-advance) accounts through the Term Deposit/Time Deposit feature directly on the mobile application, further reducing the need to visit a branch.

Through Dukhan Mobile’s new card control system, customers can control transactions and assign limits on card usage. Customers can also activate/deactivate a card when it’s lost, misplaced, or stolen; set an in-store limit to stay on budget; enable ATM withdrawals and permit online card usage via the app; and activate ‘international payment’ blocks to prevent fraud outside of a normal location.

Dukhan Bank has also rolled out contactless credit and debit cards compatible with Point of Sale (PoS) terminals to accept payments. Another advanced available option to customers is the Dukhan Pay (D-Pay) platform on smartphones that allows contactless payments to be made via a mobile device.

D-Pay Platform

Dukhan Pay was developed to meet customers’ increasing demand for digital banking products and services by enabling individual and corporate customers to conduct all their transactions online easily and securely by integrating it with payment services like Apple Pay, Fitbit Pay, and Garmin Pay. To ease and protect the transaction process, tokenization has made it simple, easing on-boarding and enhancing digitalization. Dukhan Bank was the first bank in Qatar to unveil Apple Pay as an option for its smartphone users.

The Bank’s customers can also easily link their devices with their cards without the need for activation or visit to any branch. Under the same platform, the Bank has also released wristbands fitted with smart chips that can facilitate contactless payment across a variety of merchants, convenience stores, pharmacies and petrol stations. D-Pay connects with Dukhan Bank’s credit and debit cards and allows such ‘wearable’ payments.

The Qatar Mobile Payment (QMP) option is also housed on the D-Pay platform within Dukhan Bank’s ever-evolving mobile application to allow customers to use their mobile number to make electronic e-payments to others’ digital wallets in line with Qatar Central Bank’s Qatar Mobile payments initiative.

Rashid AI-powered chatbot and multichannel automated service platform

The interactive, multichannel virtual assistant, Rashid, is accessible on Dukhan Mobile, the bank’s website and on WhatsApp. Powered by artificial Intelligence (AI), natural language processing (NLP) and machine learning, and hosted in the cloud to cross channels, Rashid offers swift answers and fast solutions to customers’ inquiries. Along with the above innovations, it facilitated the bank to win the innovation, omni- and multi-channel awards, as well as the AI and next generation trophies at the MENA Banking Excellence Awards.

Rashid can locate nearby branches, give details on products and services, provide exchange rates, and process multiple tasks and complex questions to assist customers 24×7 in a friendly, automated but still personalized way. The chatbot can converse in Arabic and English and its ever-expanding functionality will soon be able to:

Activate or block cards
Do fund transfers
Provide spend analysis
Credit card and utility bill payments Offer tailored recommendations for clients, using data analytics
The platform can detect and eliminate mistakes made in text or voice messages, using the most advanced technological achievements in AI, and the NLP capabilities ensure a natural conversational flow. A mechanism calculates the next action that should be addressed or suggested to the user by taking into consideration the previous flow of conversation.

The chatbot platform is an enterprise solution that can be used by staff on the intranet, externally by customers on the corporate website or internet, mobile banking, or on WhatsApp. Defined user stories are supported the same way on each channel because the ‘intellect’ of the bot is centralized.

Best Private Bank & Banker

Dukhan Bank won the MENA Private Banker of the Year and Best Private Bank: Qatar at the MENA Banking Excellence Awards 2022 on June 23 for its results and individuals. Chaouki Daher, general manager and head of private banking (PB) unit was rewarded for his over 20 years of experience in the sector and accumulated expertise. Daher joined the International Bank of Qatar (ibq) in 1998 as an Assistant Relationship Manager (RM). ibq was later merged with Barwa Bank and the whole business rebranded as Dukhan Bank in 2020. Daher has held numerous senior managerial positions in the private banking business and served as secretary of the board of directors since the founding of ibq’s board.

He is a graduate of Business Administration with Honors from the University of North Carolina, the US, and previously held a diplomatic position with the Ministry of Emigrants and Foreign Affairs of Lebanon, in addition to directorship positions in local and listed companies in Qatar, representing the bank.

The Private Bank offers Sukuk (financial certificates / bonds) and Takaful (insurance) in line with its Shariahcompliant status. The state-owned Group has Capital Markets, Wealth and Asset Management units, alongside its retail and wholesale banks. The Private Bank offers an end-to-end portfolio of finance, banking and investment products and wealth management (WM) services for high-net worth individuals (HNWIs) from legacy planning to investments in properties, finance and so on, which managers customize to suit each client’s risk appetite. It’s Sukuk covers Qatar and other nations of the Gulf Cooperation Council (GCC) and global funds, with mutual and capital protected options also available.

The Private Bank plans to invest further in its digital transformation over the next five years to capture a larger and younger generation of WM HNWIs and bring in new small business owners, more Islamic finance investors and private-public partnerships.

More digital services for everyone, and specific tools for millennials such as its enhanced smartphone-only Liv fully digital bank, helped Emirates NBD (ENBD) win Best Retail Bank: UAE at the recent MENA Banking Excellence Awards 2022. The use of analytics on anti-money laundering (AML) duties won it Best Application of Data Analytics, while its tech-savvy status was confirmed by its Best Social Media Marketing Campaign win.

The social marketing trophy was awarded for ENBD’s SaveWinDrive promotion, which celebrated the United Arab Emirates (UAE) national day on 2 December 2021 marking 50 years since the Emirates were founded in 1971. For this Golden Jubilee a special edition Mercedes car, only 50 of which were made, was offered to three savers at the bank.

The #PeopleWithoutLimits empowerment program was also noteworthy as it highlighted the diverse global community that has built Dubai in the UAE over the last 50 years by thinking positively, training and empowering themselves. This attitude has built the world’s tallest building in Dubai, the 2020 Expo fair park, and much else besides.

Additionally, ENBD’s #FastWithFriends project uses influencers on Facebook, Instagram, Twitter and TikTok, to encourage social cohesion and understanding during the muslim holy month of Ramadan. It encourages nonmuslims in the diverse Dubai community, which has 8.84 million ex-pats, to join the fast or at least be aware and respectful of it. Different rush hour timings, sometimes shorter work times, tired and hungry people who can only eat at night and so on, are all noticeable impacts of Ramadan. #FastWithFriends seeks understanding, while also soliciting donations to the Al Jalila children’s hospital from the 1,150 non-muslims who decided to join the fast – as one of the main tenants of Ramadan is to do good. AED 500,000 Emirati Dirhams (US$136,147) resulted. The campaign reached 10 million people.

Data analytics win

ENBD won the Best Application of Data Analytics trophy at the MENA Banking Excellence Awards 2022 because of the quantitative scorecards they developed in the anti-money laundering (AML) field covering application and behavior, which classify customers into high, medium, or low risk. High risk customers are identified sooner, reducing false positives and expensive manual interventions are only deployed when necessary. The model has been validated by KPMG and turned into a whitepaper. It complies with all relevant AML guidelines from the Central Bank of the UAE (CBUAE), which state that “large FIs may elect to assess customer risk by using more sophisticated scorecards”.

Implementation has saved the bank AED8.9 million Emirati Dirhams (US$2.42m) and cut false positives as it more accurately identifies bad customers and better targets the use of manual interventions. Other benefits include:
Reduced reputational risk, as fines from increasingly strict regulators and bad publicity are now less likely.
Enhanced comprehensive risk oversight and mitigation procedures.
Fewer correspondent bank alerts, as strong onboarding and monitoring of transactions, portfolios and behavior cut false alerts.
Improved customer experience (CX), as good customers are bothered less and don’t suffer overdue delays
The solution uses data from various systems collated and analyzed to design a statistical scoring framework that addresses the risk assessment requirements identified at different stages of the compliance lifecycle, spanning onboarding, portfolio and transaction risk behaviors. These are split into specific scorecards, covering: Application & Behavior.

Future plans from the analytics team rewarded with the trophy at ENBD include developing a dedicated data warehouse that can centralize all data automatically from different source systems to give a better single view and single version of customer level data. Various stakeholders will be tapped, such as internal structured data from the bank, credit information and external unstructured social media or other sources. This will further improve the quality and consistency of the data used to detect AML threats and further refine the models’ behavior and customer monitoring activities.

Retail revolution in consumer banking

Emirates NBD has already extensively digitized its retail bank offering, with digital loans, cards and wealth applications, videocalls, increased online transfer limits, mobile functionality, and email based sign-up procedures for an online platform aimed at for Small-to-Medium Sized Enterprise (SME) clients, among many noteworthy initiatives. The introduction of ‘Smart Pass’, a new soft token-based authentication service has also increased security and convenience, and further encouraged digital uptake.

ENBD now records 96% of its transactions as digital only, plus:
80% of individual customers are digitally active on a monthly basis (mobile & online).
The vast majority of this figure favor mobile banking (95%), proving the success of the bank’s mobile-first strategy. A recent example is the launch of a limited-edition prepaid card, in partnership with MasterCard, for the Expo 2020 in Dubai accessible only on the dedicated Joyn mobile app from ENBD.

A digital identity verification feature on the enhanced mobile account opening service at ENBD has already led to 24% choosing this channel to on-board and open an account with the bank. Further enhancements, and reasons for its Best Retail Bank: UAE win, are its Liv smartphone bank for millennials which now has almost 100,000 customers and rising, an extension into the Saudi Arabian marketplace, and new options – namely:
Liv Prime: a membership program that offers premium lifestyle benefits.
Liv Credit Card: on a smartphone allows users to switch between different reward programs and easily access benefits.
Liv Young: a child’s mobile account that is opened and overseen by parents of kids between 8-17. It brings new customers into the bank and signals the way towards a fully digital future for customers and the banks that provide their financial services.

Mashreq Bank has been adjudged MENA Private Bank of the Year at the regional Banking Excellence Awards 2022 for customer-first approach, curated solutions, and digital capabilities.

With its strong presence in the six nations of the Gulf Cooperation Council (GCC) and along with several other facilities across the globe, bank is poised to provide services to clients based anywhere With its digital capabilities, the bank has created processes and solution that are nuanced, efficient, and can holistically meet the needs of their customers. For example, the bank’s digital platform lets clients trade equities, foreign exchange (FX), and commodities offering thousands of securities across multiple exchanges. However, it is important to note that while Mashreq’s Private Bank offers the basic ‘hygiene’ factor of multiple investment products, it also offers much more as it’s allied to execution capabilities across 32 markets and 150,000 funds on local and international equity markets.

Bespoke services such as Private placements, real estate financing, wealth structuring, legacy planning are provided by the bank. Mashreq Private Bank also opened the region’s first comprehensive family office with an aim to holistically cater to the multiple needs of their unique clients. This specialized unit helps families grow and preserve their wealth for posterity. A range of solutions are offered such as funding, wealth generation, protection, and advisory. It provides a single stop solution with access to in house teams from treasury & capital markets, Investment banking and corporate banking.

Mashreq’s Private banking service also hosts a dedicated Golden Visa desk that can assist clients for the UAE’s Golden Visa nomination, which allows foreign nationals to live, work and conduct business in the UAE without requiring a national sponsor if they meet certain criteria. End-to-end assistance is available to its esteemed clients in this regard.

This customer-first approach with a focus on delivering best-in-class services and global products in the most intuitive and seamless manner is what gives the bank an edge over others, and why it was adjusted winner for the prestigious award.

The National Bank of Bahrain (NBB) was awarded the Best Retail Bank in Bahrain at the Middle East & North Africa (MENA) Banking Excellence Awards 2022 in recognition of its strides in exclusive retail services and digital transformation. Following the success of its revamped digital banking app last year, NBB successfully attracted new customers and was able to migrate thousands of users to the new app.

In line with the bank’s promise to being ‘Closer to You’, NBB has undergone a digital transformation journey with its new retail banking app offering its customers digital on-boarding with facilitated account registration and state-of-the-art services. With a variety of services at hand, NBB witnessed a 40% increase in the app’s base as a result of its product line-up and new features like Apply Pay, virtual cards and enhanced security. NBB’s flagship savings scheme, Al Watani Savings, underwent a revamp with attractive year-long prizes encouraging a culture of saving amongst its customer base.

With the support of in-branch ambassadors to help customers understand the new functions accessible via the new banking app and the provision of revamped branches with more Automated & Interactive Teller Machines (A/ITMs) and bulk Cash Deposit Machines (CDMs), NBB ensures that the customer is always well catered for and supported in their uptake of digital services. Customers also have access to electronic e-Wallet cash withdrawal facilities and ATM vans to serve remote communities.

A new strategy focusing on innovation and digital adoption fosters the release of new products. Some examples at NBB include:
Solar loans via partnerships with local organizations that provide a platform to buy panels.
Auto loans with special rates for hybrid / electric vehicles.
Home finance & equity loans, including Mazaya and joint social housing finances.
Educational loans: preferential rates for kindergarten up to higher education are available in conjunction with a number of established learning institutes in the Kingdom of Bahrain.
Al Watani Savings: NBB’s flagship savings scheme was revamped with attractive year-long cash prizes to reward those who are saving and encourage more people to leave their deposits with the bank.

Digital banking is the emphasis at NBB, while digital adoption has grown by 40%, plus:
Retail digital banking acquired 40% of new-to-bank retail customers in 2021.
Digital also supported the increase of the banks average account opening by +23% in YE2021 in comparison to the YE2020.
Digital has acquired +22% of new-to-bank deposits in 2021.

Some of the new features on the digital banking app unveiled last year include Apple Pay, plus:
Instant credit & debit card issuance: thanks to the new digital services available, which also support smoother account opening options via the aforementioned digital on-boarding capabilities.

Enhanced security: on customer cards thanks to dynamic transaction authentication via the use of one-time passwords (OTPs) and profile updates with address, email, mobile, passport and other details now becoming easily admittable powering on-boarding and dynamic checks.
Virtual cards: with tokenization technology and near-field communication (NFC) users can tap and pay with their smartphone, or their physical card if they haven’t gone fully virtual yet. Expired smart cards can be easily updated now as well
The upgrades at NBB include two Platinum MasterCard products for the bank’s premium and prestige clients, alongside personal cards with NFC contactless functionality, and Visa elite Infinite premium equivalents with the Visa Signature security feature also available. The majority of transactions recorded at NBB are now online or mobile based in nature. The bank is well set to meet this challenge and benefit from it via various refreshed reward programs with local retail partners, especially in regard to the SaveWave child and youth account. This will ensure the next generation of customers are on board to take advantage of the next generation of services that are being developed at NBB.

National Bank of Kuwait (NBK) has improved its product, mobile, online, and digital self-serve capabilities, introducing 25 new features such as mobile & smartwatch payment options, Fitbit Pay and so on, winning it Best Retail Bank: Kuwait at the MENA Banking Excellence Awards 2022. Its fully digital onboarding service using the government’s Digital ID service and new Weyay digital only smartphone bank also helped Mohammed Al Othman, Group GM, Consumer Banking, win the MENA Digital Innovator & Retail Banker of the Year titles. The Best Credit Card & Best Youth Program completed its garlanded evening on 23 June.

NBK has a mobile first strategy and focuses on customer acquisition, payment and expanding its digital offerings, while ensuring that no customer is left behind with automation options in its 66 branches demonstrating its comprehensive omnichannel service. There was even a mobile van-based bank during the Covid-19 pandemic that could reach customers who needed to transact via ATMs and interactive machines.

The ability to split bills and digitally transfer salaries into student allowances also helped customers during Covid-19, and the tight focus on digitalization delivered more contactless and QR code payment transfer options, alongside easy online loyalty redemption and many other digital advances for the future. Not the least was Watani online banking, which gives access to multiple types of accounts and a portfolio of bank, loan, and other services. International transfers via the ripple crossborder blockchain-powered network can be accessed and integration with an NBK capital brokerage account is possible to ensure seamless transfer of funds.

Weyay smartphone bank

Paramount among all the bank’s new launches was the unveiling in December 2021 of Weyay bank, Kuwait’s first fully digital smartphone-based bank. It’s available in the palm of the hand 24×7 of its typically young users. Anyone above the age of 15 can open an account digitally simply by using their governmental mobile-based Digital ID derived from the government’s Civil ID program.

NBK uses open application programming interfaces (APIs) to connect to a multitude of third-party shopping, lifestyle, fintech and other apps to embed its financial, budgeting and payment services 24×7 into customers lives. This is to ensure it has a fully digital platform that suits and can easily serve the everyday needs of modern consumers, ensuring ‘stickiness’, transactions, loyalty, and data – powering analytics and personalization – are all retained on the bank’s platform.

To infinity & beyond:

Best credit card The NBK KWT Visa Infinite credit card won the MENA Banking Excellence Award 2022 for Best Credit Card Initiative for its generous KD1,000 (US$3,300) cashback scheme with 1,000+ merchants participating in the KWT loyalty program, including Ikea, Emirates airline and Vox cinema.

The link to the bank’s mobile app allowing activation by tapping the Near Field Communication (NFC) enabled card on a smartphone, negating the need to visit a branch or call in, was also noteworthy. Two vertical designs and a metal finish can be specified.

The highest cashback offer in Kuwait helps address attrition issues and keep customers loyal, as well as converting cash or debit card usage into the credit card territory. The KWT Visa Infinite credit card contributed almost 60% of overall year-to-date (YTD) flow just three weeks after its recent launch, showing uptake and the social media and other campaigns around the launch were successful.

The crucial KWT loyalty and reward platform allows users to convert points into cashback, travel bookings, electronic e-vouchers, power exchanges with other partners, and do many other things, such as:

Get higher cashback for digital and international payments and across different tiers.
Choose between merchant categories to maximize the cashback offering, which can be up to 10%, the best in the marketplace thanks to strong negotiations with partners.
NBK’s portfolio includes 20 credit cards from Mastercard, Visa and Diners, plus 11 pre-paid products. It provides connectivity to, and interoperability with, a host of other vital loyalty platforms including NBK miles, Kuwait Airways miles, and the innovative UEFA goal points offering. This was unveiled in association with a Champions league card launched in 2021 to target football lovers.

Best Youth Program

NBK’s focus on youth isn’t just restricted to smartphone users of its Weyay bank app. The bank wants to train the next generation of workers too. National Bank of Kuwait (NBK) has six pillars in its Sustainability policy that frames its Environmental, Social, and Governance (ESG) strategy, with Respecting and Developing People being one of them. This is operationalized through its career, training, and talent development units, with its NBK Academy in particular gaining recognition at the MENA Banking Excellence Awards as the Best Youth Program for the way it gives Kuwaiti university graduates the ability to expand their skills and knowledge in the banking sector. In order to be part of the graduate program, participants must be:

Kuwaiti citizens, below 25 years old.
Have a high-grade point average (GPA).
Hold a Bachelor’s or Master’s Degree & have a maximum of two years’ work experience.
Candidates undergo three panel interviews. First, with the Recruitment department, then with Talent Management, and then a third and final screening interview is held with the General Manager of Group Human Resources and the GM of Consumer Banking, Mohammed Al Othman (see boxout). Once selected, NBK Academy inductees are employees.

Out of the 150 candidates in the last two cohorts 30 joined the Academy. Average class size is 15-20 people in each ‘wave’ lasting approximately six months and running twice annually. But quality is the prerequisite, not mere numbers. Since its establishment in 2008, the NBK Academy has 408 graduates so far. The average tenure of graduates is five years, but some stay much longer at the bank and 33% of current supervisory and managerial roles are filled by Academy graduates. There is also a High-Fliers subset program to identify future leaders and train them accordingly.

NBK Academy graduates rotate through different areas of the bank to give them a good understanding of each function and Talent Management creates individual profiles to ensure the bank has insight into each participant’s strengths, weaknesses, and preferences, so that they can be streamed accordingly. As they progress through the bank, annual reviews check on career progression and an electronic e-learning module must be passed to demonstrate competency in their selected position upon graduation.

Local and international vendors provide the training via private Kuwaiti universities and e-learning modules from Euromoney Learning (UK) and Thomson Reuters (USA), among others. NBK senior managers visit and give seminars as well. Technical and soft skills are taught, alongside on-the-job training, and the curriculum is continuously updated to reflect market trends. Some examples of recent courses include:

Boosting Productivity,
Marketing Skills,
Digital Trends in Financial Markets,
Banking and Credit & Creativity and Innovation,
Financial & data analysis, and much more.
MENA Digital Innovator & Retail Banker of the Year
National Bank of Kuwait (NBK) group general manager (GM) of Consumer Banking, Mohammed Al Othman, was named the region’s Digital Innovator & Retail Banker of the Year at the Middle East & North Africa (MENA) Banking Excellence Awards 2022, held on 23 June. His two titles were awarded for the way he has driven the bank’s digitalisation and his focus on youth. For example, the smartphone-based Weyay bank aimed at youngsters will ensure many more generations of users continue to use the bank, especially as the app is embedded into their everyday digital lives with multiple payment and lifestyle connections.

It would have been easy to just focus on mass affluent wealth segments that are instantly profitable. But Al Othman felt the bank also had to think about the next generation and serve their smartphone-based needs to ensure longevity and that people joined to feed the value chain.

Al Othman wanted the Weyay secure app to be designed by the young of Kuwait for use by the young, and he ensured this by maintaining tight oversight of the project. The new digital only smartphone bank addresses youngster’s ambitions, worries and challenges and meet their dream of having a bank – and many useful connected lifestyle apps – all in the palm of their hand.

Automated credit decisioning in the Loan and Card Origination system at the bank, was also crucial to power the digital services Al Othman wanted to see at NBK. This requires automated document scanning and recognition, paperless application and auto generation of all documents, and complete integration with credit bureaux. All of which has been achieved in the back-end with added functionality such as the aforementioned digital on-boarding capability and a front-end focus on the customer experience (CX).

Happy customers spend more and stay longer so designing digital services that prioritize easy, quick CX pays dividends in the long-term. Digitally serving customers via online / video / WhatsApp and social media channels also helps to keep customers happy. New products such as the KWT Visa Infinite credit card and loyalty program, new payment options, finance for entrepreneurs, and the Zeina for Children account, all additionally contributed towards Al Othman’s win.

As GM of NBK Consumer Banking, he leads a team of 1500, including some in the data management centre of excellence. Al Othman hosts regular ‘town hall’ meetings to give employees chance to ask questions, share ideas, buy-in to the digitalization drive, and interact with the senior leaders.

Innovation comes from fostering a team spirit and Al Othman has done this so successfully he has got the trophy to prove it – and the results. Digital transactions have grown by more than 50% year-on-year (YoY) and double-digit growth in the more efficient self-service channels is evident.

Qatar Development Bank (QDB) won the Excellence in Crisis: Client Services Middle East accolade at the virtual Middle East & North Africa (MENA) Banking Excellence Awards 2022, held on 23 June, for the National Response Guarantee Program (NRGP) they administered in response to Covid-19 under the auspices of the government to help the private sector (i) survive, (ii) revive & (iii) thrive after the pandemic.

The Emir of Qatar provided financial and economic incentives amounting to QR75 billion Qatari Riyals (US$20.6bn) to help those in the private sector impacted by the global economic chaos unleashed by Covid-19. The relief program was designed to support firms working capital, including salaries (furlough) and rent.

Qatar Development Bank (QDB) was assigned to launch and administer the Qatari National Response Guarantee Program (NRGP) in cooperation with the Ministry of Finance and the Ministry of Commerce and Industry, and coordinate all banks operating in the country, which were allocated guarantees by QDB at an amount of QR5 billion (US$1.37bn) to disseminate funds down to local businesses that needed it the most.

NRGP ran from April 2020 until September 2021 with four extensions to cope with the evolving situation and sector specific assistance for hard hit areas like construction. It supported:

over 4,743 companies,
covering the salaries of over 425,000 employees
equivalent to 35% of the total workforce.
The loan guarantees were structured with the principal fully covered (100% guarantee) and the interest during the 1st and 2nd year grace period paid by the government through QDB, while the 3rd and 4th years come with a subsidized interest rate paid by companies.

QDB ran more than 20 webinars, workshops, and Q&A sessions for participating banks to brief them on the program. The bank also set up a dedicated online portal (B2B) with banks and customer hotline to get feedback and resolve any bottlenecks during the fast rollout of the program.

QDB’s structured its approach to help firms survive the immediate Covid-19 crisis, then revive and thrive after the pandemic with new skills learnt during the interlude.

(i) Survive: The survive aspect of the program was delivered in multiple tranches to help small-to-medium sized enterprises (SMEs) quickly get the practical help they needed. QDB itself:

Delayed loan repayments: for SMEs without interest fees or charges for nine months. This also included a nine-month exemption of rental fees for QBIC (one of QDB subsidiaries) which is a state-of-the-art business incubation center that helps entrepreneurs start or grow their business.

Special exemptions for tenants: were granted for various QDB owned and operated real estate units – namely Al Furjan Markets, which offer SMEs spaces in commercial complexes, as well as the Jahiz1 and Jahiz2 factory sites, which allow owners with innovative industrial, or food and beverage projects, to lease ready-to-operate manufacturing facilities.

Situation Room & other help: was unveiled to help manage supply chain issues for SMEs and provide virtual training for entrepreneurs to help them navigate this uncharted environment. A hackathon was also held to crowdsource and attract innovative solutions in response to the crisis, and a comprehensive accessible guide was produced by QDB.

(ii) Revive: training was essential to ensure the long-lasting sustainability of SMEs and the private sector, so this aspect of the program offered access to specialized advisory services and a financing scheme to overcome business challenges. The idea was to turn a crisis into an opportunity by using the downtime to retrain for growth and development.

(iii) Thrive: this phase supported reinvention by encouraging SMEs to digitalize and adopt future industry 4.0 norms through catered advisory and financing products.

A subsequent survey showed that 77% of beneficiaries from the private sector would have gone out of business without the NRPG. The revive and thrive aspects of the program will hopefully ensure strong growth in the future as the bounce back begins.

Qatar Islamic Bank (QIB) received 4 awards from the Middle East Economic Digest (MEED) MENA Banking Excellence Awards 2022 in recognition of its outstanding performance across retail and digital banking for the MENA region.

With its comprehensive customer offering and focus on optimizing and digitizing its banking operations, QIB was named ‘MENA Retail Bank of the Year’, ‘Best Retail Bank in Qatar’, ‘Best App for Customer Experience in the MENA region’, and ‘Excellence in Mobile Banking in the MENA region’ at the MENA Banking Excellence Awards 2022. The awards reflect QIB’s excellence in providing the most innovative banking services in the market and are a testament to its leading contribution to reshaping the banking scene in Qatar and beyond through seamless digital solutions and services that meet all customers’ banking needs.

QIB has launched an all-new version of its award-winning Mobile App. Creating a simplified and more engaging user experience, the App adopts a convenient approach with enhanced navigation to enable full and easy access to the Bank’s digital services, 24/7 and from anywhere in the world. The App has also seen the introduction of major functionalities, bringing many new banking services for the first time to Qatar including Dark Mode and Discreet Mode which al-lows customers to hide their account and card balances, deposits, and financial details when using the QIB Mobile App in public spaces.

Taking digital banking a step further, QIB implements the latest technologies in its operations to ensure an end-to-end digital experience for its customers. The bank leverages new technologies allowing customers to perform all their banking transactions from anywhere in the world. Whether starting a new relationship with QIB, getting financing, or issuing a credit card in a few minutes, QIB’s digitalization program and the revamp of the Mobile App gives customers full control and more flexibility to perform their banking needs remotely.

QIB is the first bank in Qatar to introduce a digital Instant Credit Card solution via its Mobile App, and the first in Qatar to launch Visa Direct for customers to transfer funds instantly to over 30 countries in the MENA Region, Europe, and Asia.

Moreover, QIB upgraded its banking experiences for new customers with the launch of the Digital Onboarding process, allowing prospective customers to start a relationship with the bank by opening their accounts in a fast, simple, and convenient way.

In addition, the Bank has introduced Zaki, which means smart in Arabic, the virtual assistant chatbot powered by artificial intelligence (AI) allowing conversations and help to be automated and machine learning (ML) algorithms driving constant service improvements and CX-focused personalization. The virtual assistant allows users to interact with the bank 24×7 in a much more efficient manner.

QIB’s digitalization drive spans to its branches also, with new multifunctional ATMs and interactive teller machines; improved call center operations that link across channels; and better integration as offline and online experiences merge Commenting on this recognition, Mr. D. Anand, QIB’s General Manager – Personal Banking Group said: “We are pleased to receive four prestigious awards from the reputable MEED publication in recognition of our retail and digital transformation efforts. These awards are a testament to our commitment towards innovation and customer centricity. Keeping customers’ needs at the core of our strategy, we are determined to strengthen our position as a leader in digital transformation in Qatar and across the region.”