Could you provide a brief journey of how you arrived where you are today?
I have been exercising different banking activities for more than 15 years.
What does your role involve?
I am in charge of the banking sector at Kuwait Finance House (KFH), which consists of six departments, the most important of which are the branches – amounting to 43 branches – banking cards, treasury, call centers and services and products development.
What is your greatest achievement to date?
I do believe that many achievements have been realized recently, due to close, positive co-operation with my colleagues and the ongoing support provided to us from the KFH management. To name some achievements, we have unprecedentedly changed all KFH cards into smart chip cards; introduced comprehensive ATMs for the first time in Kuwait; and introduced GSM Mobile Points of Sales, raising KFH’s share in the banking cards market by 35%.
In addition, we have been keen to implement our geographic expansion policy through establishing new branches, and to provide diversified products and services throughout our branches, as well as introducing the facilitation card – the first Islamic credit card. Moreover, we have introduced the KFH to KFH card service designed for external transfers between five countries, and the company expense card.
Which of your products/services deliver the best results?
Our large package of products and services does enjoy wide public popularity and does achieve a high quality performance, to the extent that we can hardly prefer one product or service over any other. This is due to the fact that we have a sharply defined policy that makes it imperative that each product and service is qualified enough to meet the expectations of our valued clients and comply with their different capabilities and needs.
Therefore, I am confident enough to say we have an integrated package of services and products that are evenly and progressively demanded by different sectors of our clients.
What are the strengths of your business?
Being a leading Islamic financial institution worldwide, KFH does have several strengths. This distinction and uniqueness should not be a point of admiration and pride, rather it should be an impetus towards achieving more success.
What are the factors contributing to the success of your company?
We believe that the ceiling of success is indefinite and that the march of development and progress will not be limited to a certain product/service, regardless of how significant it is. We are in the process of continuous creation, innovation and development to maintain and develop our market share both locally and internationally.
What are the obstacles faced in running your business today?
Mohammed Naser Al-Fawzan declined to comment on this question.
Where do you see the Islamic finance industry, maybe in the next five years?
I dare to say that the Islamic finance industry will have a prosperous future and will draw the wide attention of the media in the nearest future. Islamic financial transactions have become known worldwide, pushing the key international banks to introduce Shariah compliant services and products to meet the increasing demand for such services and products in the different markets. Islamic banks bearing the concept of a comprehensive bank in mind are in fact the banks that will be properly developed in the future. This trend can be best illustrated by the economic legislations adopted in several countries worldwide, such as the US and Europe, developing the concept of a traditional bank to a broader concept that is based on the provision of all services and products in a more comprehensive manner.
Name one thing you would like to see change in the world of Islamic finance?
I am really aspiring for more co-ordination and co-operation between Islamic financial institutions worldwide, since all of us share a common goal. I wish that they will launch jointly a well-organized campaign to promote their services and products based on sound scientific methods. In spite of the continuous hard work, realized development and the wide spread at the international level for about three decades, many people are not aware of the special and privileged nature of Islamic financial services and products. It becomes clear that resistance to and rejection of such services and products stems from this point.
Kuwait Finance House (KFH) was established in Kuwait in 1977 as the first Shariah compliant bank. KFH provides a wide range of Islamic Shariah compliant products and services, covering banking, real estate, trade finance, investment portfolios and other products and services. KFH is listed on the Kuwait Stock Exchange.