Successful Completion of the 5-Year Strategy, and Exploring Broader Prospects

With the beginning of 2024, Boubyan Bank concludes its 5-year strategy “Boubyan 2023”, launched in 2019, which aimed to positively transform its business operations. The bank has reaped the fruit of this strategy by reaching a record growth rate in its history, i.e. 39%, thus increasing its net profits to KD 80.4 million, which reflects the robustness of the bank’s financial position, the sustainability of its profits, and reinforces the bank’s status as one of the major financial institutions regionally, and the third largest bank in terms of financing portfolio and total assets in the Kuwaiti market.

Prominent Digital Achievements

The concept of digital transformation in banking institutions has become largely associated with the name of Boubyan, as the phrase “for the first time in Kuwait” has been mostly synonymous with Boubyan Bank’s innovative services and solutions in Islamic digital banking.

Our partnership with Snowdrop, a leader in enriching the data of financial transfers and payments, came to support this trend, which can enable the users of the bank’s App to have a detailed review of their daily payments and any additional information related to their purchases and shopping spots more conveniently.

Additional features have been introduced to this service to make it even greater, by showing the total amount paid or transferred to a specific entity or beneficiary over a period of 12 months, thus making Boubyan App a very important tool to control daily and monthly spending and to monitor the same accurately over prolonged periods.

For business and corporate customers, we offered the eRent service to enhance the services of rent collection, property management, and digital collection of rents. This aims at complementing the upgrade of the digital infrastructure of our innovative services, to make it a comprehensive and innovative solution available 24/7, through our online and mobile banking services, to an unlimited number of customers.

Innovation and Creative Technology in Cybersecurity

Boubyan launched its Fikra 2024 Program for its staff to encourage them to bring new and innovative ideas to combat various types of online bank fraud, and to offer cutting-edge solutions to detect and successfully prevent the same. The program aimed at selecting the best and most effective 5 ideas to be adopted practically, and to add the same to Boubyan Bank's outstanding levels of safety and security that exceed customers’ expectations.

Fikra 2024 Program emphasizes our keenness to upgrade technology and security frameworks to counter cyberattacks, and to adopt the relevant standards and practices that aim to establish an integrated and efficient security ecosystem, which ensures keeping pace with the accelerating digital growth recently witnessed in the job market.

Nomo .. Accelerating Growth of the UK’s Property Investment

Nomo Bank, the digital bank of the Bank of London and the Middle East “BLME” - a subsidiary of Boubyan Bank Group - hosted Barratt London, a UK property developer, with the attendance of some of the bank’s customers, along with Great Portland, and a group of individuals and investors who were interested in exploring exclusive Sharia-compliant real estate and investment opportunities with competitive advantages in order to benefit from the best possible investment value, coupled with the best property finance solutions that cope with the accelerating growth in the UK’s property investment.

Investment for PRIME

We also concluded a series of workshops for our PRIME customers, to equip them with new skills and expertise related to the banking sector.

During these workshops, 20 participants had the opportunity to visit Boubyan Bank's Digital Innovation Center, learned how it was created, and how a number of young tech talents joined it to improve the digitalization of its services and products, and to develop the same in order to have one integrated platform for digital banking services.

At the end, Boubyan presented the “Best Learner Award in PRIME Workshop” to three participants, in recognition of their outstanding performance during the program and due to their interest and active engagement.

Extraordinary Initiatives and Activities

As a part of its CSR program, and to positively influence others and engage with them, the bank shared various exceptional activities and events with its customers and employees, such as “Boubyan Bucket List” event, to encourage them to try new and different adventures, and to discover a new world of extraordinary experiences.

During the national days’ celebrations, we surprised our customers with several events and instant gifts during our visit to AlBohayra Farm, which was a special experience where we spent a nice time with families and nature.

For our employees who are passionate about football, we organized Boubyan Football Tournament, which saw the participation of 21 teams. Our employees showcased their skills and played at a very top-level amid exciting ambience as we announced the winning teams.

Strategic Partnerships

Being one of the top supporters of the public sector’s institutions, Boubyan announced its partnership with the National Council for Culture, Arts and Literature “NCCAL” to help it adopt the Lean Management methodology, since Boubyan is the leading bank in adopting business process improvement solutions and acceleration of the same. Boubyan achieves that by following the best creativity and innovation standards and tools to improve performance, upgrade the organizational system, and quality control, which are implemented by a team of specialists from the bank’s Continuous Improvement Department who will supervise relevant initiatives and projects for a period of one year approximately, in addition to coordination and follow-up with the management at NCCAL with regards to the development phases and the updates regarding the operational model.

Moreover, Boubyan inked a collaboration agreement with Abdullah Al Salem University to provide its students with a group of accredited training programs, and introduce them to modern banking concepts in the areas of entrepreneurship, state-of-the-art digital services, as well as many other areas and specializations in demand by the Kuwaiti job market, especially as Abdullah Al Salem University is one of the leading educational institutions in the fields of innovation, digital transformation, artificial intelligence, and cybersecurity.