Global finance pays tribute to Adel Al-Majed by awarding him the “Outstanding Contribution to Islamic Finance” award
- During his tenure, Boubyan Bank jumped from ranking 9e to 3rd Among Kuwaiti banks
Kuwait City, Kuwait: Global Finance awarded Mr. Adel Abdul Wahab Al-Majed, Vice-President and GCEO of Boubyan Bank, the “Outstanding Contribution to Islamic Finance” award in recognition of his efforts in this vital sector over the years. years, especially since he took over the management of Boubyan in 2009.
During the ceremony organized by the institution in Dubai, Mr. Joseph Giarraputo, President of Global Finance, mentioned some of the achievements of Al-Majed throughout his banking career which spanned almost 40 years. , declaring that this exceptional price, first given to an individual, was a special recognition of the veteran banker who had a great influence and outstanding contribution to the growth of Islamic finance and Islamic banking.
“Al-Majed moved to Boubyan when Islamic financial services experienced rapid growth and fierce competition in the region. He took the helm of the bank which suffered from many problems and faced many challenges in 2009, thus bringing a very difficult challenge, namely the need for rapid restructuring and the need to keep the bank united and strong ” , did he declare.
** Boubyan .. Transformation and acquisition challenges
While speaking of Boubyan’s accomplishments, no one can condone their attribution to the leadership of Al-Majed who transformed the bank from a mere bank in Kuwait into one of the main banks in Kuwait. and the region when he took it from the last row. third among all Kuwaiti banks, in addition to increasing assets from $ 4 billion to $ 24 billion today.
Speaking about this transition period in his career, Al-Majed explained: “When the opportunity arose to join Boubyan, I said to let myself accept the challenge and go to Boubyan for the chance to build my own legacy. But I decided to do things differently and build a team culture. I was also convinced that there was a market opportunity for Islamic banks.
Speaking of the early days there, Al-Majed said, “The bravest thing we have done was take about $ 211 million in provisions, more than three times the number in the previous year. In 4 months, we had a healthy bank from a balance sheet point of view. We still had other issues, but it was a healthier balance sheet and a new management team. “
Al-Majed laid out his initial vision for Boubyan’s commercial presence, saying, “I looked at our main competitors and asked myself ‘What is their advantage?’ They relied on their Islamic identity. So I asked, “What’s their downside?
The answer was customer service and risk management. I thought if we could provide great service and give customers everything they get from conventional banks in accordance with Islamic Sharia principles, maybe we could become their bank of choice.
** Why is Boubyan ranked among the best in the world?
For the past six years, Boubyan has monopolized the GF award for the world’s best Islamic digital bank due to the strength of the bank’s strategy to attract and serve digital customers, get customers to use digital offerings and growth in customers who use digital banking services through online banking or smart phone (s.
The bank continued its digital expansion through the acquisition of Bank of London and the Middle East, where Boubyan’s current stake is around 71%, then Boubyan announced the launch of Nomo Bank in Kuwait and the UK in as London’s leading Islamic digital bank.
Qutaiba Al Bassam
© Press release 2021