Industry: Banking & Finance
Company: Kuwait Finance House
Kuwait Finance House, the Gulf state’s largest Islamic lender, appointed veteran board member Mohammed Al Khodairi as its new chairman in October last year.
Al Khodairi, who has been a board member since 1981, replaced Sameer al-Nafisi after the lender reshuffled its top management amid a decline in profits in 2011. The Islamic lender reported a 24 percent increase in fourth quarter profit thanks to its restructuring programme. “The growth in KFH’s 2012 financial results confirms the success of KFH’s Transformation Programme,” Al Khodairi, said adding that the group is on right track for sustainable profits.
KFH was set up in 1977, and is now considered a leader in the Islamic finance industry. The lender provides retail banking and private banking, as well as investment banking services. It has helped arrange financing for companies as diverse as Emaar, Qatargas and Air Asia.