Kuwait Finance House (KFH) has officially launched its operations in Egypt following the successful acquisition of Ahli United Bank Bahrain in 2022. The transformation into a fully Sharia-compliant financial institution was completed in December 2023, followed by a merger with Ahli United Bank Kuwait in February 2024.
With this acquisition, Ahli United Bank – Egypt has been rebranded as KFH Egypt, signifying its complete integration into the KFH Group and its commitment to Islamic banking principles.
Strategic Expansion and Vision
KFH Chairperson Hamad Al-Marzouq expressed enthusiasm about the bank’s entry into the Egyptian market, emphasizing the significance of the transition.
“We are delighted to establish our presence in Egypt, a key market, through the launch of the new identity for Ahli United Bank – Egypt. As of today, it officially becomes Kuwait Finance House – Egypt, a landmark step that will strengthen the country’s Islamic banking sector and contribute to economic growth.”
Al-Marzouq highlighted KFH’s extensive expertise, positioning it as the largest bank in Kuwait by market value and the biggest publicly listed private-sector entity on the Kuwait Stock Exchange, with a market capitalization of approximately KWD 13bn. With operations spanning 12 countries, including Kuwait, Bahrain, Turkey, Egypt, Germany, and the UK, KFH is now the world’s second-largest Islamic bank.
This acquisition and rebranding solidify KFH Egypt as a robust financial institution with global recognition, aiming to rank among the world’s top 100 banks.
A New Identity and a Bold Future
Following the acquisition of Ahli United Bank Bahrain in 2022, KFH took extensive measures to ensure a smooth transition of Ahli United Bank Egypt into an Islamic banking institution. The rebranding initiative, under the slogan ‘Horizons Without Limits,’ reflects KFH’s commitment to digital transformation and leadership in global Islamic finance.
“This transformation represents a pivotal milestone for KFH Egypt, driving innovation, operational efficiency, and enhanced customer experience,” said Al-Marzouq. “We remain committed to delivering superior Sharia-compliant products and services that surpass customer expectations.”
He further emphasized that maintaining leadership in Islamic banking requires continuous enhancements in digital banking, customer engagement, and financial inclusion. “KFH Egypt will adopt global best practices in Islamic banking, leveraging cutting-edge digital tools to provide seamless and innovative services,” Al-Marzouq added.
Market Expansion and Financial Strength
KFH Egypt CEO Hala Sadiq emphasized that the rebranding is more than a name change—it signifies complete integration into the internationally recognized KFH Group, a leader in Islamic banking.
“We are dedicated to delivering exceptional banking services while focusing on innovative, Sharia-compliant financial solutions tailored to our customers’ evolving needs. This move aligns with our ambitious expansion plans, leveraging KFH Group’s financial strength and global expertise,” Sadiq stated.
KFH Egypt aims to expand its market presence, enhance competitiveness in Islamic finance, and drive financial inclusion by attracting a broader customer base.
“The growing demand for Islamic banking presents significant opportunities. Our transition to a fully Sharia-compliant model will strengthen our market position and enable us to serve new customer segments effectively,” Sadiq noted.
She assured that existing contractual terms with customers will remain unchanged until the maturity of financing agreements, with no additional costs or burdens imposed on clients.
Sadiq also highlighted that KFH Egypt’s extensive branch network and digital banking capabilities will ensure accessibility and convenience for customers, reinforcing trust in Islamic financial solutions.
Impressive Financial Performance in 2024
- KFH Egypt reported exceptional financial growth in 2024, underscoring its solid market presence and expansion:
- Net consolidated profits surged by 65% to EGP 5.5bn in 2024, up from EGP 3.3bn in 2023.
- Total assets grew by 29% to reach EGP 144bn, reflecting strong liquidity and asset quality.
- Net income from returns increased by 52.4% to EGP 7.6bn.
- Fee and commission income reached EGP 999m.
- Customer deposits rose by 30% to EGP 117bn.
- Total financing portfolio expanded by 26% to EGP 85.3bn.
- Nationwide network: KFH Egypt now operates 44 branches across the country.
The bank’s expansion will also contribute significantly to Egypt’s economic growth by providing Sharia-compliant financing solutions to individuals and businesses, supporting infrastructure projects, and fostering financial inclusion.
With a strong capital base, cutting-edge digital banking services, and a clear vision for expansion, KFH Egypt is poised to lead the transformation of Islamic banking in Egypt, reinforcing its position as a dominant player in the region’s financial sector.
