Stewart Waters

Ahli United Bank - Kuwait

Ahli United Bank prides itself of the prestigious standing it has built among local banks, not only for having been the first bank ever inaugurated in Kuwait and the first building block in the edifice of the banking industry in Kuwait, but also for having the potential to position itself in the lead for over 76 years since it was affiliated to a British bank in 1941 under the name "Imperial Bank of Persia", by virtue of a concession that was sanctioned by Kuwait's ruler; H.H late Sheikh Ahmad Al-Jaber Al-Sabah. In 1971, the term of the concession awarded to the British Bank in the Middle East expired and the bank was ultimately owned by the Kuwaiti government and Kuwaiti citizens. Meanwhile, the name of the bank changed to Bank of Kuwait and Middle East (BKME). BKME kept on its outstanding performance achieving more accomplishments particularly after it has obtained its national birth certificate as a 100% Kuwaiti bank. 2002 marks the beginning of a new era of the bank's successes particularly after AUB Group – with its remarkable reputation and international presence in the banking industry – has become a major shareholder in the bank. AUBK's conversion to a Shari'ah–compliant bank on April 1, 2010 was the landmark event and historic turning point in the bank's history. The conversion into Islamic which was based on a prudent strategy adopted by the major shareholders and put into effect by the bank's executive management under the supervision of its Board of Directors has in fact propelled the bank vigorously towards penetrating the Islamic banking industry until AUBK has been able to position itself in the forefront of Islamic banking in the region.