Boubyan Bank
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 | |
Native name | بنك بوبيان |
|---|---|
| Company type | Public |
| KSE:BOUBYAN | |
| ISIN | KW0EQ0102065 |
| Industry | Financial services |
| Founded | 2004 |
| Headquarters | Kuwait City, Kuwait |
Key people | Abdulaziz Abdullah Al-Shaya (Chairman) Adel Abdul Wahab Al-Majed (Vice-Chairman & Group CEO) |
| Products | Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, Murabaha, private banking, savings |
| Revenue |  KWD 218.03 million (2023) [1] |
| KWD 107.45 million (2023) | |
| KWD 80.44 million (2023) | |
| Total assets | KWD 8.40 billion (2023) |
Number of employees | 2,333 [2] |
| Website | bankboubyan.com/en |
Boubyan Bank is a publicly listed Islamic Bank headquartered in Kuwait City, Kuwait. Founded in 2004 following the enactment of Kuwait's Islamic Banks Law, it was the first Islamic bank established under the new regulatory framework.The bank provides Sharia-compliant financial services across consumer banking, corporate banking, and investment banking through its network of branches in Kuwait.[3][4] Boubyan Bank is one of the emerging banks in Kuwait and GCC, with the National Bank of Kuwait as the major shareholder.[5]
The Islamic Banks Law No.33 of 2003 paved the way for Boubyan Bank's establishment through Amiri Decree No. 88 on 21 September 2004.[6][7] After receiving its license from the Central Bank of Kuwait in November 2004, the bank began operations the following year as Kuwait's first Islamic bank created under the new regulatory framework.[8]
On 15 May 2006, the bank was listed on the Kuwait Stock Exchange (now Boursa Kuwait). In 2009, the National Bank of Kuwait (NBK) acquired a 47.29% stake in Boubyan Bank, becoming its largest shareholder, as of 2025 NBK has 60.4% stake.[9][10]
The bank's international expansion began in 2020 with the acquisition of majority stake in the UK's Bank of London and the Middle East (BLME).[11]
Operation & Services
The bank's structures its operations across four distinct business segments, all adhering to Islamic Sharia principles through its branch network in Kuwait.[12] Consumer Banking provides consumer finance, credit cards, deposits, and related services to individual and institutional clients. Corporate Banking offers Murabaha financing, Ijarah leasing, trade services, and commercial solutions for business customers. Investment Banking handles direct investments, domestic and international real estate investment, and asset management. Treasury manages Murabaha transactions and Islamic financing with financial institutions, while overseeing funding operations.[13][14]
Digital Banking
Boubyan Bank integrated digital services into its operations during their expansion of online and mobile banking platforms. The bank introduced "Musaed," an AI-powered customer service tool, in 2018 to handle inquiries in Arabic and English across digital channels.[15][16]
A partnership with Intellect Global Transaction Banking in 2021 upgraded the bank's corporate and small-to-medium enterprise digital infrastructure.[17]
Boubyan Group
Boubyan Bank operates through multiple subsidiaries under the Boubyan Group structure, offering services across finance, insurance, investment, and real estate in compliance with Islamic Sharia principles.[18][19]
Subsidiaries
Bank of London and the Middle East (BLME) – The UK-based Bank of London and the Middle East, acquired in 2020, offers real estate-focused wealth management, commercial property finance, and savings products.[18][19]
Boubyan Takaful – The group's insurance subsidiary offers general, family, medical, motor, marine, and engineering Takaful products.[18][19]
Boubyan Capital – The group's investment and asset management subsidiary provides brokerage, wealth management, alternative investments, and proprietary investment services.[18][19]
Boubyan National – A real estate services company that handles property development, leasing, maintenance, contracting, and property management.[19]
Subsidiaries Ownership (as of 2024)
| Name | Percentage |
|---|---|
| Bank of London and the Middle East (BLME) | 72.37%[20] |
| Boubyan Takaful | 98.98%[20] |
| Boubyan Capital | 100%[20] |
| Boubyan National | Fully owned[21] |
Corporate Governance
Boubyan Bank operates under a corporate governance framework that includes a Board of Directors, Executive Management team, and Shariah Committee that ensures compliance with Islamic banking principles.[22]
Board of Directors[23]
| Name | Role | Year of Joining |
|---|---|---|
| Abdulaziz Abdullah Dakheel Al-Shaya | Chairman | 2009 |
| Adel Abdul Wahab Al-Majed | Vice-Chairman & Group Chief Executive Officer | 2010 |
| Hazim Ali Al-Mutairi | Director (Non-Executive) | 2010 |
| Mohamed Yousef Al-Saqer | Director (Non-Executive) | 2019 |
| Waleed Mishari Al-Hamad | Director (Non-Executive) | 2010 |
| Fahad Ahmad Al-Fouzan | Director (Non-Executive) | 2023 |
| Waleed Khalid Al-Yaqout | Director (Non-Executive) | 2025 |
| Khalid Ahmad Al-Mudhaf | Director (Independent) | 2022 |
| Abdullah Saud Al-Bader | Director (Independent) | 2022 |
| Dr. Amani Khaled Bouresli | Director (Independent) | 2025 |
| Rabah Abdulrahman AlRabah | Director (Independent) | 2025 |
| Ahmed Mohammad Al-Fahad[24] | General Manager and Secretary | 2004 |
Executive Management[25]
| Name | Role | Year of Joining |
|---|---|---|
| Adel Abdul Wahab Al-Majed | Vice-Chairman & Group Chief Executive Officer | 2009 |
| Abdullah Abdulkareem Al-Tuwaijri | Chief Executive Officer | 2011 |
| Abdul-Salam Mohammed Al-Saleh | Chief Executive Officer – Corporate Banking, Financial Control, Treasury and Legal Affairs | 2012 |
| Adel Abdullah Al-Hammad | Group General Manager – Human Resources | 2006 |
| Abdullah Ahmed Al-Mehri | Chief Operating Officer | 2019 |
| Mohamed Ibrahim Ismail | Group General Manager – Financial Control | 2005 |
| Adel Rashed Al-Mutairi | Treasurer – Treasury Group | 2015 |
| Abdullah Abdulmohsen Al-Mejhem | Deputy Chief Executive Officer | 2021 |
| Ali Yousef Alansari | Group General Manager – Corporate Banking | 2012 |
| Dr. Bader Saad Alhashel | Chief Risk Officer | 2019 |
| Dalal Dawood Sulaiman Al-Ghunaim | Chief Strategy Officer | 2019 |
| Abdullah Khalifa Al-Nusef | Chief Data Officer | 2016 |
| Abdullah Fahad Al Khuzam | Chief Information Officer | 2023 |
| Osama Mohammed Shehab | Chief Digital Officer | 2011 |
| Mona Abdullatif Al Duaij | Group Chief Compliance and Governance Officer | 2005 |
| Bushra Abdulwahab Al-Wazzan[26] | Chief Internal Audit | 2023 |
| Abdulaziz Fahad Al Duwailah | Head of Banking Operations | 2010 |
Shariah Committee
Shariah Committee: Boubyan Bank has a Shariah Committee which monitors and approves its activities and transactions, and comprises:
| Name | Role |
|---|---|
| Sheikh Dr. Abdulaziz Khalifa Al-Qasar | Chairman |
| Sheikh Dr. Esame Khalaf Al-Enezi | Member |
| Sheikh Dr. Mohammed Awad Al-Fuzaie | Member |
| Sheikh Dr. Ali Ibrahim Al-Rashid | Member |
Financial Performance
For the year ended 2025, Boubyan Bank reported a net profit of KD 110.5 million.[28]
