Kuwait’s Boubyan Bank is aiming to become a leading Islamic bank in its home market and around the globe. Boubyan Vice-Chairman and Group CEO Adel Al-Majed discusses how the bank plans to meet this goal through new financial products, digital services, and strategic partnerships.
Global Finance: What are the bank’s strategic priorities over the next five years?
Adel Al-Majed: The bank’s aspiration is to be a leading Islamic bank for high-net-worth individuals and companies, focused on innovation and digital excellence. Under our Boubyan 2028 plan, we will continue scaling our core businesses and products in addition to exploring strategic partnerships with the goal of producing significant shareholder value and growth.
GF: Which of the bank’s commercial business segments are showing the most growth?
AM: The PRIME (youth) and Premium (top-tier affluent) segments have shown the most growth in the last few years. Within PRIME, Boubyan has been a trailblazer for new products and services and now holds a significant market share among Kuwaiti youth. The Premium segment is a relatively new subgroup of the affluent segment that offers customers dedicated relationship managers, access to special hubs within each branch, and global concierge services.
GF: Which of the bank’s retail business segments are most active?
AM: The Mass segment is the largest group and drives use of all bank products. PRIME is the most engaged when it comes to social media and discount offers with merchant partners. The Platinum (mass affluent) segment customer is a power user of credit card services, with an above-average spend per transaction, while the Premium (top-tier affluent) segment is the overall leader for deposits and current and savings account holdings (CASA).
GF: What are some of the key developments within Islamic finance?
AM: One major development is the global growth of sukuk (Islamic bonds), driven by demand for Sharia-compliant investment options, particularly in the Middle East, Southeast Asia, and Africa. Islamic banks are increasingly focusing on financial inclusion, especially in underbanked markets in Southeast Asia and Africa. Sharia-compliant microfinance solutions aim to provide ethical financing to individuals and small businesses without resorting to interest-based loans. These products often rely on asset-based structures such as Ijarah (leasing) or murabaha (cost-plus financing). At the local level, many countries have refined their legal and regulatory frameworks to support Islamic finance. The UK, for example, has introduced regulations to support Islamic banking, while countries like Saudi Arabia and Malaysia continue to strengthen Islamic finance laws.
GF: What steps has the bank taken to promote FinTech growth?
AM: Boubyan has taken a very structured and active approach on FinTech that covers community engagement, including hackathons, accelerators, and other types of challenges for internal and external audiences. Our financial services range from traditional offerings, likeescrow accounts, bulk transfers, and payment infrastructure, to newer offerings, such as ATM as-a-service, BIN sponsorship, wallet acceptance, and embedded banking. We are also active in FinTech mentorship, including strategy, implementation, and operational advice and support, notably the sponsorship of 80% of FinTech applicants to the Central Bank of Kuwait’s Regulatory Sandbox. Boubyan is also strategic with FinTech venture capital, starting from very early stage to late stage investments that align with our core business and long-term strategic goals.
