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. Boubyan Bank is one of the emerging banks in Kuwait and GCC, with the National Bank of Kuwait as the major shareholder.
History 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. 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.
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.
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).
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. 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.
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.
A partnership with Intellect Global Transaction Banking in 2021 upgraded the bank's corporate and small-to-medium enterprise digital infrastructure.
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.
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.
Boubyan Takaful – The group's insurance subsidiary offers general, family, medical, motor, marine, and engineering Takaful products.
Boubyan Capital – The group's investment and asset management subsidiary provides brokerage, wealth management, alternative investments, and proprietary investment services.
Boubyan National – A real estate services company that handles property development, leasing, maintenance, contracting, and property management.
Subsidiaries Ownership (as of 2024) NamePercentageBank of London and the Middle East (BLME)72.37%Boubyan Takaful98.98%Boubyan Capital100%Boubyan NationalFully owned
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.
Board of Directors NameRoleYear of JoiningAbdulaziz Abdullah Dakheel Al-ShayaChairman2009Adel Abdul Wahab Al-MajedVice-Chairman & Group Chief Executive Officer2010Hazim Ali Al-MutairiDirector (Non-Executive)2010Mohamed Yousef Al-SaqerDirector (Non-Executive)2019Waleed Mishari Al-HamadDirector (Non-Executive)2010Fahad Ahmad Al-FouzanDirector (Non-Executive)2023Waleed Khalid Al-YaqoutDirector (Non-Executive)2025Khalid Ahmad Al-MudhafDirector (Independent)2022Abdullah Saud Al-BaderDirector (Independent)2022Dr. Amani Khaled BouresliDirector (Independent)2025Rabah Abdulrahman AlRabahDirector (Independent)2025Ahmed Mohammad Al-FahadGeneral Manager and Secretary2004
Executive Management NameRoleYear of JoiningAdel Abdul Wahab Al-MajedVice-Chairman & Group Chief Executive Officer2009Abdullah Abdulkareem Al-TuwaijriChief Executive Officer2011Abdul-Salam Mohammed Al-SalehChief Executive Officer – Corporate Banking, Financial Control, Treasury and Legal Affairs2012Adel Abdullah Al-HammadGroup General Manager – Human Resources2006Abdullah Ahmed Al-MehriChief Operating Officer2019Mohamed Ibrahim IsmailGroup General Manager – Financial Control2005Adel Rashed Al-MutairiTreasurer – Treasury Group2015Abdullah Abdulmohsen Al-MejhemDeputy Chief Executive Officer2021Ali Yousef AlansariGroup General Manager – Corporate Banking2012Dr. Bader Saad AlhashelChief Risk Officer2019Dalal Dawood Sulaiman Al-GhunaimChief Strategy Officer2019Abdullah Khalifa Al-NusefChief Data Officer2016Abdullah Fahad Al KhuzamChief Information Officer2023Osama Mohammed ShehabChief Digital Officer2011Mona Abdullatif Al DuaijGroup Chief Compliance and Governance Officer2005Bushra Abdulwahab Al-WazzanChief Internal Audit2023Abdulaziz Fahad Al DuwailahHead of Banking Operations2010
Shariah Committee Boubyan Bank has a Shariah Committee which monitors and approves its activities and transactions, and comprises: +Shariah CommitteeNameRoleSheikh Dr. Abdulaziz Khalifa Al-QasarChairmanSheikh Dr. Esame Khalaf Al-EneziMemberSheikh Dr. Mohammed Awad Al-FuzaieMemberSheikh Dr. Ali Ibrahim Al-RashidMember
Financial Performance For the year ended 2025, Boubyan Bank reported a net profit of KD 110.5 million.
Awards and recognition Boubyan Bank has received recognition from Global Finance magazine for its digital banking services, including awards related to Islamic digital banking and small and medium enterprise (SME) banking in Kuwait.
External links Official Website - English References