Bank Boubyan Awarded

A Delegation from the Bank To Participate in the Meetings to Explore Future Relationships with Various Parties

Boubyan Bank’s delegation will be participating in the annual meetings of the Boards of Governors of the International Monetary Fund and the World Bank Group, due to be held in Washington during the period from October 14th to 20 th 2019. Many governors of central banks, finance and development ministers, and private sector senior officers will feature in such meetings.

Boubyan Bank will be honored by (Global Finance) on the sidelines of the meetings for being named the Best Islamic Bank in Kuwait for the fifth year in a row due to the bank’s achievements over the past period, especially its financial results and increasing its market share in the Kuwaiti market.

Commenting on the rationale for giving this award to Boubyan, Global Finance stressed that the bank managed during a relatively short period to make great leaps in growing its financial indicators, especially its market shares, in one of the most competitive markets in the region. 

The bank’s delegation will be headed by Mr. Adel Abdul Wahab Al-Majed, the Bank’s Vice-Chairman & Chief Executive Officer, who also serves as the current Chairman of Kuwait Banking Association. In addition to attending meetings & seminars, the delegation will hold meetings with other participant delegations to explore future horizons, especially amid the developments currently witnessed by the world.

Moreover, the delegation will attend meetings and seminars held by other local authorities such as the Central Bank of Kuwait, Kuwait Banking Association, the Ministry of Finance, and Kuwait’s Embassy in Washington. 

World Economic Outlook 

This year’s meetings are expected to discuss the world economic outlook, eradication of poverty, and economic growth in addition to holding seminars and regional media sessions, press conferences and many other activities and events centered on the international economy, international development and world financial system. 

The World Bank Group & IMF’s Boards of Governors usually convene once a year to discuss the business of both organizations. It is the custom to hold annual meetings usually in each fall in Washington for two consecutive years, and in one of the member countries in the third year.

The annual meetings include the meetings of the Development Committee, the International Monetary and Financial Committee, G-10, G-24, and many groups of other members. At the end of the meetings, the Development Committee, the International Monetary and Financial Committee, and many other groups issue their own statements. 

During the annual meetings, governors take decisions as to the way of handling existing international monetary issues, and they approve relevant resolutions. The annual meetings are presided by one of the governors of the World Bank or the IMF on a rotational basis between the members of each board in each year, while the Executive Directors are elected once every two years, and any new member in the World Bank and the IMF is welcomed every year.

Since the annual meetings bring a huge number of member countries’ officials under the same roof, this is considered an opportunity for major and minor official and non-official discussions. Moreover, many seminars are held on the sidelines of the meetings, including seminars held by experts of both organizations for media professionals.