Visa Recognizes Boubyan Bank with Prestigious Awards for Outstanding Performance in 2024

In a move that reflects Boubyan Bank's leadership in Islamic banking and its commitment to performance excellence, Visa has recognized the bank with three prestigious awards in the categories of international cards’ spending, premium cards, and prepaid cards for 2024. This recognition crowns the bank's ongoing efforts towards success and sustainable growth.

The bank received the awards for the “Best in class International Spends (ITV) growth - All Visa Cards”, the “Best in class Premium International Spends (ITV) growth for Premium Visa Cards”, and the “Kuwait Airways Prepaid Growth”.

Each of these awards serves as a special testament to Boubyan Bank's leadership in Islamic banking and banking innovation. They also reflect the bank’s successful strategy of developing banking solutions that cater for the needs of local and international markets, thus reinforcing the continued success and growth of the bank.

To celebrate these awards, Mr. Abdullah Al-Tuwaijri, Boubyan Bank’s Chief Executive Officer - Private, Consumer, and Digital Banking, and Mr. Abdullah Al-Mejhem, Deputy Chief Executive Officer - Private and Consumer Banking, received a delegation from Visa, headed by Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for the GCC.

Mr. Al-Tuwaijri commented: “We feel proud and honored to be recognized with such prestigious awards from Visa since they serve as a testament to the excellence of Boubyan, emphasizing that the bank continues to reinforce its international standing, relying on innovative strategies which align well with the evolving customer needs in global markets through the launch of unique banking offerings, thereby achieving the best international spending growth of Visa cards in Kuwait for 2024.”

“Topping the list of major banks in Kuwait by achieving the highest growth rates in international card spending on Visa cards is a testament to our tireless work and crystal-clear strategic vision aimed at strengthening the bank's position and leadership in offering innovative solutions, whereby we deliver top service levels that befit our customers' modern lifestyles and exceed their expectations. Additionally, this serves as a special recognition, especially since it comes from an institution that is renowned for its fairness and professionalism.”, he added.

He elaborated: “Our spending growth rates are very high in a competitive market such as the Kuwaiti market, and they reflect the extent to which Boubyan Bank's banking products are aligned with the requirements and interests of its premium customer segments. This demonstrates the bank's commitment to providing advanced, high-quality banking solutions that cater for market needs and adapts to market developments. These figures are not merely growth rates; rather, they serve as an indicator of excellence in growing the customer base, increasing market share, and consolidating the bank’s leadership and pioneering status in designing products that achieve the maximum possible benefit for everyone.”

Al-Tuwaijri went on to add: “We have a strategic relationship with Visa, which has positively influenced our services and products to customers across various sectors. We are confident that the future holds much promise for improving this important relationship.” 

** Continuing the Journey of Success and Leadership

On his part, Al-Mejhem stated: “These awards are an international recognition of Boubyan Bank's high performance levels, particularly in the areas of international Visa card spending and market growth. The bank led the list of local banks in these areas, recording growth in international spending categories for all Boubyan Bank Visa cards and premium Boubyan Visa cards in Kuwait. Additionally, the bank was further recognized for the growth of Kuwait Airways Prepaid Visa Cards in the spending area.”

He added: “These awards are a new milestone in Boubyan Bank’s journey towards leadership in the banking sector, and they demonstrate its commitment to offering the best banking solutions to its customers, coupled with the best tech and innovations, while focusing on reinforcing excellence in international banking services and unique products that meet the expectations of all customer segments, thus contributing to an ideal banking experience. We continue our efforts to develop our products to cater for market needs for banking services in line with the best international standards.”

Al-Mejhem elaborated: “The banking cards sector is one of the most dynamic and highly-competitive sectors in the banking industry, which prompts institutions to focus more on offering innovative solutions that meet the growing needs of various customer segments. Accordingly, it can be said that Boubyan Bank has been able to consolidate its position as a leading bank through its range of cards, which offer the highest levels of quality, security, and ease of use both inside and outside Kuwait. The bank's record growth in card spending highlights the success of its strategy to offer integrated banking solutions that enhance the customer’s experience and consolidate its position among the most outstanding financial institutions in the market.”

In this connection, Dr. Saeeda Jaffar, Visa’s Senior Vice President and Group Country Manager for the GCC, stated: “We are honored to recognize Boubyan Bank's exceptional achievements driving growth in international spending on Visa cards and offering payment solutions that meet the needs of its customers.”

“At Visa, we are proud of our longstanding partnership with Boubyan Bank, and we look forward to continuing our strategic partnership to achieve more future successes in delivering seamless and secure banking and payment experiences for consumers in Kuwait.”, she added.

Boubyan Bank continues its success through strengthening its partnership with Visa and launching new initiatives, such as Boubyan Xperience launched at the beginning of this year. This collaboration aims to offer innovative solutions that enhance customer experience, thus reinforcing the status of Boubyan Bank as a banking leader.

** Boubyan Bank’s Awards from Visa:

1. Best in class International Spends (ITV) growth - All Visa Cards in Kuwait in 2024

Boubyan Bank was recognized with this prominent award owing to its excellence in international spending. This recognition is a significant indicator of Boubyan Bank’s ability to grow and expand internationally by offering innovative and diverse banking services to customers. This is the fruit of the ongoing efforts of Boubyan Bank to offer banking services that enhance the experience of customers who frequently travel abroad or those who make international financial transactions.

2. Best in class Premium International Spends (ITV) growth for Premium Visa Cards in Kuwait in 2024

This is a special recognition for the best growth in premium Boubyan Visa cards’ international spends, which include Visa Platinum, Visa Signature, and Visa Infinite. This award demonstrates the excellence of Boubyan Bank in offering the best outstanding banking products that cater for the needs of affluent customers. The award reflects the success of the bank’s strategy in attracting premium customers who seek financial solutions that meet their specific needs and cater for their international needs whether for online shopping, travel, or others.

3. Kuwait Airways Prepaid Growth

 This award recognizes the excellent performance of an innovative product launched two years ago. Thanks to the tireless efforts, Boubyan Visa Kuwait Airways Prepaid Card now contributes to a significant percentage of spends of the Visa prepaid cards’ market in Kuwait. This significant growth within a short period of time reflects the quality of the bank’s services in the prepaid cards’ segment. Additionally, the award demonstrates Boubyan Bank’s commitment to providing innovative solutions that make customers’ lives easier since this card allows customer to have access to seamless and secure payment transactions for travel or for touristic tours, thus increasing the level of customers’ confidence in the bank’s products while offering them added value.