Adel Al-Majed Awarded MENA CEO Of The Year For Transformative Leadership In Banking

In a prestigious ceremony held in Dubai, Mr. Adel Abdul Wahab Al-Majed, Vice-Chairman & Group Chief Executive Officer of Boubyan Bank, was honored with the title of "MENA CEO of the Year" by MEED, a globally recognized publication. This accolade is part of the 2024 MENA excellence awards, celebrating Al-Majed's considerable achievements and his influential leadership in the banking sector. The event was attended by notable figures including Mr. Abdullah Al-Tuwaijri, Boubyan Bank's CEO of Private, Consumer, and Digital Banking, and Mr. Ahmed Al-Fahad, General Manager and Secretary to the Board, alongside a distinguished assembly of bankers, economists, and economic sector leaders.

Al-Majed's career spans over four decades, beginning at the National Bank of Kuwait before his pivotal move to Boubyan Bank in 2009. His journey is marked by numerous successes that have significantly contributed to the advancement of the banking industry in the MENA region. This award, given for the first time to a CEO for their visionary capacity and substantial impact across the banking landscape, highlights Al-Majed's exceptional role in shaping the industry.

Upon receiving the award, Al-Majed expressed his gratitude, dedicating the honor to his colleagues and the team at Boubyan Bank, acknowledging their collective efforts in achieving sustained success over the years. His leadership has been instrumental in navigating the challenges and opportunities that have positioned Boubyan Bank at the forefront of the banking business.

Under Al-Majed's stewardship, Boubyan Bank has witnessed remarkable transformations, from being ranked at the lower end among local banks in financial and economic terms to becoming one of the top three banks in Kuwait. The bank's assets have seen a significant increase from approximately USD 7.1 billion to USD 27.4 billion over the past decade. Similarly, its operating profits, Islamic financing share, and deposit share have all shown substantial growth, underlining Boubyan's progress under Al-Majed's leadership.

Expansion Regionally and Internationally

Commemorating its 20th anniversary, Boubyan Bank has expanded into a group comprising three banks and three additional companies, pointing towards a strategy of domestic and international growth. This includes establishing a subsidiary of The Bank of London and the Middle East in Saudi Arabia and acquiring a majority stake in BLME. The bank's focus on digital banking services and international expansion is further illustrated by the establishment of Nomo, the world's first Islamic digital bank in Kuwait and the UK, aiming to offer Sharia-compliant digital services.

Shaping the Digital Future

Boubyan Bank's digital transformation strategy has placed it at the forefront of digital banking innovation, regionally and internationally. This strategy emphasizes the importance of digital services in enhancing customer convenience and fostering sustainable digital growth. Boubyan's commitment to innovation and digital excellence is evidenced by its recognition as the World's Best Islamic Digital Bank by Global Finance for nine consecutive years, setting a solid foundation for the bank's future endeavors in the digital domain.

Al-Majed's achievements and the strategic direction of Boubyan Bank under his leadership signify a new era in banking, marked by innovation, growth, and an unwavering commitment to excellence. The "MENA CEO of the Year" award not only celebrates Al-Majed's personal accomplishments but also Boubyan Bank's ascendance as a leader in the financial industry, poised for continued success in the years to come.