Al Dawli is the first local bank to Migrate on SWIFT Release 7.0

Press release

Published August 16th, 2011 - 06:20 GMT

Abdul Raheem Al-Awadhi, the Executive Manager of Operations Department, Kuwait International Bank

Kuwait International Bank announced its SWIFT application upgrade of the latest banking communications technology as per CBK directives... Al Dawli spokesman indicated that KIB is the first bank in Kuwait to migrate on SWIFT Release.7.0 to join a global network of about nine thousand banks and financial institutions spread across 209 countries around the globe.

Mr. Abdul Raheem Al-Awadhi, the Executive Manager of Operations Department, while informing our esteemed customers with this initiative, stated that SWIFT network for international financial transfers represents state-of–the-art technological support and it is deemed an addition to KIB’s communication and information network. This software strengthens confidentiality of information, contributes to cost reduction, mitigates the financial and investment risks, and reinforces better customer service since the software is user-friendly and much updated.

Al Awadhi also added that, through operating this software, KIB is placed first among the local banks who upgrade themselves with this new technology in fulfillment of CBK instructions. This development also assures the Bank’s compliance with the international and local applicable systems as well as its keenness to provide the internationally updated characteristics of secure financial communication and information network.

Al-Awadhi stressed that operating the new SWIFT version represents a remarkable advancement in the IT services provided to customers. The software is easy to use, safe and reliable in banking and financial transactions. He indicated that the project team, in cooperation with ITD at KIB, realized an achievement in the type and speed of the new efficient high quality and performance operating system. (Repeated information, consider revision)

Al-Awadhi concluded stressing the bank’s keenness to follow up the latest technology in developing and updating its technological infrastructure so as to upgrade the level of services provided to customers, further to the constant progress and development achieved by the bank being one of the most developing Islamic banks in Kuwait.

Background Information

Kuwait International Bank

KIB a bank that operates according to the Islamic Shari’ah from 1st of July 2007, is a public quoted company. It was incorporated in 1973 and was originally known as the Kuwait Real Estate Bank.
As an Islamic bank, KIB’s business covers all banking services including Acceptance of Deposits, Financing Transactions, Direct Investment, Murabaha (auto, real estate and commodities), Ijara Muntahia Bittamleek (Lease-to-own) , Istisna’a, Tawarruq, Credit Cards, Wakala and other products. Corporate projects and finance, Treasury Services, Issuing Letters of Credit (L/Cs), Letter of Guarantee (L/Gs) and Real Estate Dealings and Management of Properties.