Connect with us

Business

KFH Receives ISO Certification for Business Continuity Management

Published

on


KUWAIT CITY, Apr 5: Kuwait Finance House (KFH) has attained ISO 22301 certification for its Business Continuity Management Systems (BCMS) after successfully completing the required auditing procedures and meeting all certification standards in record time.

Commenting on this achievement, KFH Executive Manager Business Continuity Management, Faisal AlMulla, said thatthis certification demonstrates KFH’s sustainability approach to maintaining operations during crises at the highest international standards. He further noted that it reflects the bank’s proactive capacities and preparedness to face potential risks, ultimately ensuring reduced downtime and continuous banking services despite unforeseen circumstances.

He further explained that the ISO 22301 certification highlights KFH’s efficient operations, its structured approach to managing potential crises, and its strong ability to withstand future challenges. Moreover, he noted that this certification proves the bank has successfully adopted leading practices to ensure stability and continuity across all its operations.

“KFH, a world-class leading banking entity, always seeks to maintain a solid and effective system for business continuity management. KFH also maintains a robust and effective strategy for crisis management, supported by a cutting edge digital-based ecosystem, ensuring a seamless continuation of KFH’s services and core operations. This approach has led to KFH being awarded this certification by the International Organization for Standardization (ISO),” AlMulla explained.

He affirmed that ISO 22301 represents a milestone for the efforts of the Bank’s different departments in their pursuit of applying the best international standards in risk management and business continuity. He also highlighted KFH’s endeavors in achieving a significant leap toward digital transformation in risk management by adopting the latest advancements in artificial intelligence (AI), machine learning, and advanced analytics to enhance risk measurement, monitoring, and early detection capabilities. This was accomplished in accordance with the best global practices, allowing KFH to build effective, developable and proactive measures to face unforeseen challenges and ensure its business continuity considering the geopolitical changes surrounding the region and the world.

“Furthermore, the risk appetite framework for the Group and subsidiaries was comprehensively updated to align with the evolving economic and financial conditions, ensuring alignment with the Group’s risk strategy and its overall strategy,” AlMulla remarked.

It serves to note that the ISO 22301 certification determines the Business Continuity Management (BCM) requirements and provides a comprehensive framework that enables organizations to foresee, prepare for and recover from business disruptions effectively. Additionally, an effective BCM system allows organizations to detect potential threats and mitigate its implications ensuring their business continuity.

Business

Second phase of merging Kuwait oil companies underway

Published

on

By

KUWAIT CITY, June 30: In preparation for the second phase of merging the subsidiaries of the Kuwait Petroleum Corporation (KPC), informed sources revealed that the executive phase of merging Gulf Oil Company with Kuwait Oil Company (KOC) has begun through the transfer of the corporation’s shares in the capital of the Gulf Oil Company to KOC. They highlighted a meeting held recently between the two companies’ CEOs to start making administrative decisions regarding this matter. The sources explained that the second phase, following the initial merger of KIPIC with the Kuwait National Petroleum Company, is part of KPC’s strategy to restructure the oil sector. This phase commenced with a meeting between KOC’s CEO Ahmed Al-Eidan, acting CEO of Gulf Oil Company Bader Al-Munaifi, and representatives from the oil sector’s leadership and workforce. The meeting also discussed the implications of Decision No. 60/2024, issued on May 5, 2024, concerning the transfer of KPC’s ownership of shares. ‘

Al-Eidan affirmed the importance of job stability and preserving all benefits of Gulf Oil employees. It was decided that the legal and administrative status of Gulf Oil Company will remain unchanged at this stage, including the company’s name, logo, and operational sites at its headquarters and joint operations in Khafji and Al-Wafra. The sources clarified that Al-Eidan indicated the change is limited solely to the transfer of share ownership, with KOC becoming the owning entity instead of KPC. Consequently, the highest authority will be the Board of Directors of KOC, without affecting daily operations or the current institutional structure.

By Najeh Bilal
Al-Seyassah/Arab Times Staff 

Continue Reading

Business

Kuwait enhances laws to combat money laundering and terror funding

Published

on

By

Kuwait enhances laws to combat money laundering and terror funding

The Kuwait government approves tougher measures to tackle financial crimes.

KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.

The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.

During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.

The new decree law includes two significant amendments:

  • Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
  • Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n

The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.

Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.

Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.

Continue Reading

Business

Kuwait updates regulations for public properties and service fees

Published

on

By

Kuwait updates regulations for public properties and service fees

Updated regulations aim to boost fair use and revenue from state properties.

KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.

In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.

Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.

“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.

She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.

The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.

In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.

The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.

Continue Reading

Trending

Copyright © 2025 SKUWAIT.COM .