Kuwait Finance House – Bahrain, one of the leading Islamic banks in the Kingdom recently received the prestigious ‘Quality Recognition Award’ for the year 2022 from JPMorgan Chase N.A. This recognition acknowledges the banks consistent high-quality performance and exceptional achievements in the field of direct processing (STP) of private transfers to individuals and financial institutions during the year 2023. KFH-Bahrain stands out as one of the few financial institutions in the MENA region to receive the award.
Ms. Nadia Qambar, Vice President of Financial institutions at JPMorgan Bank, honored KFH-Bahrain, and the award was received by Mr. Mohamed Fahmi Hamad, Executive Manager and Head of Operations, Information Technology and Corporate Communications at KFH-Bahrain, on Thursday, June 8, 2023. The event conducted was attended by employees of the Bank from the Operations Department, and they were appreciated for their effort and contribution during the year of 2022.
Less than 1% of all money transfer customers qualified for the award this year, highlighting KFH-dedication to processing remittances in accordance with JP Morgan standards. KFH-Bahrain was successful in achieving a high percentage of “MT103” category direct transactions. Further solidifying its reputation as a thriving financial institute in the Islamic banking sector that supports the delivery of cutting-edge products and services while considering concerns with environmental preservation, sustainability and governance.
Commenting on this achievement, Mr. Mohamed Fahmi Hamad, Executive Manager and Head of Operations, Information Technology, and Corporate Communications at KFH-Bahrain said, “We would like to express our gratitude to JP Morgan Bank for this prestigious award and recognition for direct processing of customer remittances. As one of the leading banks in the Islamic financial sector, we will look forward to sustaining this level of competence in carrying out all of our banking activities, as well as our commitment to establishing collaboration frameworks with all partners.”
Ms. Nadia Qambar, Vice President of Financial Institutions at JP Morgan Bank congratulated KFH-Bahrain stating, “I am pleased to congratulate KFH-Bahrain on receiving this high recognition, which is due to its exceptional performance for 2022. We applaud the Bank’s zeal and dedication to upholding the highest standards of excellence and serving as a model for other financial institutions in the Kingdom of Bahrain.”
Since 1997, JP Morgan has been recognizing excellence in two categories related to transfer orders sent through the SWIFT system. Organizations that achieve best-in-class direct processing rates demonstrate the highest level of performance and efficiency, by earning them these prestigious awards.