KIB wins JPMorgan STP Quality Award

01/12/2015 06:12 AST

Once again, Kuwait International Bank affirms its leading position in the Islamic banking industry by winning the Elite JPMorgan Chase Quality Award for the year 2015 in recognition of its outstanding performance in Straight Through Processing (STP) payments and efficiency in processing international transfers in US dollars.

Mohamed Said El Saka, Acting CEO & GM — Financial Control & Planning Department at KIB, commented: “We are very proud to receive this outstanding award that translates the sound success achieved by implementing our new promising transformation strategy at the beginning of this year, which aims at sustaining our leading position locally and abroad by providing quality services that comply with the Islamic Sharia principles”.

He added that this award was earned by the bank in recognition of its outstanding performance in STP payments and efficiency in processing international transfers that meet our clients’ growing needs. He hailed the dedication of the staff that played an important role in achieving the bank’s successes, while giving special credit to the operations team headed by Mr. Abdulraheem Al Awadhi, GM – Corporate Support Department, for their constant hard work and commitment that helped in receiving this prestigious Elite award and positioning the bank at the forefront in its field.

This award is granted to select banks worldwide that meet the strict criteria for processing US Dollar payments through JPMorgan Chase Bank where KIB exceeded the stringent STP performance standards by achieving an STP rate of 99.09% for the MT103 category of payments.

Arab Times