Kuwait Finance House – Bahrain (KFH – Bahrain) received Quality Recognition Awards from J.P. Morgan, which were awarded in recognition of the Bank’s exceptional performance in the field of Straight-Through Processing (STP) of money transfers to individuals and financial institutions during the year 2021. The award was handed by Mr. Mohammed Al-Banna, Executive Director of J.P. Morgan, at the Bank’s headquarters. Mr. Mohammed Fahmi Hamad, Executive Manager of Operations, IT and Corporate Communications at KFH-Bahrain, received the award on Thursday February 3rd, 2022.

These awards are testaments highlighting KFH-Bahrain’s commitment to upholding a high quality of standards and efficiency that it provides to its stakeholders. It is worth noting that less than 1% of its total funds transfer clients were able to meet J.P. Morgan’s standards pertaining to STP money transfers and qualify for the award this year, further highlighting KFH-Bahrain’s accomplishment in achieving an extraordinarily high percentage of direct processors for each of the “MT103” and “MT202” classes of payments.

Commenting on the occasion, Mr. Abdulhakeem Alkhayyat, Managing Director and Chief Executive Officer at Kuwait Finance House – Bahrain said: “It gives us great pleasure to receive such prestigious awards which reflect on our exceptional work of clients’ STP money transfers. At KFH-Bahrain we aim to continue providing our valued stakeholders with the best quality of banking services, in addition to our commitment to strengthening our collaboration with all our partners.”

Further commenting on these awards, Mr. Mohammed Fahmi Hamad, Executive Manager of Operations, IT and Corporate Communications said: “We are very proud to have received the ‘Elite Quality Recognition Awards’ from J.P. Morgan. These awards motivate us to continue to ensure the highest levels of quality and accuracy in our operations. We strive to maintain the level of excellence in the field of STP money transfers and will continue to elevate the quality of our banking services.”

Mr. Mohammed Al-Banna, Executive Director of J.P. Morgan said “I would like to congratulate KFH-Bahrain for this high recognition which underpins their outstanding performance in money transfers sent through the SWIFT system during the year 2021. We laud the Bank’s commitment towards achieving the highest levels of quality in the services offered to their customers, as they have set a high standard within the financial sector in the Kingdom of Bahrain”.

Since 1997, J.P. Morgan has been presenting quality awards in two categories related to SWIFT transfer orders. The awards are granted to institutions that demonstrate the highest level of performance and efficiency practices by achieving best in-class direct processing rates.