As every journey has a destination, and every knight must eventually dismount, I find myself at the end of a remarkable chapter. As this year comes to a close, so does my nearly nine-year tenure as a board member of this esteemed bank. While it is time for me to move on, I feel compelled to share my sincere admiration for this institutional sentiment I have long held. In fact, I expressed similar thoughts in an article published on November 25, 2014, under the title “Boubyan’s Echo.” Today, I revisit excerpts from that piece, not to repeat myself but to reflect on how my observations have stood the test of time, nearly a decade later.
Here is what I wrote back then:“Boubyan Bank recently celebrated its 10th anniversary. Beyond the media statements and diplomatic words of gratitude, I feel compelled to speak about this bank— a bank whose creation I witnessed and whose developmental phases I closely followed. I had the privilege of offering consultations to some of its leaders, both past and present, during different eras. Of course, there is a vast difference between then and now, and as the saying goes, ‘What’s past is past.’ This is not to downplay the efforts of the bank’s early leadership, whose work laid the foundation for the institution. The monetary crisis that shook the global economy left its mark on Boubyan, as it did on many others. But today, my focus is on Boubyan’s resurgence, reinvigorated under the strategic leadership of the National Bank of Kuwait (NBK), which acquired a significant stake in the institution. This transformation has been led with exceptional skill by Mr. Adel Al-Majed, a seasoned executive from NBK, who was entrusted with the full authority to restructure and rejuvenate Boubyan. Mr. Al-Majed’s efforts were supported by a carefully chosen board of directors comprised of experienced and specialized professionals. Since then, Boubyan’s growth has been nothing short of remarkable. Under Mr. Al-Majed’s leadership, the bank has operated with complete independence from its parent institution, adhering rigorously to governance principles and central bank directives. His management team, handpicked from Kuwait’s finest talents, embodies a seamless blend of collaboration, creativity, and strategic execution. Together, they operate under a well-crafted strategy developed by global experts, leaving no room for trial-and-error approaches. I am confident—no, certain—that Boubyan will surpass its Islamic banking peers within five years, and may even outperform its parent institution, NBK, if it maintains this trajectory.”
When I wrote this in 2014, some skeptics whispered dismissively, accusing me of flattery, citing my friendship with Mr. Al-Majed. However, those who know me well are aware that I never mince words or shy away from speaking my mind. I chose not to respond to the murmurs then, but I held on to my conviction, waiting for the evidence to prove me right. That moment has now arrived. The proof lies in the numbers. Boubyan Bank’s financial statements and performance metrics, available to the public through the stock exchange, speak volumes. Compare its market share and profits today to those of a decade ago and witness its achievements in technology and customer service. These are not my words; they are the indisputable realities of the market. As I predicted nearly ten years ago, Boubyan has indeed outpaced its competitors, and I remain confident that it will continue to excel, potentially surpassing its parent institution. This success did not happen by chance. It is the product of wise and steadfast leadership. Having worked in the banking sector for decades, including my tenure at Gulf Bank, where I established the first risk management unit in the 1990s, I have always believed that the success or failure of any organization rests on its board of directors. A competent board ensures a thriving institution, while a failing board spells disaster. In my nearly nine years as a board member at Boubyan, I have witnessed nothing but professionalism, mutual respect, and collaboration among board members and successive management teams. There has been no trace of conflicts or disputes that could harm the bank’s interests. This is a true “seven-star” board and management team by every standard. I take this opportunity to extend my heartfelt gratitude to my friend and colleague, Mr. Adel Al-Majed, and to every member of the board, executive team, and staff at Boubyan Bank. I hope I have done justice to my role and served the institution well. If I have fallen short in any way, it was unintentional, and I ask for understanding. My thanks also go to the National Bank of Kuwait for giving me the opportunity to contribute, however modestly, to this success story. I wish the incoming board every success. Finally, I encourage Mr. Al-Majed to document Boubyan Bank’s journey as a guiding light for emerging institutions.
Stay safe.