Becoming the first organization and the first bank in Kuwait to achieve this global milestone, Kuwait International Bank (KIB) announced that it had successfully obtained the Chartered Institute of Procurement & Supply (CIPS) Corporate Ethics Mark. To earn the international CIPS Ethics Mark for the Bank, KIB’s Procurement Department team managed to complete the Institute’s specialized eLearning program on ethical procurement and supply practices, and pass a test. The Mark demonstrates the Bank’s strict commitment to maintaining the highest global ethical standards across all its transactions.
Globally recognized as the largest and leading professional body for procurement and supply, CIPS represents more than 70,000 members from nearly 150 countries. It is also considered a centre of global excellence in advancing the profession of procurement and supply chain management, having also developed a world-class eLearning program for all levels of procurement professionals. The CIPS ethics training and test provides quality education and guidance for organizations looking to enable its individuals and hone their skills and knowledge in the profession, ultimately demonstrating their commitment to sustainability and other activities such as eliminating fraud and corruption through ethical practice.
On this special occasion, KIB’s Vice Chairman and CEO, Raed Bukhamseen, said: “We are very proud to be the first bank in Kuwait to obtain the CIPS Ethics Mark. Registering for this training program, and passing the test, comes as part of our comprehensive efforts to adhere to the highest of international standards in our business, including when it comes to the management of supply chain operations, and ensuring ethical sourcing and management of suppliers. I would like to thank our entire procurement team for their hard work on this training and for earning the international CIPS mark for KIB, which serves as an important addition to our long list of global recognitions, certifications and achievements”.
Bukhamseen also expressed his gratitude to all CIPS staff for their efforts in organizing this training program. Commenting on this partnership, CIPS MENA Managing Director Sam Achampong said: “We were very pleased with the commitment and focus KIB’s team has shown throughout this program. Their eagerness to learn, explore, and expand their knowledge only proves their deep understanding and awareness on the importance of ethics, and how important a factor it can be in attracting investors and stakeholders, as well as employees who wish to work for ethical companies”.
Procurement Head in Business Services Department at KIB, Jassem Al Shatti, also noted that the criteria for earning the ethics mark was the successful completion of the CIPS ethics training and test by all of the bank’s procurement employees. “The training has increased our understanding of ethics and corporate responsibility and demonstrates to our customers, partners and staff our commitment to ethical procurement. Furthermore, the CIPS ethics training and test has been signed off by the KIB Management as part of their sincere commitment to comply with ethical practices, which, in turn, guarantees the continued use of the mark,” added Al Shatti.
Elaborating further, Al Shatti also said that the training program helped raise further awareness among KIB’s procurement staff on the impact of fraud and corruption within the supply chain. It also helped them stay up to date with new local and international legislations relating to malpractice in businesses – from bribery to human rights and environmental abuse.
In addition to publicly reinforcing an organization's assurance to ethical sourcing and supplier management, earning an ethics mark in the field of procurement and supply chain can achieve a whole other set of goals for that organization. According to CIPS, the Mark ensures that the company is aware of supply chain malpractice in their organisation, and financial and reputational risks. It can also inspire confidence for key stakeholders and instil pride in staff members knowing that their firm is ethically oriented. Achieving the mark
demonstrates a commitment to self-governance and accountability. Companies that achieve the ethics mark are included in the CIPS Corporate Ethics Register which includes various sectors and organisations around the globe.
It serves to note that KIB is always keen on celebrating its continued success through promoting its global achievements and emphasizing its competitive capabilities and reputation in the financial and banking sector among stakeholders.
Kuwait International Bank (KIB) is a bank that operates according to the Islamic Shari’ah, based in the State of Kuwait. Incorporated in 1973, and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007. In 2018, KIB embarked on a new phase of its journey full of innovation and development. As part of its new strategic direction, the Bank focuses on offering a next-level customer experience under the slogan: “Bank for Life”.
Through a network of branches spread across the State of Kuwait, KIB offers a broad range of banking products and services, as well as innovative digital banking solutions in line with international best standards. As part of its duty towards the community, the Bank also encompasses a leading social responsibility program that aims at positively impacting all members of the community through a wide range of impactful initiatives and activities.
Today, KIB has taken concrete steps in implementing its new strategic objectives. The Bank has cemented its role as a key player in the local banking industry and has continued to maintain its strong financial performance; enabling it to be globally recognized for its strong credit rating and financial position.