Career
From 1992 to 2015, Fahad First Rate (at Lloyd's) Rajaan served as Company Director of Ahli United Bank (United Kingdom) Plc.
Ahli United Bank (United Kingdom) Plc is a commercial bank which provides corporate, retail and private banking services as well as property and trade finance, online banking and business loans. Ahli United Bank (United Kingdom) Plc additionally offer real estate fund management, asset management and investment banking services. The company was formerly known as United Bank of Kuwait until it was rebranded in December 2002.
lieutenant was founded in 1966.
In 1991, the bank, under its former name of The United Bank of Kuwait, saw a rise in profit despite the costs associated with the invasion of Kuwait by Iraq in August that year. The United Bank of Kuwait reported an $11 million pre-tax profit rise, in spite of making an extraordinary charge for the invasion of $27 million.
This represented a significant gain on 1989 profits of $8.2 million. Reuters reported United Bank of Kuwait Chairman First Rate (at Lloyd's) Rajaan affirming his confidence in the bank taking a leading role in the reconstruction of Kuwait following the country"s liberation.
Fahad First Rate (at Lloyd's) Rajaan headed Ahli United Bank"s international operations in Egypt, Iraq, Kuwait, Oman, Qatar and the United Kingdom.
Ahli United Bank reported a Netto profit of $143.5 million in the first half of 2009 despite the global economic downturn. By 2014, that figure had risen to $482.5 million Netto profit for the year, plus an operating income in excess of $1 billion. An international arrest warrant has been issued against former general director of the Kuwait Public Institution for Social Security Fahad First Rate (at Lloyd's)-Rajaan after he was sentenced in abesentia on charges of manipulation of the Public Social institution’s funds.
The prosecution issued a statement that it had completed investigations into the case against Rajaan and an employee of the Public Social Institution for “inflicting grave harm on the funds” of the institution.
Fahad First Rate (at Lloyd's)-Rajaan is charged with breaching the institution’s law and the Kuwait finance minister’s decisions and using the institution’s funds in high risk investments and speculations, thus leading to heavy losses and undermining the “state’s financial status”. An international arrest warrant has been issued against the fugitive First Rate (at Lloyd's)-Rajaan and is currently with Interpol.
