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Kuala Lumpur, 20 September 2006 - Kuwait Finance House (Malaysia) Berhad (KFHMB) a wholly-owned subsidiary of Kuwait Finance House, Kuwait (KFH) and Malaysia's first foreign Islamic Bank, today marked its first anniversary of operations. Addressing the media at a briefing session, Mr. K. Salman Younis, Managing Director of Kuwait Finance House (Malaysia) Berhad, stressed on the important milestones in the history of Kuwait Finance House for the past one year.
Mr. Salman extended his gratitude to the Malaysian Government, Ministry of Finance, the regulatory bodies, namely Bank Negara Malaysia and the Securities Commission for having extended the first foreign Islamic Banking licence to KFHMB.
"We started off our hiring process on 1 December 2004. This was followed by our soft opening on 8 August 2005 and the Official Opening on 17 February 2006 by the Honourable Prime Minister of Malaysia, Dato' Seri Abdullah Haji Ahmad Badawi. Today, we have a family of 160 employees and are still growing," said Mr. K. Salman Younis.
Deliberating on the achievements of KFHMB, Mr. Salman commented, "I am pleased to highlight that Kuwait Finance House (Malaysia) Berhad is the first foreign Islamic Bank in Malaysia to be accorded the Dealer's Licence from the Securities Commission which enables us to undertake fund management, investment advisory and security services. We have to date obtained 44 product approvals from Bank Negara Malaysia, and over the next three years we hope to open five more branches."
Mr. Salman elaborated on the major deals highlighting the tie-up with Singapore based Pacific Star Group to set up the US$600 million Baitak Asian Real Estate Fund, the largest Islamic Real Estate Fund in the Asian Region.
More recently, KFHMB, together with RHB Bank (Labuan) Ltd have provided global treasury solutions for Floating Ijarah and Foreign Exchange Rate Facility for AirAsia Berhad. In addition to that, the Bank has forged strategic alliances with Syarikat Takaful Malaysia, Takaful Nasional and Takaful Ikhlas to provide convenience for financing as well as Takaful for protection of assets.
Being the first foreign Islamic Bank, Mr. Salman said, "We are pleased to inform that most of our products and services in Malaysia are new to the market." He added further by citing the KFH Promissory FX Contract-i, which offers a hedging mechanism to protect customers against fluctuations in foreign exchange and the KFH Musyarakah Mutanaqisah Home & Property Financing-i, a financing product, based on the concept of diminishing partnership and leasing.
Commenting on the demands of Islamic banking, he added, "The demands for Islamic Banking are growing across all sectors of the economy and we will participate in the various opportunities available."
Asserting the recent announcements by Bank Negara Malaysia to allow onshore Islamic foreign currency services as "A definitely good move," Mr. Salman added, "It demonstrates the Government's commitment to assist corporations in conducting business here. The initiative will without doubt facilitate foreign flows of Islamic investments and help to contribute towards making Malaysia the regional Islamic banking hub."
Note to Editor:
About Kuwait Finance House and Kuwait Finance House (Malaysia) Berhad
Incorporated in the State of Kuwait in 1977, Kuwait Finance House (KFH) is listed on the Kuwait Stock Exchange. A market leader in the Islamic banking industry in Kuwait, KFH is involved in Corporate & Investment, Commercial and Retail Banking, including consumer banking, real estate financing, lease financing, trade finance, direct investments and portfolio investing, all of which are conducted in strict compliance with Islamic law. KFH has been accorded an upper medium grade (high creditworthiness) investment credit rating of ¿A2' by Moody's Investors Service, as well as A+ by Standard & Poors and Capital Intelligence. Kuwait Finance House (Malaysia) Berhad (KFH(M)B), is a wholly-owned subsidiary of Kuwait Finance House and was officially opened on 17 February, 2006. KFH(M)B has an initial paid-up capital investment of RM380 million (US$100 million).
Mr. Salman extended his gratitude to the Malaysian Government, Ministry of Finance, the regulatory bodies, namely Bank Negara Malaysia and the Securities Commission for having extended the first foreign Islamic Banking licence to KFHMB.
"We started off our hiring process on 1 December 2004. This was followed by our soft opening on 8 August 2005 and the Official Opening on 17 February 2006 by the Honourable Prime Minister of Malaysia, Dato' Seri Abdullah Haji Ahmad Badawi. Today, we have a family of 160 employees and are still growing," said Mr. K. Salman Younis.
Deliberating on the achievements of KFHMB, Mr. Salman commented, "I am pleased to highlight that Kuwait Finance House (Malaysia) Berhad is the first foreign Islamic Bank in Malaysia to be accorded the Dealer's Licence from the Securities Commission which enables us to undertake fund management, investment advisory and security services. We have to date obtained 44 product approvals from Bank Negara Malaysia, and over the next three years we hope to open five more branches."
Mr. Salman elaborated on the major deals highlighting the tie-up with Singapore based Pacific Star Group to set up the US$600 million Baitak Asian Real Estate Fund, the largest Islamic Real Estate Fund in the Asian Region.
More recently, KFHMB, together with RHB Bank (Labuan) Ltd have provided global treasury solutions for Floating Ijarah and Foreign Exchange Rate Facility for AirAsia Berhad. In addition to that, the Bank has forged strategic alliances with Syarikat Takaful Malaysia, Takaful Nasional and Takaful Ikhlas to provide convenience for financing as well as Takaful for protection of assets.
Being the first foreign Islamic Bank, Mr. Salman said, "We are pleased to inform that most of our products and services in Malaysia are new to the market." He added further by citing the KFH Promissory FX Contract-i, which offers a hedging mechanism to protect customers against fluctuations in foreign exchange and the KFH Musyarakah Mutanaqisah Home & Property Financing-i, a financing product, based on the concept of diminishing partnership and leasing.
Commenting on the demands of Islamic banking, he added, "The demands for Islamic Banking are growing across all sectors of the economy and we will participate in the various opportunities available."
Asserting the recent announcements by Bank Negara Malaysia to allow onshore Islamic foreign currency services as "A definitely good move," Mr. Salman added, "It demonstrates the Government's commitment to assist corporations in conducting business here. The initiative will without doubt facilitate foreign flows of Islamic investments and help to contribute towards making Malaysia the regional Islamic banking hub."
Note to Editor:
About Kuwait Finance House and Kuwait Finance House (Malaysia) Berhad
Incorporated in the State of Kuwait in 1977, Kuwait Finance House (KFH) is listed on the Kuwait Stock Exchange. A market leader in the Islamic banking industry in Kuwait, KFH is involved in Corporate & Investment, Commercial and Retail Banking, including consumer banking, real estate financing, lease financing, trade finance, direct investments and portfolio investing, all of which are conducted in strict compliance with Islamic law. KFH has been accorded an upper medium grade (high creditworthiness) investment credit rating of ¿A2' by Moody's Investors Service, as well as A+ by Standard & Poors and Capital Intelligence. Kuwait Finance House (Malaysia) Berhad (KFH(M)B), is a wholly-owned subsidiary of Kuwait Finance House and was officially opened on 17 February, 2006. KFH(M)B has an initial paid-up capital investment of RM380 million (US$100 million).
