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Bandar Sri Begawan, Brunei, 12 November, 2007 ¿ Kuwait Finance House (Malaysia) Berhad (KFHMB) held a one-day seminar on Islamic Treasury Solutions for Treasury Clients in Brunei today. The seminar themed "Islamic Treasury Structures: Developments & Innovations" brought together about 40 participants from the Insurans Islam TAIB, Brunei Investment Agency, Bank Islam Brunei Darussalam, Baiduri Bank and Tabung Amanah Pekerja.
"Our focus is on KFH treasury solutions which are competitive when compared with that offered by conventional banks," said Y. Bhg. Dato' K. Salman Younis, Managing Director of KFHMB, during his luncheon address.
KFHMB became the first Islamic bank in Malaysia to obtain approval from the Central Bank of Malaysia to launch the KFH Promissory FX Contract-i and Ijarah Rental Swap-i.
KFH Promissory FX Contract-i is an innovative product that enables the bank's customers to protect their stream of revenues or commitments in foreign currencies against exchange rates' uncertainty and volatility. It will greatly benefit customers with cross-border currency flows such as importers, exporters, service providers, investors and institutions involved in fund raising activities. A risk management tool suitable for customers who have ijarah financing arrangements that are either subjected to fluctuations of the reference rates such as cost of funds, or fixed over the ijarah facility period, the Ijarah Rental Swap-i, allows customers to hedge their Ijarah rate commitments. Another important treasury solution from KFHMB is the Commodity Murabahah using local commodities for the underlying transaction.
"It is important to note that our treasury solutions comply with the stringent Shariah requirements of both Malaysia's National Shariah Council and the Shariah council of Kuwait Finance House in Kuwait," stated Dato' Salman. "Aside from treasuries, KFH ¿Malaysia can tailor various structures to suit your needs. These include project and contract financing, trading and working capital financing, investment and asset financing."
The seminar has been the initiative of the Treasury Department of KFHMB, comprising the Treasury & Capital Market and the Treasury Sales & Distribution divisions. It was in response to various requests from existing customers of KFHMB in Brunei as well as those involved in Treasury dealings. Three papers presented during the seminar were Global Economic Dynamics & Prospects for Asia: Expanding Horizons, the Shariah Principles in Application of Treasury Products and Islamic Treasury Structures: Developments and Innovations.
"Our focus is on KFH treasury solutions which are competitive when compared with that offered by conventional banks," said Y. Bhg. Dato' K. Salman Younis, Managing Director of KFHMB, during his luncheon address.
KFHMB became the first Islamic bank in Malaysia to obtain approval from the Central Bank of Malaysia to launch the KFH Promissory FX Contract-i and Ijarah Rental Swap-i.
KFH Promissory FX Contract-i is an innovative product that enables the bank's customers to protect their stream of revenues or commitments in foreign currencies against exchange rates' uncertainty and volatility. It will greatly benefit customers with cross-border currency flows such as importers, exporters, service providers, investors and institutions involved in fund raising activities. A risk management tool suitable for customers who have ijarah financing arrangements that are either subjected to fluctuations of the reference rates such as cost of funds, or fixed over the ijarah facility period, the Ijarah Rental Swap-i, allows customers to hedge their Ijarah rate commitments. Another important treasury solution from KFHMB is the Commodity Murabahah using local commodities for the underlying transaction.
"It is important to note that our treasury solutions comply with the stringent Shariah requirements of both Malaysia's National Shariah Council and the Shariah council of Kuwait Finance House in Kuwait," stated Dato' Salman. "Aside from treasuries, KFH ¿Malaysia can tailor various structures to suit your needs. These include project and contract financing, trading and working capital financing, investment and asset financing."
The seminar has been the initiative of the Treasury Department of KFHMB, comprising the Treasury & Capital Market and the Treasury Sales & Distribution divisions. It was in response to various requests from existing customers of KFHMB in Brunei as well as those involved in Treasury dealings. Three papers presented during the seminar were Global Economic Dynamics & Prospects for Asia: Expanding Horizons, the Shariah Principles in Application of Treasury Products and Islamic Treasury Structures: Developments and Innovations.
