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Kuala Lumpur, 13 July 2007. Kuwait Finance House (Labuan) Berhad (KFHL), a wholly owned subsidiary of Kuwait Finance House (Malaysia) Berhad (KFHMB), and AmanahRaya Investment Bank Ltd (ARIBL), a wholly owned subsidiary of AmanahRaya Berhad (ARB) have today entered into a memorandum of understanding to jointly establish a US Dollar Islamic Real Estate Fund, the Al-NIBRAS (Fund). The signing was witnessed by Y.Bhg Dato' Azizan Abdul Rahman, Director-General of Labuan Offshore Financial Services Authority (LOFSA).
Signing on behalf of ARIBL, were Y.Bhg. Datuk Mohammed Azhari Kamil, Director of AmanahRaya Investment Bank Ltd and Encik Haszeri Bin Hussin, Chief Executive Officer of AmanahRaya Investment Bank Ltd. Mr K. Salman Younis, Managing Director of Kuwait Finance House (Malaysia) Berhad and Director of Kuwait Finance House (Labuan) Berhad, as well as Mr Nawaf Al-Menayekh, Assistant Director, Corporate & Investment Banking, Kuwait Finance House (Malaysia) Berhad and Principal Officer of Kuwait Finance House (Labuan) Berhad signed on behalf of KFHL.
Also present to witness the signing were Y.Bhg. Tan Sri Datuk Arshad Ayub, Chairman of AmanahRaya Investment Bank Ltd, Y.Bhg. Dato' Haji Dusuki Ahmad, Chairman of AmanahRaya Berhad and Y.Bhg. Dato' Ahmad Rodzi Pawanteh, Group Managing Director of AmanahRaya Berhad.
The Fund will invest in real estate related projects in the ASEAN region, mainly in Malaysia. The focus will be on real estate development and completed properties in prime urban areas for commercial, residential as well as mixed development projects. The Fund is mainly targeting both institutional as well as high net worth retail investors from the Gulf Cooperation Council (GCC) and non-GCC countries, through which, investors will enjoy access to a portfolio of Shariah compliant real estate assets that provide attractive long-term returns.
With the combined expertise and resources of ARIBL and KFHL, the Fund is expected to attract strong participation from global investors and secure iconic real estate projects and investments. It is planned that the Fund shall be domiciled in Labuan considering its favorable infrastructure as well as strategic profiling for global shariah-compliant instruments in this region.
Fund management activities are one of the core business activities of KFHMB and ARB, which are ideal strategic partners. KFHL and ARIBL will jointly undertake the fund management and investment management roles in relation to the Fund. KFHMB will be the Shariah advisor for the Fund.
According to Mr K. Salman Younis, Managing Director of Kuwait Finance (Malaysia) Berhad, "The Fund will have a charter life of five years, extendable for two periods of one year each. The fund will provide tremendous opportunity to attract foreign investments into Malaysia's real estate market and the other ASEAN countries."
Whilst Dato' Ahmad Rodzi Pawanteh, Group Managing Director of AmanahRaya Berhad said, "This initiative provides an opportunity for AmanahRaya to collaborate with a global real estate player such as KFHMB on several iconic property development projects identified in this region."
The Fund endeavors to achieve stable cash returns and capital growth by acquiring high quality income generating real assets, as well as land in strategic locations for development for residential or commercial buildings according to the market demand.
Kuwait Finance House
Incorporated in the State of Kuwait in 1977, Kuwait Finance House (KFH) is listed on Kuwait Stock Exchange. A market leader in the Islamic banking industry in Kuwait, KFH is engaged in providing Islamic banking services, 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. As of 31 December 2006, KFH has assets totaling over US$21.84 billion and a net profit of over US$560 million. 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 (KFHMB) is a wholly-owned subsidiary of KFH and was officially opened on 17 February 2006. KFHMB has an initial paid-up capital investment of RM380 million. The Rating Agency of Malaysia has assigned respective long and short term general ratings of ¿AA2' and ¿P1' to KFHMB.
AmanahRaya Investment Bank Ltd
AmanahRaya Investment Bank Ltd (ARIBL) licensed by the Labuan Offshore Financial Services Authority was established in December 2006. The establishment of ARIBL is to enhance as well as create financial values in originating foreign denominated financial instruments in the international marketplace. ARIBL services provide clients with the flexibility of using internationally denominated financial instruments for growth in foreign markets. ARIBL will focus on the five core areas which includes amongst others, deposit, loan, corporate finance/advisory, fund management as well as securities services. These are as part of AmanahRaya efforts to contribute to the development of Labuan making it one of the preferred international offshore financial centers in the region. ARIB is 100% owned by AmanahRaya Berhad (ARB), a government-owned entity, with its core business of public trusteeship and estate administration which has contributed significantly towards to the development of trusts industry in Malaysia.
Signing on behalf of ARIBL, were Y.Bhg. Datuk Mohammed Azhari Kamil, Director of AmanahRaya Investment Bank Ltd and Encik Haszeri Bin Hussin, Chief Executive Officer of AmanahRaya Investment Bank Ltd. Mr K. Salman Younis, Managing Director of Kuwait Finance House (Malaysia) Berhad and Director of Kuwait Finance House (Labuan) Berhad, as well as Mr Nawaf Al-Menayekh, Assistant Director, Corporate & Investment Banking, Kuwait Finance House (Malaysia) Berhad and Principal Officer of Kuwait Finance House (Labuan) Berhad signed on behalf of KFHL.
Also present to witness the signing were Y.Bhg. Tan Sri Datuk Arshad Ayub, Chairman of AmanahRaya Investment Bank Ltd, Y.Bhg. Dato' Haji Dusuki Ahmad, Chairman of AmanahRaya Berhad and Y.Bhg. Dato' Ahmad Rodzi Pawanteh, Group Managing Director of AmanahRaya Berhad.
The Fund will invest in real estate related projects in the ASEAN region, mainly in Malaysia. The focus will be on real estate development and completed properties in prime urban areas for commercial, residential as well as mixed development projects. The Fund is mainly targeting both institutional as well as high net worth retail investors from the Gulf Cooperation Council (GCC) and non-GCC countries, through which, investors will enjoy access to a portfolio of Shariah compliant real estate assets that provide attractive long-term returns.
With the combined expertise and resources of ARIBL and KFHL, the Fund is expected to attract strong participation from global investors and secure iconic real estate projects and investments. It is planned that the Fund shall be domiciled in Labuan considering its favorable infrastructure as well as strategic profiling for global shariah-compliant instruments in this region.
Fund management activities are one of the core business activities of KFHMB and ARB, which are ideal strategic partners. KFHL and ARIBL will jointly undertake the fund management and investment management roles in relation to the Fund. KFHMB will be the Shariah advisor for the Fund.
According to Mr K. Salman Younis, Managing Director of Kuwait Finance (Malaysia) Berhad, "The Fund will have a charter life of five years, extendable for two periods of one year each. The fund will provide tremendous opportunity to attract foreign investments into Malaysia's real estate market and the other ASEAN countries."
Whilst Dato' Ahmad Rodzi Pawanteh, Group Managing Director of AmanahRaya Berhad said, "This initiative provides an opportunity for AmanahRaya to collaborate with a global real estate player such as KFHMB on several iconic property development projects identified in this region."
The Fund endeavors to achieve stable cash returns and capital growth by acquiring high quality income generating real assets, as well as land in strategic locations for development for residential or commercial buildings according to the market demand.
Kuwait Finance House
Incorporated in the State of Kuwait in 1977, Kuwait Finance House (KFH) is listed on Kuwait Stock Exchange. A market leader in the Islamic banking industry in Kuwait, KFH is engaged in providing Islamic banking services, 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. As of 31 December 2006, KFH has assets totaling over US$21.84 billion and a net profit of over US$560 million. 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 (KFHMB) is a wholly-owned subsidiary of KFH and was officially opened on 17 February 2006. KFHMB has an initial paid-up capital investment of RM380 million. The Rating Agency of Malaysia has assigned respective long and short term general ratings of ¿AA2' and ¿P1' to KFHMB.
AmanahRaya Investment Bank Ltd
AmanahRaya Investment Bank Ltd (ARIBL) licensed by the Labuan Offshore Financial Services Authority was established in December 2006. The establishment of ARIBL is to enhance as well as create financial values in originating foreign denominated financial instruments in the international marketplace. ARIBL services provide clients with the flexibility of using internationally denominated financial instruments for growth in foreign markets. ARIBL will focus on the five core areas which includes amongst others, deposit, loan, corporate finance/advisory, fund management as well as securities services. These are as part of AmanahRaya efforts to contribute to the development of Labuan making it one of the preferred international offshore financial centers in the region. ARIB is 100% owned by AmanahRaya Berhad (ARB), a government-owned entity, with its core business of public trusteeship and estate administration which has contributed significantly towards to the development of trusts industry in Malaysia.
