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Kuwait, 18 December 2007 ¿ Kuwait Finance House (Malaysia) Berhad (KFHMB), a global Islamic Bank announced today the signing of Memorandum of Understanding (MOU) with Al-Aman Investment Company (Kuwait) (Al-Aman) to establish a Shariah Compliant Private Equity Fund with a target size of USD150 million.
Under the terms of the MOU, the Shariah Compliant Private Equity Fund will be managed by KFHMB Private Equity with active participation of Al-Aman. The Private Equity Fund shall focus on investment in growing and established enterprises in South East Asia, India and China. Key investment focus for the fund includes healthcare, education, halal food processing, retail, consumer care, manufacturing and environmental sectors.
To date, the Private Equity Fund has secured four investments operating in healthcare, manufacturing and medical devices sectors. The four investments have established operations in Malaysia, Singapore, India and China. The fund shall leverage on the reputation of KFH in managing Shariah compliant funds, its established network and knowledge in the region.
Dato' K. Salman Younis, Managing Director (MD) of KFHMB said, "With an established foot print and high visibility of our presence in Malaysia, KFHMB Private Equity has successfully built a robust pipeline of potential private equity deal flows around the region. We are optimistic that with our active involvement, the Private Equity fund can bring immense value to both our investors and investees by bridging the investment and market opportunities between Asia and the Middle East. In this regard, we are pleased to have found a partner who shares our values and we are honoured that Al-Aman has chosen to work with us in our Fund."
Meanwhile, Mr. Mohammad Al Qahtany, the Chief Executive Officer (CEO) of Al-Aman, added, "The value that can be added to the fund by combining the expertise of our two organizations is undoubtedly enormous. We are confident that aligning KFH's Private Equity team experience with Al-Aman's diverse client base will congregate the fund towards success."
The fund will be jointly marketed by KFH Kuwait Private Bankers. This will be complemented by Al-Aman's expertise in fund management in the GCC countries.
Under the terms of the MOU, the Shariah Compliant Private Equity Fund will be managed by KFHMB Private Equity with active participation of Al-Aman. The Private Equity Fund shall focus on investment in growing and established enterprises in South East Asia, India and China. Key investment focus for the fund includes healthcare, education, halal food processing, retail, consumer care, manufacturing and environmental sectors.
To date, the Private Equity Fund has secured four investments operating in healthcare, manufacturing and medical devices sectors. The four investments have established operations in Malaysia, Singapore, India and China. The fund shall leverage on the reputation of KFH in managing Shariah compliant funds, its established network and knowledge in the region.
Dato' K. Salman Younis, Managing Director (MD) of KFHMB said, "With an established foot print and high visibility of our presence in Malaysia, KFHMB Private Equity has successfully built a robust pipeline of potential private equity deal flows around the region. We are optimistic that with our active involvement, the Private Equity fund can bring immense value to both our investors and investees by bridging the investment and market opportunities between Asia and the Middle East. In this regard, we are pleased to have found a partner who shares our values and we are honoured that Al-Aman has chosen to work with us in our Fund."
Meanwhile, Mr. Mohammad Al Qahtany, the Chief Executive Officer (CEO) of Al-Aman, added, "The value that can be added to the fund by combining the expertise of our two organizations is undoubtedly enormous. We are confident that aligning KFH's Private Equity team experience with Al-Aman's diverse client base will congregate the fund towards success."
The fund will be jointly marketed by KFH Kuwait Private Bankers. This will be complemented by Al-Aman's expertise in fund management in the GCC countries.
