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Kuwait, 15 January 2008 - In conjunction with the "Seminar on Malaysia ¿Kuwait Business Opportunities" organised by the Ministry of International Trade & Industry (MITI) and the Malaysian External Trade & Development Corporation (MATRADE), Mr Shaheen Alghanem, Chairman of Kuwait Finance House (Malaysia) Berhad addressed 300 businessmen in Kuwait, on setting up its operations in Malaysia. Mr Shaheen Alghanem who was the Guest Speaker during the forum this morning, elaborated on the reasons why Kuwait Finance House had selected Malaysia as its regional base. Also present were H.E Hilal Mishari Al-Mutairi, First Vice Chairman, Kuwait Chamber of Commerce & Industry & Chairman of the Seminar, H. E. Dato Ashaari Sani, Ambassador of Malaysia to Kuwait and Mr Mohammed Sulaiman Al-Omar, Group General Manager & Chief Executive Officer, Kuwait Finance House Group.
Kuwait Finance House (Malaysia) Berhad had been invited by the Malaysian External Trade Development Corporation (MATRADE) to highlight the lucrative business environment in conducting business in Malaysia. In its bid to attract investors from the Gulf Cooperation Council (GCC) countries, the Malaysian delegation headed by The Honourable Dato' Seri Rafidah Aziz, the Minister of International Trade & Industry is in Kuwait for a three-day visit en route to Oman.
The Chairman of Kuwait Finance House-Malaysia Berhad Shaheen Al-Ghanem stated that the Malaysian economy is estimated to have expanded by 6.0% in 2007, with strong domestic consumption and private investments. The broad-based growth is powered by investment activities in the services sub-sectors, property, oil & gas and Ninth Malaysia Plan (9MP) projects.
Malaysia is in a strategic position to serve the East Asian region effectively, being centrally located in the Asian time zone, to facilitate expansion in investment and trade between the region with the Middle East, West Asia and North Africa, and to strengthen relationships between international Islamic financial markets.
He added that Malaysia is also blessed with skilled and professional work force and when adapted to our Islamic banking model, will enable us to achieve a greater international reach.
On the back of the upbeat economy and the socio-economic advantages, Malaysia has become a major player and innovator in the global Islamic finance industry with the Government's dedicated role in promoting the country as an international Islamic finance hub. The main components of the Malaysian Islamic financial system, comprising Islamic banking, takaful, money and capital markets, are highly integrated to create a comprehensive system and constructive marketplace.
In 2006, the Malaysia International Islamic Finance Centre (MIFC) initiatives were launched to fortify Malaysia's position as a vibrant, innovative and competitive Islamic financial centre.
Potential investors should also be encouraged by the specific measures introduced in Budget 2008 to encourage the development of the Islamic fund management industry and attract investments specifically from the Middle East. It is now possible to have 100% ownership in companies managing funds based on Shariah principles.
Malaysia has a well developed capital markets with all domestic capital market issuances rated; this increases investors' confidence and promote greater liquidity.
Operating in the dynamic Islamic banking and finance industry, the experience of Kuwait Finance House (KFH) in its first operation in the Asia Pacific region has been very exciting.
He highlighted that KFH is grateful to the Malaysian Government for its decision to open up the country's Islamic banking industry to three qualified foreign-owned Islamic banks in 2004, as recommended under its Financial Sector Master Plan. With effect from May 8 2005, Kuwait Finance House (Malaysia) Berhad was licensed to operate as a full-fledged Islamic bank in Malaysia, stated Al-Ghanem.
KFH's decision for choosing Malaysia was partly reinforced by the possibility that the Bank is able to work its business objectives alongside the government's aspirations. KFHMB is also the only foreign Islamic bank licensed by the Securities Commission Malaysia to be accorded a Dealer's licence. Therefore, apart from commercial, retail & consumer banking, KFH is able to conduct corporate & investment banking which includes undertaking fund management, investment, advisory and securities services.
KFH has also been encouraged by the interest shown towards Islamic banking.
The operations and experiences in Malaysia have enabled KFH to understand not just Malaysia but also the Asia Pacific region. Malaysia has certainly become a platform for the Bank to expand into Singapore where KFH has purchased properties in Keppel Land's Reflections and Guocoland's Goodwood Residence. Facilities for companies in India and China have also been arranged by the Bank. There are also opportunities for KFH to consider in Australia, China, Japan, Vietnam and Indonesia.
KFH's milestone transactions in Malaysia include the Pavilion Kuala Lumpur, the latest icon in the real estate and retail landscape. A more recent deal is collaborating with two other corporations from the Middle East in the Iskandar Development Region (IDR), an integrated international city development in the southern part of Malaysia. This investment represents the single largest foreign real estate development in Malaysia, one of the largest real estate developments in the region and one of the largest single foreign investments ever in Malaysia. KFHMB will invest approximately USD330 million for the Cultural Cluster comprising the Logistics Village, Creative Park and Heritage District, of over approximately 620 acres.
Mr. Shaheen extended his gratitude to the Malaysian Government and Kuwait in their support and collaboration to establish KFHMB.
Kuwait Finance House (Malaysia) Berhad had been invited by the Malaysian External Trade Development Corporation (MATRADE) to highlight the lucrative business environment in conducting business in Malaysia. In its bid to attract investors from the Gulf Cooperation Council (GCC) countries, the Malaysian delegation headed by The Honourable Dato' Seri Rafidah Aziz, the Minister of International Trade & Industry is in Kuwait for a three-day visit en route to Oman.
The Chairman of Kuwait Finance House-Malaysia Berhad Shaheen Al-Ghanem stated that the Malaysian economy is estimated to have expanded by 6.0% in 2007, with strong domestic consumption and private investments. The broad-based growth is powered by investment activities in the services sub-sectors, property, oil & gas and Ninth Malaysia Plan (9MP) projects.
Malaysia is in a strategic position to serve the East Asian region effectively, being centrally located in the Asian time zone, to facilitate expansion in investment and trade between the region with the Middle East, West Asia and North Africa, and to strengthen relationships between international Islamic financial markets.
He added that Malaysia is also blessed with skilled and professional work force and when adapted to our Islamic banking model, will enable us to achieve a greater international reach.
On the back of the upbeat economy and the socio-economic advantages, Malaysia has become a major player and innovator in the global Islamic finance industry with the Government's dedicated role in promoting the country as an international Islamic finance hub. The main components of the Malaysian Islamic financial system, comprising Islamic banking, takaful, money and capital markets, are highly integrated to create a comprehensive system and constructive marketplace.
In 2006, the Malaysia International Islamic Finance Centre (MIFC) initiatives were launched to fortify Malaysia's position as a vibrant, innovative and competitive Islamic financial centre.
Potential investors should also be encouraged by the specific measures introduced in Budget 2008 to encourage the development of the Islamic fund management industry and attract investments specifically from the Middle East. It is now possible to have 100% ownership in companies managing funds based on Shariah principles.
Malaysia has a well developed capital markets with all domestic capital market issuances rated; this increases investors' confidence and promote greater liquidity.
Operating in the dynamic Islamic banking and finance industry, the experience of Kuwait Finance House (KFH) in its first operation in the Asia Pacific region has been very exciting.
He highlighted that KFH is grateful to the Malaysian Government for its decision to open up the country's Islamic banking industry to three qualified foreign-owned Islamic banks in 2004, as recommended under its Financial Sector Master Plan. With effect from May 8 2005, Kuwait Finance House (Malaysia) Berhad was licensed to operate as a full-fledged Islamic bank in Malaysia, stated Al-Ghanem.
KFH's decision for choosing Malaysia was partly reinforced by the possibility that the Bank is able to work its business objectives alongside the government's aspirations. KFHMB is also the only foreign Islamic bank licensed by the Securities Commission Malaysia to be accorded a Dealer's licence. Therefore, apart from commercial, retail & consumer banking, KFH is able to conduct corporate & investment banking which includes undertaking fund management, investment, advisory and securities services.
KFH has also been encouraged by the interest shown towards Islamic banking.
The operations and experiences in Malaysia have enabled KFH to understand not just Malaysia but also the Asia Pacific region. Malaysia has certainly become a platform for the Bank to expand into Singapore where KFH has purchased properties in Keppel Land's Reflections and Guocoland's Goodwood Residence. Facilities for companies in India and China have also been arranged by the Bank. There are also opportunities for KFH to consider in Australia, China, Japan, Vietnam and Indonesia.
KFH's milestone transactions in Malaysia include the Pavilion Kuala Lumpur, the latest icon in the real estate and retail landscape. A more recent deal is collaborating with two other corporations from the Middle East in the Iskandar Development Region (IDR), an integrated international city development in the southern part of Malaysia. This investment represents the single largest foreign real estate development in Malaysia, one of the largest real estate developments in the region and one of the largest single foreign investments ever in Malaysia. KFHMB will invest approximately USD330 million for the Cultural Cluster comprising the Logistics Village, Creative Park and Heritage District, of over approximately 620 acres.
Mr. Shaheen extended his gratitude to the Malaysian Government and Kuwait in their support and collaboration to establish KFHMB.
