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Kuala Lumpur, 14 July 2008 ¿ Kuwait Finance House K.S.C. (KFH) has announced an upbeat set of financial results for the first half of 2008 (1H 2008). Total profits were US$1.23 billion (RM4.02 billion) in 1H 2008. This is an increase of 30% compared to US$941.05 million (RM3.07 billion) in the first half of 2007 (1H 2007). Net profits to shareholders rose by 35% to US$594 million (RM1.93 billion) over the same period last year.
Earnings per share (EPS) for the first half of 2008 worked out to US$0.29 (RM0.95), 27% higher when compared to US$0.23 (RM0.75) in the previous corresponding period. Year-on-year, assets grew by 28% to US$38.75 billion (RM126.54 billion) as at 30 June 2008.
The latest results indicate an annualised return on assets (ROA) of 3.3% and return on shareholders' equity of 27%. Deposits for second quarter of 2008 reached US$23.81 billion (RM77.75 billion), rising 31% from the same period last year.
In announcing the results, KFH Chairman and Managing Director, Mr Bader Abdul Muhsen Al-Mukhaizeem said that KFH continued to invest in high quality assets whilst paying high attention to potential risks and ensured that these risks are minimised. In order to achieve the highest possible profits for depositors and shareholders, opportunities must be seized wherever market prospects are good. Moreover, the results are testimonial that plans and strategies set by the management are successfully executed by the employees.
Al-Mukhaizeem stated that KFH continues to expand its operations abroad, and has been receiving numerous requests and invitations from other governments to operate in their respective countries. This is either by opening independent banks and corporations, or by becoming a partner or investor in their projects. All these can be attributed to the recognition and high stature of KFH holds in the Islamic finance industry. Al-Mukhaizeem highlighted the "Leadership Award", which the Government of Turkey has awarded to KFH, and The Asian Banker award to KFH in the "Best Banking Services" category.
KFH's endeavour to implement the latest technologies in order to improve its services has led to the implementation of ""M-banking", which is banking services offered by cell phone that complements "E-banking". The achievements of KFH are evident in the awards and certification related to customer satisfaction which KFH has received and KFH's lead position in the market, where clients' deposits are concerned.
Kuwait Finance House has received approval from the Securities Commission (SC) to establish an Islamic fund management company (IFMC) in Malaysia. According to a statement from SC, the establishment of three new IFMCs follows from the measures announced in Budget 2008 to strengthen Malaysia's position as an international Islamic financial centre. In granting the approval, the SC had considered, amongst others, the scope of operations that will be established by these companies in Malaysia, their fund management and banking experience, brand value, expertise and geographical presence, as well as compliance and risk management capabilities.
Dato' K. Salman Younis, Managing Director of Kuwait Finance House (Malaysia) Berhad said, "On behalf of the Chairman, Board of Directors and Management of Kuwait Finance House (Malaysia) Berhad, I would like to express our sincere appreciation to the Securities Commission for granting us this licence to establish an Islamic fund management company. We were impressed with the SC's speed and efficiency in approving our licence. The KFH Group's fund management activities in the region will be consolidated through this platform and we are excited by the growth prospects that the Malaysian capital market offers us."
Kuwait Finance House K.S.C. (KFH) is one of the leading Islamic financial institutions in the world. Its IFMC is expected to draw on the key competitive strengths of the group's market leadership in Islamic banking, innovative product development and the wide distribution network especially in the GCC countries
Earnings per share (EPS) for the first half of 2008 worked out to US$0.29 (RM0.95), 27% higher when compared to US$0.23 (RM0.75) in the previous corresponding period. Year-on-year, assets grew by 28% to US$38.75 billion (RM126.54 billion) as at 30 June 2008.
The latest results indicate an annualised return on assets (ROA) of 3.3% and return on shareholders' equity of 27%. Deposits for second quarter of 2008 reached US$23.81 billion (RM77.75 billion), rising 31% from the same period last year.
In announcing the results, KFH Chairman and Managing Director, Mr Bader Abdul Muhsen Al-Mukhaizeem said that KFH continued to invest in high quality assets whilst paying high attention to potential risks and ensured that these risks are minimised. In order to achieve the highest possible profits for depositors and shareholders, opportunities must be seized wherever market prospects are good. Moreover, the results are testimonial that plans and strategies set by the management are successfully executed by the employees.
Al-Mukhaizeem stated that KFH continues to expand its operations abroad, and has been receiving numerous requests and invitations from other governments to operate in their respective countries. This is either by opening independent banks and corporations, or by becoming a partner or investor in their projects. All these can be attributed to the recognition and high stature of KFH holds in the Islamic finance industry. Al-Mukhaizeem highlighted the "Leadership Award", which the Government of Turkey has awarded to KFH, and The Asian Banker award to KFH in the "Best Banking Services" category.
KFH's endeavour to implement the latest technologies in order to improve its services has led to the implementation of ""M-banking", which is banking services offered by cell phone that complements "E-banking". The achievements of KFH are evident in the awards and certification related to customer satisfaction which KFH has received and KFH's lead position in the market, where clients' deposits are concerned.
Kuwait Finance House has received approval from the Securities Commission (SC) to establish an Islamic fund management company (IFMC) in Malaysia. According to a statement from SC, the establishment of three new IFMCs follows from the measures announced in Budget 2008 to strengthen Malaysia's position as an international Islamic financial centre. In granting the approval, the SC had considered, amongst others, the scope of operations that will be established by these companies in Malaysia, their fund management and banking experience, brand value, expertise and geographical presence, as well as compliance and risk management capabilities.
Dato' K. Salman Younis, Managing Director of Kuwait Finance House (Malaysia) Berhad said, "On behalf of the Chairman, Board of Directors and Management of Kuwait Finance House (Malaysia) Berhad, I would like to express our sincere appreciation to the Securities Commission for granting us this licence to establish an Islamic fund management company. We were impressed with the SC's speed and efficiency in approving our licence. The KFH Group's fund management activities in the region will be consolidated through this platform and we are excited by the growth prospects that the Malaysian capital market offers us."
Kuwait Finance House K.S.C. (KFH) is one of the leading Islamic financial institutions in the world. Its IFMC is expected to draw on the key competitive strengths of the group's market leadership in Islamic banking, innovative product development and the wide distribution network especially in the GCC countries
