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Kuwait, 19 June 2009 - Kuwait Finance House (KFH) has once again emerged as a thought leader in the Islamic finance and banking industry.
During a recent visit to KFH, Dr. Nazem Ali, Islamic Finance Programme Manager at Harvard University, stated how KFH has set a benchmark for the Islamic finance industry via its unique structures, innovative concepts and the role the Bank plays in tapping onto new horizons. He added, “At Harvard, we use deals formalised by KFH as case studies, to teach students and researchers of the Islamic Finance Programme (IFP).”
He further highlighted, “The IFP was established at the prestigious university to cement the importance of Islamic finance transactions around the world, and KFH plays a vital role in creating that environment for us to be able to do so. KFH has been a pioneer on many fronts. The Bank was the first to create an investment fund that distributes returns for short periods varying from every three months to every month. KFH has taken the lead by participating in developmental projects, such as communications, infrastructures, power projects, sukuk, establishing investment funds and portfolios, reinforcing Ijarah, and other accomplishments.” He observed how KFH’s ingenuity is seen in many of its projects and cited the Equate project for petrochemicals, as an excellent example of combining Shariah with profit. This was the first time that Islamic finance merged with conventional finance, without compromising the principles that each of the two realms is based on. KFH financed the Islamic part of the project for USD 200 million, while other Kuwaiti and global banks took part in the project that had total investments of USD 1.6 billion. It was this project that paved the way for Islamic banks to play a significant role in major developmental projects around the world.
Dr. Ali applauded KFH for its support to the IFP at Harvard, and said, “KFH has been very appreciative of academic research. KFH has expressed interest in participating in the upcoming 9th Islamic Finance Forum, organised by the university where KFH will share its experiences as well its view on the role played by Islamic finance in the development of the society.”
Mr. Fahad Al-Mukhaizeem, Head of Strategic Planning, Public Relations and Marketing Departments at KFH stressed the importance of the efforts exerted by KFH, to develop and strengthen its relationship with Harvard. He emphasised the importance of cooperation amongst Islamic financial institutions to reinforce academic research, in order to have newer visions for the industry. Al-Mukhaizeem also said that KFH established a research company known as KFH Research based in Malaysia, in order to support the research field in the Islamic financing institutions.
During a recent visit to KFH, Dr. Nazem Ali, Islamic Finance Programme Manager at Harvard University, stated how KFH has set a benchmark for the Islamic finance industry via its unique structures, innovative concepts and the role the Bank plays in tapping onto new horizons. He added, “At Harvard, we use deals formalised by KFH as case studies, to teach students and researchers of the Islamic Finance Programme (IFP).”
He further highlighted, “The IFP was established at the prestigious university to cement the importance of Islamic finance transactions around the world, and KFH plays a vital role in creating that environment for us to be able to do so. KFH has been a pioneer on many fronts. The Bank was the first to create an investment fund that distributes returns for short periods varying from every three months to every month. KFH has taken the lead by participating in developmental projects, such as communications, infrastructures, power projects, sukuk, establishing investment funds and portfolios, reinforcing Ijarah, and other accomplishments.” He observed how KFH’s ingenuity is seen in many of its projects and cited the Equate project for petrochemicals, as an excellent example of combining Shariah with profit. This was the first time that Islamic finance merged with conventional finance, without compromising the principles that each of the two realms is based on. KFH financed the Islamic part of the project for USD 200 million, while other Kuwaiti and global banks took part in the project that had total investments of USD 1.6 billion. It was this project that paved the way for Islamic banks to play a significant role in major developmental projects around the world.
Dr. Ali applauded KFH for its support to the IFP at Harvard, and said, “KFH has been very appreciative of academic research. KFH has expressed interest in participating in the upcoming 9th Islamic Finance Forum, organised by the university where KFH will share its experiences as well its view on the role played by Islamic finance in the development of the society.”
Mr. Fahad Al-Mukhaizeem, Head of Strategic Planning, Public Relations and Marketing Departments at KFH stressed the importance of the efforts exerted by KFH, to develop and strengthen its relationship with Harvard. He emphasised the importance of cooperation amongst Islamic financial institutions to reinforce academic research, in order to have newer visions for the industry. Al-Mukhaizeem also said that KFH established a research company known as KFH Research based in Malaysia, in order to support the research field in the Islamic financing institutions.
