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Kuala Lumpur, 3 November 2009 – In maintaining the leadership position in Islamic finance, Kuwait Finance House (Malaysia) Berhad (KFH-Malaysia) has become the leading reference on Islamic banking in the region. Regional Head of Shariah for Kuwait Finance House (Malaysia) Berhad, Ustaz Ahmad Suhaimi Yahya, spoke on ‘Shariah Issues in Making Civil Law a Reference for Islamic Finance’ during the Shariah Advisory of Islamic Financial Forum 2009. The forum was organised by The Centre for Research and Training (CERT) and Hisham Sobri & Kadri and the International Institute of Islamic finance (IIIF), in conjunction with the sixth Kuala Lumpur International Islamic Finance 2009 (KLIFF 2009). Ustaz Suhaimi deliberated on the Shariah issue in referring to civil law, as a dispute mechanism for Islamic financial cases, as well as the challenges and recommendations on how to enhance this mechanism, in the existing legal system. The forum was chaired by Dr Mohd Daud Bakar, President of IIIF and Chairman of the Shariah Advisory Council (SAC), Bank Negara Malaysia (BNM). The other panelist was YM Tengku Dato’ Hasmuddin Tengku Othman and Associate Prof. Dr Engku Rabiah Adawiah Engku Ali. Commentators for this forum were former Chief of Justice, Y.A. Bhg. Tun Abdul Hamid Mohamad and Y. Bhg Tan Sri Sheikh Ghazali Hj. Abdul Rahman, former Shariah Chief Justice, and both who are also members of SAC, BNM and the Securities Commission Malaysia (SC).
Last month’s Malaysia International Islamic Financial Centre (MIFC) Roadshow held in Bahrain and Qatar, also saw the participation of KFH-Malaysia (in its capacity as a member of the Capital Market and Treasury Committee, AIBIM), to talk in a panel session, entitled “Fostering Greater Financial Linkages.” The discussion highlighted ways on widening the financial ties between Malaysia and Bahrain. Among issues raised was the agreement to devise and implement a standard methodology between market players in Kuala Lumpur and Bahrain, and the harmonisation of products and agreements used.
Apart from the above, KFH-Malaysia is the sole Islamic bank invited to share its success stories, during a study visit this week organised by BNM and the Islamic Development Bank (IDB). The delegation comprises representatives from IDB countries and Europe, looking at best practices to introduce Islamic banking in their homelands.
KFH-Malaysia’s Deputy Chief Executive Officer, Ab Jabar Ab Rahman said, “The active participation in such forums are in line with the aspirations of KFH-Malaysia, being a thought leader in Islamic banking, where we aim to create awareness, stimulate interest and educate the public on topics relating to Islamic banking and finance.”
Other recent activities included the Bank’s first carnival nationwide, where several attractive financing packages were offered from 24 to 25 October 2009. Consumers had the opportunity to learn more about the home re-financing product and Murabahah Deposit, among others.
On the strong financial performance of Kuwait Finance House, MARC has recently re-affirmed Kuwait Finance House (Malaysia) Berhad at AA+/MARC-1. The ratings are based on MARC's top-down approach in its assessment of the linkage of Kuwait Finance House (Malaysia) Berhad with its parent, Kuwait Finance House K. S. C. (KFH), and the latter's affirmed financial institution ratings of AAA/MARC-1. The ratings reflected KFH position as one of the leading global Islamic financial institutions with an extensive network and product offering as well as its strong capitalisation. The total capital ratio of KFH-Malaysia at 21.7 per cent at the end of 2008 remained strong and well above the regulatory minimum of 12 per cent.
“We are always ready to embark on strategic partnerships, where we can share our experiences from the Middle East with the different industries, in this part of the world. In addition, our parent company is also in a very strong financial and liquidity position, and Malaysia, as well as the Asia-Pacific region, continue to be a main focus on their radar screens. As Malaysia's first foreign Islamic bank, we hope to fulfil the expectations of the Malaysian Government and our clients,” emphasised Mr Shaheen Al Ghanem, Chairman of KFH-Malaysia.
Last month’s Malaysia International Islamic Financial Centre (MIFC) Roadshow held in Bahrain and Qatar, also saw the participation of KFH-Malaysia (in its capacity as a member of the Capital Market and Treasury Committee, AIBIM), to talk in a panel session, entitled “Fostering Greater Financial Linkages.” The discussion highlighted ways on widening the financial ties between Malaysia and Bahrain. Among issues raised was the agreement to devise and implement a standard methodology between market players in Kuala Lumpur and Bahrain, and the harmonisation of products and agreements used.
Apart from the above, KFH-Malaysia is the sole Islamic bank invited to share its success stories, during a study visit this week organised by BNM and the Islamic Development Bank (IDB). The delegation comprises representatives from IDB countries and Europe, looking at best practices to introduce Islamic banking in their homelands.
KFH-Malaysia’s Deputy Chief Executive Officer, Ab Jabar Ab Rahman said, “The active participation in such forums are in line with the aspirations of KFH-Malaysia, being a thought leader in Islamic banking, where we aim to create awareness, stimulate interest and educate the public on topics relating to Islamic banking and finance.”
Other recent activities included the Bank’s first carnival nationwide, where several attractive financing packages were offered from 24 to 25 October 2009. Consumers had the opportunity to learn more about the home re-financing product and Murabahah Deposit, among others.
On the strong financial performance of Kuwait Finance House, MARC has recently re-affirmed Kuwait Finance House (Malaysia) Berhad at AA+/MARC-1. The ratings are based on MARC's top-down approach in its assessment of the linkage of Kuwait Finance House (Malaysia) Berhad with its parent, Kuwait Finance House K. S. C. (KFH), and the latter's affirmed financial institution ratings of AAA/MARC-1. The ratings reflected KFH position as one of the leading global Islamic financial institutions with an extensive network and product offering as well as its strong capitalisation. The total capital ratio of KFH-Malaysia at 21.7 per cent at the end of 2008 remained strong and well above the regulatory minimum of 12 per cent.
“We are always ready to embark on strategic partnerships, where we can share our experiences from the Middle East with the different industries, in this part of the world. In addition, our parent company is also in a very strong financial and liquidity position, and Malaysia, as well as the Asia-Pacific region, continue to be a main focus on their radar screens. As Malaysia's first foreign Islamic bank, we hope to fulfil the expectations of the Malaysian Government and our clients,” emphasised Mr Shaheen Al Ghanem, Chairman of KFH-Malaysia.
