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Kuala Lumpur, 29 March 2010 - A high-powered delegation from Kuwait Finance House (KFH) Group led by Kuwait Finance House Group Chief Executive Officer, Mr. Mohammed Sulaiman Al Omar met with Prime Minister, Y.A.B. Dato’ Seri Mohd Najib Tun Abdul Razak and discussed the further boosting of KFH’s investments in Malaysia. In 2005 KFH Group established Kuwait Finance House (Malaysia) Berhad (KFHMB), the first foreign Islamic bank licensed in Malaysia.
Discussions were held with the Prime Minister on KFH’s exploratory plans to spearhead the establishment of a world-renowned university in Medini Iskandar, in the Iskandar Development Region (IDR). This is part of the vision for KFH to have a world-class educational institution in Medini Iskandar, adopting the “University of the Future” concept.
Kuwait Finance House K.S.C. via Al Nibras 2 has a majority 60% stake in a consortium, Medini Central Sdn Bhd (formerly known as Cultural Cluster Sdn Bhd), which has invested approximately USD 329 million to acquire a land concession at Medini Iskandar Malaysia (formerly known as Node 1). Medini Central Sdn Bhd is the Master Developer for 624 acres of land known as the Cultural Cluster within Medini Iskandar Malaysia. KFH remains very positive in its outlook on the investment in the IDR. The investment is expected to span over 15-20 years with a Gross Development Value (GDV) estimated at USD6 billion. Medini Iskandar is located on the periphery of the Straits of Johor, and will provide easy access and connectivity to major Asian cities and the world's rapidly booming economies like India and China.
KFH Group Chief Executive Officer, Mr. Mohammed Sulaiman Al-Omar who had earlier visited the Medini Iskandar Malaysia within the Iskandar Development Region said, “The KFH Group is fully committed towards playing a vital role in the development of real estate projects in the Asia- Pacific region, and also the introduction of innovative Islamic financial products.”
As the second largest Islamic bank in the world, and with the Government of Kuwait holding a significant stake in the Bank, Mr. Al-Omar reiterated the solid support of KFH Group in KFHMB and its operations in Malaysia. “KFH reaffirms its commitment to the business strategy of fully taking advantage of the enormous opportunities in Malaysia, and becoming a full partner in Malaysia’s economic growth story.”
“We are also excited and keen on the New Economic Model to be unveiled by the Prime Minister. KFH has always been at the forefront of providing innovative Shariah-based financial solutions for businesses as well as investments, and we remain very positive in our outlook on Malaysia. This is part of KFH’s vision of making Malaysia, the platform for our expansion into the Asia-Pacific region,” Al-Omar added.
The KFH delegation earlier met with Tan Sri Muhyiddin Yassin, Deputy Prime Minister and Education Minister, to discuss their plans for more investments into educational and world-class research and development initiatives in the IDR.
Accompanying the KFH Group CEO on his meeting with the Prime Minister, was Ambassador for the State of Kuwait to Malaysia, His Excellency Monther Bader Sulaiman Al-Eissa, and the Chairman of Kuwait Finance House (Malaysia) Berhad, Mr. Shaheen Al Ghanem. Mr. Shaheen reiterated KFHMB’s bullishness in its outlook for Malaysia, and highlighted the Bank intends to capitalise on the enormous potential and available business opportunities here.
Mr. Shaheen Al Ghanem added, “We are proud of the recent appointment of a Malaysian Chief Executive Officer, Jamelah Jamaluddin to lead KFHMB. Jamelah joins us with a long and distinguished career in banking, and now holds the honour of being the first woman, to head a KFH bank as CEO. This represents a special milestone and significant breakthrough within the KFH Group.”
Jamelah Jamaluddin, CEO of KFHMB said, “KFHMB is well-positioned to benefit from the improving economic climate. Internally we are focused on enhancing our risk management capabilities and refocusing our business and investment strategies. Our capitalisation which is equivalent to USD650 million, makes us the largest Islamic bank in Malaysia in terms of capital, and provides us a very strong footing to expand our portfolio. With the full backing of our parent in Kuwait, and the positive outlook of both the Malaysian and regional economies, we will be stepping forward to embrace even more business opportunities in Malaysia and the Asia Pacific region.”
Discussions were held with the Prime Minister on KFH’s exploratory plans to spearhead the establishment of a world-renowned university in Medini Iskandar, in the Iskandar Development Region (IDR). This is part of the vision for KFH to have a world-class educational institution in Medini Iskandar, adopting the “University of the Future” concept.
Kuwait Finance House K.S.C. via Al Nibras 2 has a majority 60% stake in a consortium, Medini Central Sdn Bhd (formerly known as Cultural Cluster Sdn Bhd), which has invested approximately USD 329 million to acquire a land concession at Medini Iskandar Malaysia (formerly known as Node 1). Medini Central Sdn Bhd is the Master Developer for 624 acres of land known as the Cultural Cluster within Medini Iskandar Malaysia. KFH remains very positive in its outlook on the investment in the IDR. The investment is expected to span over 15-20 years with a Gross Development Value (GDV) estimated at USD6 billion. Medini Iskandar is located on the periphery of the Straits of Johor, and will provide easy access and connectivity to major Asian cities and the world's rapidly booming economies like India and China.
KFH Group Chief Executive Officer, Mr. Mohammed Sulaiman Al-Omar who had earlier visited the Medini Iskandar Malaysia within the Iskandar Development Region said, “The KFH Group is fully committed towards playing a vital role in the development of real estate projects in the Asia- Pacific region, and also the introduction of innovative Islamic financial products.”
As the second largest Islamic bank in the world, and with the Government of Kuwait holding a significant stake in the Bank, Mr. Al-Omar reiterated the solid support of KFH Group in KFHMB and its operations in Malaysia. “KFH reaffirms its commitment to the business strategy of fully taking advantage of the enormous opportunities in Malaysia, and becoming a full partner in Malaysia’s economic growth story.”
“We are also excited and keen on the New Economic Model to be unveiled by the Prime Minister. KFH has always been at the forefront of providing innovative Shariah-based financial solutions for businesses as well as investments, and we remain very positive in our outlook on Malaysia. This is part of KFH’s vision of making Malaysia, the platform for our expansion into the Asia-Pacific region,” Al-Omar added.
The KFH delegation earlier met with Tan Sri Muhyiddin Yassin, Deputy Prime Minister and Education Minister, to discuss their plans for more investments into educational and world-class research and development initiatives in the IDR.
Accompanying the KFH Group CEO on his meeting with the Prime Minister, was Ambassador for the State of Kuwait to Malaysia, His Excellency Monther Bader Sulaiman Al-Eissa, and the Chairman of Kuwait Finance House (Malaysia) Berhad, Mr. Shaheen Al Ghanem. Mr. Shaheen reiterated KFHMB’s bullishness in its outlook for Malaysia, and highlighted the Bank intends to capitalise on the enormous potential and available business opportunities here.
Mr. Shaheen Al Ghanem added, “We are proud of the recent appointment of a Malaysian Chief Executive Officer, Jamelah Jamaluddin to lead KFHMB. Jamelah joins us with a long and distinguished career in banking, and now holds the honour of being the first woman, to head a KFH bank as CEO. This represents a special milestone and significant breakthrough within the KFH Group.”
Jamelah Jamaluddin, CEO of KFHMB said, “KFHMB is well-positioned to benefit from the improving economic climate. Internally we are focused on enhancing our risk management capabilities and refocusing our business and investment strategies. Our capitalisation which is equivalent to USD650 million, makes us the largest Islamic bank in Malaysia in terms of capital, and provides us a very strong footing to expand our portfolio. With the full backing of our parent in Kuwait, and the positive outlook of both the Malaysian and regional economies, we will be stepping forward to embrace even more business opportunities in Malaysia and the Asia Pacific region.”
