Mr Shaheen Alghanem, Chairman of KFHMB said, 'With over 30 years of experience, Kuwait Finance House is pleased to expand its operations into this region, beginning with the establishment of the Malaysian operations in 2005. The establishment of KFH operations in Singapore is testament of our commitment in the Asia-Pacific region. Our sincere gratitude to the Government of Singapore, a renowned financial centre globally, in promoting Islamic finance and supporting KFH.'
The Chairman's contentment at the progress of KFHMB since its inception and latest set-up in Singapore is echoed by Dato' K. Salman Younis, Managing Director of KFHMB: 'Kuwait Finance House is pleased to join the global fund management market that thrives in Singapore. We would like to thank the Government of Singapore for its initiatives to promote Islamic finance and we look forward to contributing to the growth of the industry in Singapore, as well as the rest of the Asia-Pacific region.'
KFHS will focus on investment management activities covering the region.
Kuwait Finance House (Singapore) Pte Ltd commences fund management operations
Kuwait Finance House (Malaysia) Berhad (KFHMB) is pleased to announce that its wholly-owned subsidiary, Kuwait Finance House (Singapore) Pte Ltd (KFHS) has submitted a notice, on 18 March 2008, to (and has received acknowledgement from) the Monetary Authority of Singapore (MAS) in regards to the commencement of its fund management activities.
- Kuwait: Wednesday, May 14 - 2008 at 11:13
- PRESS RELEASE
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About Kuwait Finance House (Malaysia) BerhadKuwait Finance House (KFH) was incorporated in the State of Kuwait and is listed on the Kuwait Stock Exchange. A market leader in the Islamic banking industry in Kuwait, KFH is engaged in providing Islamic banking services, including consumer banking, real estate financing, lease financing, trade finance, direct investments and portfolio investing.
KFH has achieved total gross profits of USD1.92 billion (RM6.36bn) for the financial year ending 31 December 2007, an increase of 53% from the previous year. The net profits for shareholders increased by 70% to $1.00bn (RM3.32bn).
Kuwait Finance House (Malaysia) Berhad (KFHMB) is a wholly-owned subsidiary of KFH and began operations on 8 August 2005. KFHMB has a paid-up capital of $300m inclusive of $100m in Tier II capital. The Rating Agency of Malaysia last year has assigned respective long and short term general ratings of 'AA2' and 'P1' to KFHMB.
KFHMB is the Asia- Pacific headquarters of Kuwait Finance House and is located in Kuala Lumpur, Malaysia.
About Kuwait Finance House (Singapore) Pte. Ltd. (KFHS)
Kuwait Finance House (Singapore) Pte. Ltd. (KFHS) will undertake the management of regional funds sponsored by the KFH Group. KFHS (Registration Number: 200720665W) was incorporated in Singapore on 6 November 2007 as a wholly-owned subsidiary of KFHMB.
For media enquiries, please contact:
Raja Zamilia Raja Dato' Seri Mansur
Director, Communications & PR
Kuwait Finance House (Malaysia) Berhad
DL: +603-2055 7898
Mobile: 019- 286 2944
Fax: +603 2055 7815
Nora Mohd Salim
Head, Media Relations & Communications
Kuwait Finance House (Malaysia) Berhad
DL: +603 2054 7550
Mobile: +6019 328 7607
Fax: +603-2055 7815fa
Posted by Medilyn Manibo, Assistant News EditorWednesday, May 14 - 2008 at 11:13 UAE local time (GMT+4)
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