Kuwait Finance House achieves total profits of $1.74bn

Earning Per Share reached $0.402 for the 3rd quarter compared $0.334 the same period last year with an increase by 20%.

Total assets stood at $39.59bn, thus representing an increase of $8.60bn for the same period last year i.e. an increase of 28 %

Total deposits increased for the 3rd quarter to $23.78bn, an increase of $4.92bn, with 26 % over the same period last year.

Return on Assets stood at 3% per annum while Return On Equity stood at 24% per annum.

Mr. Al-Mukhaizeem emphasized that KFH a enjoys high level of liquidity, to fulfill and satisfy the needs of individuals and institutions to execute their projects.

KFH is able to provide retail and corporate finance facilities if regular conditions are observed in these cases.

He added:

"The 3rd quarter financial statements depict that more than 90% of KFH earnings are operational earnings resulting from budgeted targets and plans, thus indicating the integrity and success of KFH methodology and the strength and substantiality."

Mr. Al-Mukhaizeem reiterated that KFH Sharia compliant methodology and its investments which are based on the selection of high quality assets have supported KFH strongly.

KFH business strategy has protected it from high level risk markets which contradict the Islamic investment concept that stipulates that customers' funds are considered as a trust and should be invested with utmost care.

Accordingly, KFH headed to regions of balanced growth and stability i.e. South East Asia countries and China.

The current financial crisis will surely impact and throw its shadows on the area markets until all related problems are solved and global markets stability is achieved.

However, the present crisis should be tackled with great efficiency and competence, especially that this critical stage requires unification of public and private sector efforts.

The main focus should be made on presenting accurate facts regarding the financial strength of corporations and banks participating in the market in order to avoid the panic situation prevailing currently.

"Executive and legislative authorities should join forces in cooperation with economic sector to come up with a clear and effective rescue plan to assist the Kuwaiti economy eliminating the negative impacts of the global money markets crises. Thereafter a more comprehensive and deep rooted plan may be applied to carry out economy to vast horizons. We live in a world where economy has become the most significant factor that affects the lives of individuals and societies as witnessed in the recent global crises."Mr. Al-Mukhaizeem concluded.