KFH-Malaysia profits exceed 103% by end of last October

Al-Ghanem stated in a press release that this profit growth reveals the set plans and goes hand in hand with the bank's growth and developed services.

In addition, it embodies the executive management team's role, which works synergistically with employees to achieve the best possible performance and quality of work; taking into consideration investing in qualitative business with high returns in an encouraging investment environment.

Furthermore, the KFH-Malaysia chairman stressed that although KFH-Malaysia is relatively a newly born bank with 3 years under its belt, it has achieved many successes in the Malaysian field and its regional surroundings; in addition undertaking its strategic role as a link that connects Kuwait and the GCC countries on one hand, and Malaysia, South East Asian countries and China on the other.

He explained that the bank has managed to invest in major projects in the Malaysian market, such as the development of Alexander City, in conjunction with global and Malaysian financial establishments and banks.

Moreover, it has succeeded in increasing its branches to reach 5, which are located in the capital city Kuala Lumpur and the vital areas surrounding it, offering unique Islamic products and services that contributed in reinforcing the bank's market share, facing the great demand in Islamic finance services in the Malaysian market, and earning the trust of its clients.

On the regional level, Al-Ghanem announced that the bank has succeeded in opening an office in Singapore, where this office will be specialized in financing and sukuk, in addition to another office in Australia.

The bank's business stretched to reach China by financing major investment and real estate projects, in conjunction with high caliber banks and financial establishments in this competitive market.

Moreover, Al-Ghanem pointed that KFH-Malaysia is approaching new markets like Hong Kong and New Zealand, in its objective to further expand, benefit from the positive performance of various markets, diversify risks, and maintain high profit rates through various sources of financial influx.

Al-Ghanem emphasized the importance of the businesses of KFH-Malaysia, which is to link the economic abilities of Kuwait and the GCC to South East Asian countries and China, since it is rendered as a strategic goal that the bank works relentlessly to achieve by financing joint deals, attracting investors from both sides, present the available investment opportunities, holding conferences and meetings, extensive visits, establishing representative offices, and strengthening the coalition between banks from both regions.

KFH-Malaysia has achieved a total income of RM465.9m for the period that ended on 31 October 2008, with a RM227.6m increase and a 96% increase over the same period last year.

Assets for same period reached RM8.805bn, with a RM2.496bn increase, and a 40% increase, over the end of 2007.

Client deposits reached RM3.508bn, with a RM1.309bn increase, and a 60% increase, over the end of 2007.