Kuwait Finance House board recommends increasing capital by 20% to support expansions, cement growth
- Kuwait: Tuesday, November 27 - 2012 at 14:23
- PRESS RELEASE
Kuwait Finance House (KFH) board decided during its meeting on November 26th to increase its capital by 20%. The share price and the premium will be determined later after obtaining necessary approvals from supervisory authorities. This increase serves to assist in achieving approved strategy objectives as part of KFH five-year plan 2012-2016, in addition to supporting its local and global expansion efforts.
KFH is considered to currently be one of the biggest Islamic bank in the world, and is the first Islamic bank to operate in Kuwait since 1978. The bank has extensive experience in investments, financing companies and individuals, and banking services. In addition, KFH is well-known in Kuwait and worldwide in the field of real estate and direct investment projects.
In 2011, KFH reviewed its operations in collaboration with Booz & Company, and other international experts in the management field, in order to reinforce KFH's competitive ability in Kuwait and worldwide, not to mention underlining KFH's globally leading status in the field of Islamic banking services and products.
Moreover, Al-Khodairi mentioned that KFH's new strategy is based on maintaining the bank's heritage and reputation as the most trusted Islamic bank globally, in addition to granting shareholders and depositors steady profit. In order to reach that goal, KFH focuses on improving operations and risk management. He added that the plan is based on cementing KFH's position in the local market in the retail field through developing and improving products and services for its clients. In addition, the bank will also improve services in all branches. In the corporate field, KFH will seek to increase its share in strategic sectors. The bank's new strategy depends on strengthening the bank's investment abilities through focusing on profitable and income producing assets, which is what prompted KFH to restructure its investment portfolio.
The new strategy is based on improving coordination with KFH's subsidiaries in Malaysia, Bahrain, and Turkey, as well as other key areas, to achieve best level of sustainable profits.
KFH is currently embarking on a two-year restructuring plan that focuses on improving the bank's internal abilities and level of services offered to clients, such as upgrading technology and making investments in the human resources field through efficient incentives.
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