Mr. Bader Abdul-Mohsin Al-Mukhaizeem, Chairman & MD at KFH announced that KFH has realized total return KD 61,2 Million for the first half of the current year. Returns on Shareholders equity amounted KD 25,9 Million, which represents a 2% increase over last years returns. Accordingly earning per share for the first half amounted 36 Fils, compared to 35 Fils for the same period last year.
Asset base amounted KD 2,9 Billion , thus marking an increase by KD 333 million over the same period last year 13%
Deposit size as at the end of the first half amounted KD 2,2 Billion, an increase by KD 292 million, 15% over the same period last year.
Mr. Al-Mukhaizeem explained that the financial indications for the first half of the year are excellent and cope with the flexible plans placed to face any developments and which represent various sectors at KFH despite the impacts of the Iraq war during the second quarter. Mr. Al-Mukhaizeem confirmed that the foreign expansion policy shall continue to achieve the bank’s globalization, expand investment opportunities and participate in providing a better service on the international level. He said that the expansion policy abroad which KFH is adopting currently include well studied plan in regard to time, place, and share in international markets are working in a satisfactory manner and achieving a good reputation not only for KFH but for the Islamic banking in general. It is also evidence on the Kuwait private sector capability to achieve major accomplishments in the foreign markets and compete effectively with global institutions.
Mr. Al-Mukhaizeem announced that KTEFH will shortly move to its new location on the 21st of this month. This step is considered as part of the Bank’s expansion plans aiming to make KTEFH as the connection bridge between the Republic of Turkey and GCC countries.
Mr. Al0-Mukhaizeem , on behalf of KFH, welcomed the issuance of the new Islamic banking Law. He confirmed that KFH is looking forward to the development of the Islamic banking industry in light of this positive legislative development. He said that CBK basic role will be to provide security and confidence due to its long and distinguished experience in this field.
Other Services & Products
Mr. Al-Mukhaizeem said that KFH has achieved new steps during the preceding period by providing finance products to suite the requirements of various customer segments. KFH has reinforced its market share with the focus on technology services, which have proved to be highly significant today. He added that KFH has launched two investment funds, the first in the filed of shares and real estates in cooperation with Kuwait Investment Authority while the second aims to develop the companies working in the market by direct subscription therein in cooperation with Global International Investment House.
He added that KFH has provided 8 new services during the preceding period, most of them carry the modern technology element. KFH has developed its real estate products to enter new fields such as evaluation and construction. Services also covered several companies. Several marketing festivals and fairs were organized to increase merchants’ sales and activate the market movement.
Mr. Al-Mukhaizeem confirmed that KFH is keen to play its role and spread awareness of Islamic banking services