KFH – Malaysia announced the opening of its first branch day before yesterday in Kuala Lumpur – adjacent to Twin Towers in the heart of the capital – Kuala Lumpur. Having completed all required technical and administrative preparations, this branch will provide its comprehensive banking products and services to various customer segments.
Mr. Salman Younis – Executive Director – KFH Malaysia stated that the opening of the first branch and rendering banking services to customer in a record time which did not exceed 4 months has been achieved through the banking system (Core Banking), obtaining required approvals and execution of Malaysia central bank administrative and technical directives. Highly efficient and qualified staff was recruited within this record period.
Mr. Younis reiterated that the opening and operation of the first branch comes as part of a comprehensive plan to open further branches, thus aiming to reinforce and support KFH existence in Malaysia in particular and East Asia markets in general. Also it aims to establish a ling between the Arabian Gulf region and the markets in the said area , where KFH plays the role of a linking bridge.
Mr. Salman added that the officials in Malaysia have great expectations regarding KFH –Malaysia significant role in increasing the volume of investments and play a significant role in improving the revival of the markets and at the same time expect KFH to play a leading significant role in the exchange of banking and investment expertise and knowledge.
KFH-Malaysia was established at the beginning of the current year as an independent bank with a capital US$ 100 Million, owned fully to Kuwait Finance House, to become the third Islamic bank in the Malaysia market after Muamalat bank and the Malaysia Islamic Bank, and the first Islamic foreign bank in Malaysia.
Mr. Younis indicated that the opening of new branches in major Malaysia cities will give the bank a regional dimension to cover business in the neighboring countries in addition to China. He added that KFH Malaysia objectives shall comprise retail companies, small and medium size companies, commercial banks and management of personal fortunes.
KFH and Pacific Star Group, located in Singapore, had issued a real estate fund in the name of KFH Asia Real estate Fund with a capital US$ 600 Million. Which is the largest in Asia, and focuses on prime real estate investments in housing, commercial and logistics sectors.