Kuwait Finance House (Malaysia) Berhad (KFHMB) is pleased to announce the opening of its first subsidiary outside of Malaysia. H.E. Dr Yaakoob Ibrahim, Minister for the Environment, Water Resources and Muslim Affairs of Singapore graced the event and officiated the Singapore office. Among the 70 guests in attendance at the soft opening ceremony were H.E. Abdulaziz Ahmed Al Adwani, the Ambassador of Kuwait to Singapore, H.E. Dato' N. Parameswaran, the High Commissioner of Malaysia to Singapore and key corporate partners. Also present were Mr Shaheen Alghanem, the Chairman of KFHMB.
Kuwait Finance House (Singapore) Pte Ltd (KFHS) is a wholly-owned subsidiary of KFHMB established on 6 November 2007. KFHS has received acknowledgement from the Monetary Authority of Singapore (MAS) on 18 March 2008 for the commencement of its fund management activities. The Singapore operation is headed by its Chief Executive Officer (CEO) Dr. Lim Boh Soon. Over the next two years, KFHS will manage existing Shariah-compliant funds as well as new funds of the KFH Group targeted at both the corporate and retail customers.
Mr Shaheen Alghanem commented, “We are pleased that our operation in Singapore has been officially launched, testament of our commitment in the Asia-Pacific region. Our sincere gratitude to the H.E. Dr Yaakoob Ibrahim for his gracious consent to officiate the launch of our office and our utmost appreciation to the Government of Singapore for promoting Islamic finance and supporting KFH.”
The Chairman’s contentment at the progress of KFHMB since its inception and the latest subsidiary launch in Singapore is echoed by Dato’ K. Salman Younis, Managing Director of KFHMB, during his opening speech. Dato’ Salman also thanked the Monetary Authority of Singapore for approving the licence for Kuwait Finance House (Singapore) Pte Ltd to operate in the beautiful City State. He thanked the Embassies of Kuwait and Malaysia in Singapore for their assistances in the establishment of the Singapore office.
“Kuwait Finance House is delighted with the support shown by the Government of Singapore to promote Islamic finance. KFH looks forward to contribute to the growth of the global fund management market in Singapore, as well as the rest of the Asia-Pacific region,” said Dato’ Salman in his opening address. “Our role here is to undertake the management of regional funds sponsored by the KFH Group by providing Shariah-compliant investments across multiple asset classes in Asia to investors and the KFH Group.”
Meanwhile Dr Lim Boh Soon also acknowledged the support shown by the Government of Singapore in facilitating the promotion of Islamic finance in the country. “KFHS is looking forward to participate in the growth of Islamic finance here and shall strive to increase the awareness of the availability of this additional mode of finance.”
Dato’ Salman emphasised that the great potential for Singapore to become a major wealth management centre as one of the factors which encouraged the opening of KFHS. “We are also attracted by the assurance from MAS that its business framework comprising tax, regulations, supervision and market access are of high standards and encourage innovation.”
Dato’ Salman noted that the stance by the Government of Singapore towards Islamic finance will further lift Singapore’s status as an international financial centre, capable of offering a wide range of products and services. Last February, MAS has announced