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Kuwait Finance House says goodbye after almost 20 years of service in Malaysia | Scoop
Kuwait Finance House (Malaysia) Bhd is the first foreign Islamic bank that was granted a licence to operate in Malaysia. – Social media pic, July 31, 2024
News

Kuwait Finance House says goodbye after almost 20 years of service in Malaysia

Decision made following group’s international business strategic review to focus expansion in Gulf Cooperation Council countries and the Middle East

Bernama
Updated
8:11 PM MYT

 

KUALA LUMPUR – Kuwait Finance House KSCP said it has decided to voluntarily withdraw from the Malaysian market and wind down Kuwait Finance House (Malaysia) Bhd (KFHMB) after 19 years of operation.

The group said in a statement here today that this followed a recent announcement on the group’s international business strategic review to focus on and expand in regional markets namely Gulf Cooperation Council (GCC) countries and the Middle East. 

Acting chief executive officer Ida Aizun Husin said KFHMB is profitable and remains solvent as the group approach this transition with a strong financial foundation, ensuring that all their commitments are met with the highest level of responsibility.

“Our primary focus is to facilitate a smooth transition, reflecting our deep appreciation for the business partnerships we have developed in Malaysia. We do not foresee any service disruptions to clients, employees, and partners,” she said.

Meanwhile, as part of ensuring a smooth transition, KFHMB is also exploring the potential sale of certain portfolio segments to prospective buyers, all subject to regulatory approvals, said the group.

The group added that the entire process will adhere strictly to Malaysia’s regulatory frameworks, ensuring compliance with shariah principles.

KFHMB will continuously keep all relevant parties updated on material matters, said the group.

“KFHMB extends its gratitude to the Malaysian government and various regulatory bodies whose support has been unwavering. We look forward to maintaining strong ties as we navigate through this transition,” it added.

According to its website, KFHMB is the first foreign Islamic bank that was granted a licence under the Islamic Banking Act (Malaysia) 1983 on May 8 2005 and commenced branch operations on August 8 2005.

Meanwhile, KFHMB said in a separate statement that it recorded a profit before tax of RM88.1 million for the financial year ended December 31 2023, which was an improvement of about 22.7% over the previous year. 

The Islamic bank said this was achieved on the back of a revenue of RM371.6 million, an increase from RM364.9 million in 2022.

Apart from that, it said financial year 2023 also saw a strong expansion in the group’s total assets, which grew to RM7.6 billion from RM7.1 billion in 2022 while net assets per share increased by 5.08%, rising to RM1.24 billion from RM1.18 billion in 2022.

The Islamic bank also said its liquidity position remained exceptionally strong, with liquid assets of RM3.9 billion as of the end of 2023, reflecting its prudent financial management and strategic focus on maintaining a strong cash reserve. – July 31, 2024

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