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Wednesday, February 11, 2009

Kuwait Finance Malaysia gets $300 mln capital boost

KUALA LUMPUR, Feb 6 (Reuters) - Islamic bank Kuwait Finance House Malaysia said on Friday it has received a $300 million capital injection from its parent.

Kuwait Finance House (KFH) is one of the largest Islamic banks in the world. Headquartered in Kuwait, our business covers corporate, investment, commercial and retail banking. As part of our expansion programme, we are now in Malaysia with the opening of Kuwait Finance House (Malaysia) Berhad (KFHMB).

As one of the world’s largest Islamic banks, Kuwait Finance House specialises in Shariah compliant banking and investment products. Our businesses covers divisions such as Corporate and Investment, Commercial, as well as Retail banking.

Our quality of assets and financial strength have led to numerous awards including a prominent status as one the leading banks in the Gulf Cooperation Council (GCC) and an investment credit rating of 'A2' by Moody's Investors Service and 'A+' by Standard & Poors and Capital Intelligence.

With operations and affiliates in Bahrain, Turkey and the United Arab Emirates, Kuwait Finance House has now landed on Malaysian shores with an official opening by the Honourable Prime Minister YAB Dato' Seri Abdullah Bin Haji Ahmad Badawi on 17 February 2006.

As the first foreign Islamic bank to be licensed by the Ministry of Finance, Kuwait Finance House (Malaysia) Berhad aims to ensure and maintain close relationships with our customers by providing exceptional service that suits any specific need.

That leaves the bank, a subsidiary of Kuwait Finance House (KFIN.KW), Kuwait's biggest Islamic lender, with paid-up capital of $500 million.

"The strong liquidity and capital position enables us to look at and seriously evaluate various investment opportunities in Malaysia and within the region," K. Salman Younis, Kuwait Finance Malaysia Managing Director said in a statement.

(To read more Reuters stories on Islamic finance, click on [ID:nISLAMIC])

(Reporting by Liau Y-Sing; Editing by Neil Fullick)

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